BEAM: A Scalable Privacy-Focused Cryptocurrency
Beam Quick Stats
|CREATION DATE:||January, 2019|
|DEVELOPMENT STAGE:||Full Release|
|BLOCK TARGET:||60 seconds|
Beam is a next generation confidential cryptocurrency based on the Mimblewimble protocol. Its goal is to be a scalable, secure cryptocurrency that solves the anonymity issues of Bitcoin, that is, the fact that your activity on the Bitcoin blockchain isn’t truly anonymous, and that through analysis of metadata your identity can be discovered. In line with this, Beam allows you complete control over your privacy by supporting private transactions by default, which is why we here at CoinPayments are happy to support Beam payment processing for our merchants who put a high priority on their online security and privacy.
How Does Beam Work?
Beam was built using the recently developed Mimblewimble protocol which was created to address the inherent security concerns of the original Bitcoin blockchain. The chief of which was the ability for analysts to discern the identity of users through their transactions using metadata. This isn’t true anonymity, an aspect of cryptocurrency which many put a high priority on, so a solution was devised.
Beam has taken this foundation of privacy and security and used it as a framework for their own platform. By default, users on Beam have complete control over their privacy by deciding which information will be available and to which parties, and no addresses are stored on the blockchain. Confidential transactions do not cause bloating on the blockchain and therefore avoid excessive computational overhead or penalty on performance while still concealing the transaction value of the action.
Beam is a proof-of-work blockchain that has superior scalability through its compact size thanks to the “cut through” feature of Mimblewimble. It supports many transaction types such as escrow, time locked, atomic swaps and more. Instead of an ICO or pre-mine, Beam is backed by a treasury which is overseen by a non-profit foundation.
Why Choose Beam?
For cryptocurrency users who wish to be truly anonymous online and send their transactions with peace of mind that they are secure, Beam is a platform that will fit your needs perfectly. Their use of the innovative Mimblewimble protocol puts them in a unique position relative to other projects and gives them a strong base to develop more features going forward for their users. So start supporting the project by accepting Beam payments in your store today!