Israeli start-up Beam has announced the official launch the world’s first cryptocurrency based on the Protocol Mimblewimble.
The original description was published by Mimblewimble user under the name of Tom Elvis Jedusor (name Volan de mort in French editions of the “Harry Potter”) on the channel on bitcoin, in 2016. New technology is designed to enhance privacy and the scalability of cryptocurrencies.
Despite promises of anonymity on the part of developers, in the case of many cryptocurrencies, including bitcoin, in practice it is not so. Over time it became clear that there is a possibility deanonimizatsii users through data breaches and the subsequent mapping of their public addresses in the blockchain with specific transactions.
As a solution to this problem was created by an anonymous crypto-currencies like Monero and zcash for. However, despite enhanced privacy, not all of these transactions were completely anonymous. In addition, both projects are experiencing difficulties with scaling.
New cryptocurrency Beam is designed to increase the practical value of the cryptocurrency as means of payment and store of value, providing users full control over privacy settings.
“Everyone, from the largest institutional investors to individual holders of cryptocurrencies should have the right to decide what and whom to disclose, including the right owes nothing to disclose, because everyone has the right to sovereignty of its own assets. With Beam we provide this sovereignty, relying on the basics of bitcoin in combination with a new technology called Mimblewimble”, – said the head Beam Alexander Seidelman.
Beam will be the first implementation of the Protocol Mimblewimble. The name of this technology is a reference to the Harry Potter Universe, where the spell makes people tongue-tied, not allowing them to reveal the secrets.
The project will use Mimblewimble in combination with additional functions that will allow full user privacy when making a transaction over its network.
The developers claim that outsiders will not be able to obtain any information about the sender, the recipient or the transaction amount. In addition, thanks to the Transaction Cut-through in Mimblewimble, the Beam size of the blockchain will be 3-10 times less than that of bitcoin.
In the future users will also be able to include the ability to check their accounts and transactions, which you can use for accounting and paying taxes.