Innovative Privacy Solution
On January 3rd, 2019 Beam was officially launched in Valletta, Malta and is now available to the general public. Beam is a part of Mimblewimble that will enormously change the privacy and the utility of cryptocurrency for the better.
Monero and Zcash are privately-oriented cryptocurrencies which were born to secure the clients’ anonimity. However, although these currencies have strong privacy features, many of their features are not private and not scalable either. With Beam the utility of storage-of-value and payment cryptocurrency is increased. Confidentiality and scalability are major necessities for the mainstream adoption of digital assets.
Alexander Zaidelson, CEO of Beam said: “Sovereignty over one’s own information is a basic human right, and applies to all aspects of life, and especially to financial transactions. Everyone, from the largest institutional investors to the individual cryptocurrency holder, should have the right to decide on what to disclose and to whom, including the right not to disclose anything to anyone, because fundamentally everyone is entitled to the sovereignty of their own assets. With Beam, we are enabling that sovereignty by building upon the foundations of Bitcoin with an incredible new technology called Mimblewimble.”
Harry Potter On The Blockchain
Mimblewimble is a new blockchain protocol and is a reference to a spell in the Harry Potter universe that stops people from spilling secrets. Mimblewimble and additional features will be used in the project to offer privacy to users transacting their network.
Beam was created to accommodate both the traditional user as well as the novice user and maintains the distributed ledger. It also allows for decentralized validation of any transaction, no actual information about sender, receiver or transaction amount can be obtained from it by an observer. As financial institutions seek a deeper dive into blockchain, they bring along their customers. The systems are constantly being updated due to their popularity.
The Mimblewimble blockchain size is expected to be 3-10 times smaller than that of Bitcoin. For the purpose of accounting and tax purposes, users will be able to turn on opt-in auditibability in the future. Now that Beam has been launched, the confidentially and scalability of Bitcoin and Ethereum has already been reassured.