The Mimblewimble privacy protocol becomes available with the launch of BEAM Cryptocurrency

The Mimblewimble protocol goes live with the launch of BEAM Cryptocurrency

Thursday 2 January 2018 marks the BEAM day, the scalable and confidential cryptocurrency officially starts under the highly anticipated & # 39;Mimblewimble& # 39; Protocol. According to the exit, BEAM will support the creation of an improved privacy blockchain which will be Bitcoin's alternative.

Along with another crypt, Smile, BEAM intends to use the Mimblewimble protocol as a means of making transactions secure with confidentiality and eliminating traceability. SMILE It was the first concept of cryptography to theorize the use of the Mimblewimble protocol from 2016. However, BEAM (conceived in March 2018) will be launched before GRIN thanks to today's announcement.

Official BEH GitHub provides further details on what users should expect from the presentation of their cryptocurrency. According to the launch, BEAM users will be able to check the availability of their information to interested parties. In short, BEAM is effectively returning full control of personal data to owners. The additional feature of transparency would not only affect people who use cryptography, but also companies that try to use the optional transparency feature. The option is advantageous for companies wishing to learn more about who they are in exactly business.

Except for data control, BEAM it also seeks to introduce a new technology known as Dandelion to exploit the confidentiality of transactions. Dandelion technology will further focus on facilitating the obscuring of network traffic through the randomisation of existing routes. This will be made possible with the paths through which blockchain transactions begin to disperse into the decentralized network structure.

The team should first pursue the development of the existing prototype and start testing the project on its network. Subsequently, the introduction will be followed by a cut-off of the overall BEAM premium of 20%. 20% will be sent to BEAM Treasury including founders, investors and the BEAM Foundation. The mechanism will work similarly to other privacy-focused cryptats like Zcash. BEAM he expects his block premium to be phased out after five years.

What Next

Both BEAM and GRIN they are gaining attention as improved privacy alternatives that could solve existing networks. The cryptos are already gaining support from renowned Bitcoin developers like Jameson Lopp who are openly siding with the new "Mimblewimble" technology that takes shape.

His tweet reads:

If you are interested in cutting-edge cypherpunk protocols, you should keep an eye on @grinMW and @beamprivacy.

The two cryptocurrencies they do not even intend to launch their ICOs anytime soon. BEAM, for example, encourages users to earn their crypt through mining.

About Mimblewimble

The Mimblewimble protocol it is a neighboring proposal with a Bitcoin-like blockchain network that could be used as a side chain or as an extension block diagram that can act as an integrated sidechain. The technology exploits concepts such as the confidential transaction system and the one-way aggregate signatures (OWAS) to offer better scalability and secure transactions. Mimblewimble it will run whenever there is a trade-off between stakeholders looking for scalability and privacy.