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The next-generation cryptocurrency.
1. $Beam is a privacy-oriented cryptocurrency based on an elegant and innovative Mimblewimble protocol. @beam_africa
1. $Beam is a privacy-oriented cryptocurrency based on an elegant and innovative Mimblewimble protocol. @beam_africa
2. It was first launched in early January 2019 and is part of the & #39;new wave& #39; of privacy coins intended to give users total anonymity when making a transaction.
3. What is Mimblewimble?
Mimblewimble is a #blockchain design that employs an innovative way of structuring and storing transactions, at the same time, improving privacy, fungibility and scalability of #blockchain.
Mimblewimble is a #blockchain design that employs an innovative way of structuring and storing transactions, at the same time, improving privacy, fungibility and scalability of #blockchain.
4. Privacy
Many #crypto newbies believe that transactions are totally anonymous. However, it is just a false notion, transactions can be tracked by connecting nodes and user details can be obtained from knowing your client verification data.
Many #crypto newbies believe that transactions are totally anonymous. However, it is just a false notion, transactions can be tracked by connecting nodes and user details can be obtained from knowing your client verification data.
5. Contrary to contemporary features of #cryptocurrency, $Beam users, as demonstrated by Mimblewimble, have complete control over privacy - a user decides which information will be available and to which parties.
6. $Beam, Like Mimblewimble, stores no addresses in blockchains. Rather, the sender and receiver interact and construct a joint signature which to an outsider look like random data.
7. Also, $Beam retains the Mimblewimble privacy features as blocks look like one larger transaction rather than a combination of many. There is no way to link individual inputs with their respective outputs.
8. Scalability
Blocks in #Bitcoin
https://abs.twimg.com/hashflags... draggable="false" alt=""> #blockchain are of limited size and frequency. As so, the processing capacity of the #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> network is reduced. This trigger increased transaction fees and delayal in processing transactions. @beam_africa
Blocks in #Bitcoin
9. To scale up the transaction throughput, different solutions have been proposed i.e. the "layer 2" system and increase or complete removal of the block size limit. @beam_africa
10. The other feature of the Mimblewimble protocol as proposed by Grey Maxwell is the transaction cut through. It aims to reduce the block& #39;s data by merging intermediate output in the block as well as multiple blocks across the #blockchain.
11. To sum up, $Beam is a next generation confidential #cryptocurrency. The Mimblewimble protocol, which Beam is based on, makes it more private and more scalable and consequently more fungible.
It& #39;s why I use it, and you should connsider using it too.
It& #39;s why I use it, and you should connsider using it too.
