Review on Beam by Robiul Islam
Scalable confidential cryptocurrency.
Beam User Experience.
The wallet is relatively easy to navigate and use, even in cryptocurrency for incoming and this means relatively low access barriers for users. Depending on the user experience, the beam wallet is capable of downloading on Windows, Linux and OS platforms at the relative ease of any user. Mobile wallets are available for Android and iOS. There is no specific hardware wallet for accessing the beam wallet.
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This is a risky bet on the success of a new technology, and generally, cryptocurrencies with truly unique algorithms and protocols perform the best long-term, but they do not depend on their technology. If they find a niche and win it, it can still prove that they are capable. It was designed to be used as a transaction currency and has to be accepted, which means it will go through the various steps and cycles of a currency. The huge amount of supplies that the team will provide can lower the standard. If it goes through this stage and we can see its true value, then the currency can turn into a hugely successful long-term investment.
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Updated 4 years ago
Rating has not been changed
Understanding the very basics of Mimble Wimble implies some of the benefits that already provide benefits for beam users and node operators. The success of privacy currencies like Monero and ZCash proves that this type of cryptocurrency needs beam scalability, adding a new layer of privacy and deception to an existing concept. This is where the beam team sees the future of their technology, they emphasize feeding the business, who do not want competitors to see all their income and expenses. They also focus on the people who value privacy in their daily transactions. In the future it will be supported through an additional second tier solution. Another essential quality of the protocol that businesses look at is the application of insurance: visible scalability. With Monero or zcash, it is impossible to show a trending transaction graph to an external auditor, which is often required for business, Beam has implemented a solution for it.
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Pros
- The third generation of cryptocurrency, based on the Mimble Wimble Protocol and pure POW currency, whose mainnet was launched on January 3rd, 2019. While in the meantime mimble wimble is comparatively well-known idea when it comes to the more empirical aspects of cryptocurrency and blockchains, the use of the baem of the mimble wimble protocol gives it some coercive possibility. I do not see this as a competitor to the traditional privacy currency. There are different reasons for success in this field, which is currently missing the beam. I think the team realized this and, therefore, is focusing on the compliance and the business oriented part of the project.
Cons
- It is clearly faster than other existing privacy currencies, but it's necessary to underline that it's not high enough to be used as a widely used payment method.
