Fellow Mimblewimbler ‘Grin’ is due to launch later this month.
Privacy-focused new crypto Beam has become the first token to implement the eagerly-awaited Mimblewimble privacy protocol, following its launch on Wednesday.
According to an announcement reported by Bitcoin Exchange Guide, Beam aims to rally for the “establishment of a privacy-enhanced blockchain,” which is intended as an alternative to Bitcoin. In so doing, the crypto will increase the security of transactions and enhance confidentiality.
Beam is one of a pair of highly-anticipated cryptocurrencies to launch under Mimblewimble, its counterpart bearing the name ‘Grin’.
Though Grin was the first crypto to be applied to the privacy protocol in theory back in 2016, Beam (created last March) has launched ahead of that crypto, thereby becoming the first to put the Mimblewimble protocol to work. According to its official website, Grin is set to launch on 15 January.
According to Beam’s GitHub page, users will have “complete control over privacy,” enabling them to decide which information will be available and to whom. This would increase the transparency in business transactions, giving companies a clearer idea as to which parties they are trading with.
Using the “cut-through” capabilities of Mimblewimble, Beam will also offer superior scalability, in that the protocol makes the crypto’s blockchain orders of magnitude “smaller than any other blockchain implementation.”
In addition, the token will permit confidential transactions without bulking up the blockchain with computer power, or compromising performance or scalability.
According to Bitcoin Exchange Guide, Beam will enhance the confidentiality of transactions by using Dandelion: a new technology that works to obscure network traffic activity by randomising the available pathways on the decentralised blockchain network.
After launching, Beam looks to delegate 20 percent of the overall block reward to a Beam treasury consisting of founders, investors and the Beam Foundation. which will be phased out after five years.
Source: Bitcoin Exchange Guide