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The Israeli-based Beam startup is set to be the first cryptocurrency on the Mimblewimble protocol as it has finally confirmed that the currency will be launched on January 3, 2019, according to Distributed.com.
Beam has been developed as a currency for privacy. However, unlike other coins of this kind, it will be highly customizable. Users of this currency will have control to set the level of privacy required, so if anyone wants transactions to be tracked for any purpose as a tax, Beam will allow it.
The CEO of Beam, Alexander Zaidelson, in an interview with Distributed.com, we said: "We felt we could build a platform that has within it the confidentiality and scalability and that allows you to create many powerful and usable features, offering a great opportunity for broad adoption and eventually realizing the original cryptic dream to make financials truly decentralized and without permission. "
What is Mimblewimble?
Destined to solve the privacy and scalability problems of Bitcoin, Mimblewimble was proposed in 2016 by an anonymous cryptographer under the pseudonym Tom Elvis Jedusor – inspired by the villain Harry Potter Lord Voldemort. Unlike most cryptocurrencies, coins based on Mimblewimble have no portfolio address. The user only holds a set of keys that control the outputs of unspent transactions (UTXO). For each transaction, the user creates two new outputs: one to send the desired amount of encryption and the other to store the balance. The key of the first address is shared with the other party involved in the transaction.
Mimblewimble is much more a scaling technology than a privacy technology. It is incredibly naive to believe that no one will run a storage node that keeps a complete record of the blockchain. Grin's privacy as such comes from the CT and from the inability of users to reuse addresses.
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– Eric / (@wheatpond) December 20, 2018
"We were intrigued by the elegance of the Mimblewimble protocol and realized that this is something that Bitcoin should have been – the lack of confidentiality of transactions and poor scalability are some of the main problems that hinder the adoption of cryptography" .
Beam is the second project based on blockchain announced on Mimblewimble, the first is Grin. However, due to many complications, both projects were delayed and Grin is now scheduled for launch on January 15, making Beam the first encryption on Mimblewimble.
Bonus projects
The CEO of Beams also revealed that the team is working on two other collateral projects: Project Lumini and Beam Lightning. The first aims to connect the blockchain of Beam and Ethereum while the second one will integrate the lightning net on the blockchain of Beam.
"Contrary to many other cryptocurrencies, Beam's blockchain does not contain all transaction history," Zaidelson explained. "Instead, it contains only all UTXOs and a small piece of information called a" transaction kernel "for each transaction Using kernels, it can be shown that the current UTXO status is valid and that of all [cryptocurrency] born from a valid transaction. "
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