What is Beam (BEAM)? Here is the full details of BEAM Coin

What is Beam (BEAM)?  Here is the full details of BEAM Coin

In this article, What is Beam (BEAM)? We will try to answer the question and provide detailed information about the project.

In this article, What is Beam (BEAM)? We will try to answer the question and provide detailed information about the project.

What is Beam (BEAM)?

Beam is a scalable, proprietary cryptocurrency based on both MimbleWimble and LelantusMW protocols aimed at exploring the hidden world of Decentralized Finance (DeFi). The project raised approximately $ 5.2 million through private token sales.

The Beam blockchain uses Proof-of-Work (POW) to achieve network consensus. Using the MimbleWimble protocol, Beam increases privacy and interchangeability, reduces blockchain bloat and improves scalability.

Addresses are not stored on the blockchain and transactions are private by default. To maximize the privacy of the network, Beam uses LelantusMW, which offers an anonymity set of up to 64 kilobytes.

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BEAM is designed to be a deflationary cryptocurrency with limited supply, halving every four years and completely halting emissions after 133 years.

There are currently two uses of the BEAM token: exchange medium with complete anonymity and the hidden value store.

What is a Beam (BEAM) Token?

Beam is a privacy-focused cryptocurrency that aims to discover hidden DeFi. It uses the Mimblewimble protocol that hides the values ​​and metadata of transactions, reducing bloat on the blockchain and increasing scalability.

With the latest implementation of LelantusMW, it aims to bring privacy and anonymity on all fronts.

Beam’s mission is to give users full control over their coins. The team is building a new blockchain to provide a confidential, decentralized and usable store of value and exchange environment, and a strong self-managed community to further develop and support it.

MimbleWimble and UTXO model

Beam is based on MimbleWimble, a protocol that allows complete privacy of blockchain transactions without sacrificing scalability.

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Similar to Bitcoin, the MimbleWimble blockchain is based on the Unspent Transaction Ourput (“UTXO”) model. However, MimbleWimble does not have an address and UTXO values ​​are encrypted by “blinding factors”.

Blinding factors are private keys known only to the UTXO owner. It is not possible for an observer to extract any information about the ownership or value of a Beam UTXO. Each user keeps the keys of their UTXO.

To create a transaction, the sender and recipient wallets must first communicate. Once communicated, the sender provides the transaction inputs, and both the sender and the receiver generate their output for price range proofs confirming that the values ​​are not negative. Both parties sign the transaction and then it is sent to the nodes.

Secure Bulletin Board System (SBBS)

Beam is built on the Mimblewimble protocol, which ensures privacy and at the same time significantly increases blockchain scalability.

However, Mimblewimble does not have an address and transactions must be created interactively by the participating parties. This poses a challenge: If Alice wants to send money to Bob, both wallets must be linked and take the necessary transactions. While most users rely on Network Address Translations (NAT), it is not practical to create a direct socket connection each time. Beam’s Secure Bulletin Board (SBBS) system solves this problem and makes the user experience similar to Bitcoin and other existing cryptocurrencies.

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