Beam Startup

David Kemp

Beam company, which created a cryptocurrency with the same name, will allow to exercise control over the system. This will be the first step towards decentralizing the management structure.

What you need to know about Beam Foundation

Beam Foundation has been registered in Singapore as a limited liability company. The Fund will be managed by the Board of Directors, which includes 7 people. From the beginning, there will be only 4 representatives. At the moment they are consultants of the company.

For decision-making will be carried out by voting, the majority will determine the direction of business development. It is expected that in the future the management system will become similar to the DAO, that is, more decentralized.

Beam Foundation will receive 4% of Beam's five-year coin issue or 20% of the Treasury Fund. The money will be used for the subsequent development of the project and the formation of an ecosystem of private coins.

In the near future, the project will be changed to Beam Core Group, it will serve as a division of the Fund. Amir Aaronson, Beam's chief operating officer, will perform a similar function at the Beam Foundation.

Beam cryptocurrency is based on Bitcoin blockchain and Mimblewimble Protocol, which provides privacy. Ivan Rich of Dragonfly Capital believes that this privacy technology is fundamentally flawed. He made this conclusion after researching the transaction of the Grin cryptocurrency.

Opinion: MimbleWimbl's privacy technology has bugs

Ivan Bogatyy, researcher at investment fund Dragonfly Capital believes that he managed to disclose the addresses of 96% of transactions of the cryptocurrency Grin, based on the MimbleWimble Protocol. To organize the attack, the weekly cost was only $ 60.

The expert is sure that this problem has no solution, so MimbleWimble should not be perceived as a viable analogue of Monero or Zcash with regard to privacy. At the same time, Mr. Bogatyy noted the successful concealment of the value of transactions. According to him, Zcash, MimbleWimble and Monero use different sets of anonymity, which give the opportunity to hide payments among similar operations. It has a resemblance to mixing in a crowd.

The highest anonymity is achieved through the use of the Zcash Protocol. It includes all transactions in the block. In Monero, false transactions are used, the user can choose decoys in the range of 10-25. The default value is 11.

MimbleWimble uses CoinJoin privacy technology, which provides for the formation of a single mixing transaction for a block. I ran a node analyzer on the green network, which collected all the original transactions until the end of the aggregation. He managed to link 96% of payments, for this he connected to two hundred pirs out of 3000 (the total number in the network).

Ivan Bogatyy believes that to ensure privacy, the MimbleWimble Protocol is not enough, we need complementary technologies. This message led to a sharp collapse of the cryptocurrency rate by 15%.

Features of the launch of confidential cryptocurrency Beam

The date for the launch of the Israeli startup coin on January 3, 2019 was not chosen by chance. Exactly ten years ago on this day, the first bitcoin block was generated.

The coin is based on Mimblewimble technology, which was introduced back in 2016, its original goal is to scale bitcoin and increase user privacy. It formed the basis of the Beam coin. The following is available to network users:

  • CLI Wallet
  • CUDA Miner
  • OpenCL Miner
  • Application for PC with a node for mining on the CPU
  • Beam Node

The Beam team is working on 2 other projects, including Beam Lightning and Project Lumini. The first one will help integrate the coin with the Lightning Network, the second one is designed to integrate Beam with Ethereum. In the article "What is Ethereum?" you can learn more about this cryptocurrency.

The creators of MimbleWimble developed Grin for testing

The developers of the Protocol believe that due to the presence of its own cryptocurrency, it will be easier to test the system. Initially, MimbleWimble aims to significantly reduce the size of the bitcoin blockchain, ensure customer privacy, and increase network scalability. Grin was developed for this purpose.

Andrew Poelstra, who is one of the developers of MimbleWimble, noted: "This approach is very reasonable. I am pleased to see the progress of developments in this direction." He admits that in the future Grin will be tied to bitcoin.

Mr. Poelstra told me: "Although Grin didn't start the way I wanted it to, things are moving in the right direction: scaling and privacy of bitcoin". The creators do not plan to hold any ICO. Another developer noted: "Only premining or working for pleasure."

Since the launch of the project, his team has expanded significantly, it includes the following developers: (nicknames) Luna Lovegood, Percy Weasley, Antioch Peverell and Seamus Finnigan.

MimbleWimble offers a radical reduction of the bitcoin Protocol, it will not help to increase privacy and solve the problem of plastic transaction, as well as provide additional opportunities for scaling the network in comparison with the current architecture.

Beam startup is purposefully developing. It is noteworthy that its owners take a course on privacy. This is especially important for cryptocurrencies. The willingness to give up control of the coin for the sake of decentralization is much reported. If you want to test yourself as an investor, purchase a small amount of Beam coins. This cryptocurrency has great potential, there is a high probability of appreciation in the future.