Review on Beam by Gabriel Medina

Name: Beam
Item: Beam
Rating: 4

October 03, 2020

Beam gives us financial privacy

Beam (BEAM) is a cryptocurrency that uses the Mimblewimble protocol and is completely decentralized. Its good points lie in privacy, scalability, and fungibility. Transactions are private by default and it will not be necessary to store transaction history for blockchain validations. This improves scalability.

Beam is the project that has solved all the problems that have been previously in other projects that had the same objective, it has created a decentralized currency, whose privacy is impenetrable, fungible and scalable.

Beam gives users full control over their transactions and to remain anonymous without having to reveal their identity.

The good

Here are some good points that make Beam one of the best cryptocurrencies:

It gives us total control over privacy: You will decide what information will be accessible and to whom such information will be available.

Addresses are not stored on the blockchain: Transaction details will never be stored on the blockchain.

Limited discharge: Use the periodic dichotomy to divide the total number of coins.

It allows multiple transactions: Like other types of transactions with time locked, custody, atomic exchanges and more.

Hidden value of transactions: This is due to user privacy.

Built from scratch: It was built by a professional team of developers.

Fast transaction confirmations: There are fewer transaction details per transaction and your blockchain is more efficient.

The bad

It has a pending challenge in terms of privacy such as anonymity and fungibility.

There is no anonymity: There are analysis tools that can trace the transactions and identity of the parties involved so that users can easily be discovered since it is permanently stored in the open ledger of the blockchain.

Fungibility: It is when an asset can be exchanged with other assets of the same identity. Assets must not be distinguishable from each other, they must be the same regardless of the source of how they were acquired.

Conclusion

Beam incredibly is a platform in which users can send and receive money privately and safely, free from any harassment or invasion of your privacy. Thanks to its Mimblewimble protocol you can execute transactions without having to show addresses, amounts and other details.
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