In the middle of 2016 an innovate Mimblewimble protocol was released in the IRC-channel #bitcoin-wizards by an unknown author with a nickname Tom Elvis Jedusor providing its own solutions as an effective private blockchain system.
Its name comes from Harry Potter story and it is a spell that forbids to talk about some concrete topic. The original document said: “I called my creation Mimblewimble because it is used to forbid blockchain disclosing the information about the users.”
After the first release a lot of skilled and experienced developers joined the process of improving it. There was Andrew Poelstra among them, a talented Blockstream developer who wrote an analytic article about Mimblewimble protocol in October, 2016. So he made a certain contribution in adapting the first ideas and agreed to the arguments that this technology is really safe and secure one.
The protocol is based on two core ideas: Confidential Transactions and Transaction Cut-Through. These are certain explanations of the main conceptions of Mimblewimble. The original script was short enough and it was used from Bitcoin but developed to be not transparent.
The Beam platform development began in March, 2018 and on January 9, 2019 release of the main network (Mainnet) was officially announced.
Transactions are made by using a special scheme with the main functions: to die and to link. This is like you are giving a person a case with a letter for him and you only know the right key. When it is time to show him the letter you use the combination so the person understands that the deal is valid while he doesn’t know what happened to it before the password was received.
This protocol uses a well-known technology named Pedersen Commitment.
Thus inputs and outputs of transactions has few factors: transaction value and blinding. To provide the transaction a person got to reveal both factors. According to the Pedersen Commitment if we have two same transactions A-B and B-C we can make a middle one which will be A-C which is a real transaction.
There is another significant Beam feature: it has strict emission limitation in its code and tokens are used as a source of extra motivation so it may contribute to the the rising of token cost.
Beam is a significant part of the new crypto generation which is based on the original and innovatory protocol Mimblewimble.
Beam platform has a long list of advantages. Its users have high privacy and anonymity level and they may decide what kind of information will be accessible and to whom, managing all his information according to their will only. What is also important, you don’t need any trusted setup while you stay private without any sanctions: the system avoids any extra calculations. You can also mine at this platform using the unique global adopted Equihash mining algorithm with a list of useful tools for you. The month after release the biggest mining pool of Beam, according to statistics was sparkpool.com with 40% of hashrate.
No addresses or other important information about sender and recipient is not stored in the blockchain system. Perfect scalability is provided through the small blockchain size thanks to the Mimblewimble key feature that needs less information needed for any transactions. It makes Beam chain much smaller than other blockchain platforms. Moreover, this platform provides lots of different transaction types.
The idea of Beam is not to perform pre-mining or ICO as it will be based on the treasury got from the blocks during the first years.
This is also important to notice, that Beam platform is the open source, it is controlled by community and based on a certain growth pool: 20% of the payoffs given for mining goes to improvement of Beam ecosystem.
In addition, the project developed a Wallet including the mobile application for you to able to use it freely in any place you need it. This wallet also has in-built a wide functions variety that helps you to manage your budget easily.
Finally, it will be really interesting to see how successful this project will be on the market of cryptocurrencies focused on privacy and security, where it has to compete with such projects as Zcash and Monero and other Bitcoin protocol developments.