A new cryptocurrency known as Beam has entered the market. It is said that Beam is one of the two most predicted privacy coins executed with mimblewimble arrangement.
The mimblewimble arrangement first appeared in the summer months of 2016. It makes transactions secure and virtually untraceable. A grin was the first cryptocurrency which was postulated in 2016 for the mimblewimble arrangement. However, Beam was designed in March month of 2018. But Beam has been launched before Grin. Furthermore, Grin creators have also declared that they are going to launch their coin in a couple of weeks.
Both the technologies – Beam and Grin present a more privacy enhanced and better replacement for the Bitcoin blockchain technology. Moreover, various early bitcoin developers such as Jameson Lopp say that both the technologies are quite similar in enhancing the privacy, but a startup is controlling beam, and all the operations will ultimately be passed to a dedicated non-profit organization. In case of Grin, its development is entirely funded through a community.
Beam’s official GitHub says that users will have complete control over their personal information. Furthermore, users have the complete freedom to decide which information will be available to which parties. In other words, Beam offers some sort of transparency. This feature of Beam is going to help businesses having insights about the people who are involved with during transactions.
Also, Beam includes a special technology called Dandelion. Dandelion’s entire focus is on hiding network traffic activities. And it is achieved by randomizing the paths followed by transactions to spread over a decentralized network.
After Beam’s debut, 20% of the overall block prize will be sent to a group comprised of founders, investors and the Beam foundation. And this practice will be discontinued after a considerable period of five years as in the case of privacy-oriented cryptocurrency ZCash.
Beam, as well as Grin cryptocurrency, is not looking for holding initial coin offering that implies to sell coins to fund the development work until these are officially launched. However, Beam developers incite users to visit recently launched platform to start earning coins.
Coming up of these new cryptocurrencies indicates towards the possibility of a more and more technical revolution in cryptocurrency sector. Blockchain technology that holds the prime feature of offering amazingly powerful security and decentralization was the main reason behind the success of Bitcoin. Since Beam has entered the market, it has set higher privacy standards.