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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 'new wave' 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
#blockchain are of limited size and frequency. As so, the processing capacity of the #Bitcoin network is reduced. This trigger increased transaction fees and delayal in processing transactions. @beam_africa
Blocks in #Bitcoin
#blockchain are of limited size and frequency. As so, the processing capacity of the #Bitcoin network is reduced. This trigger increased transaction fees and delayal in processing transactions. @beam_africa
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'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's why I use it, and you should connsider using it too.
It's why I use it, and you should connsider using it too.
