Beam is a cryptocurrency that demonstrates an emphasis on privacy and anonymity with Mimblewimble implementation. Without address information stored on the blockchain and keeping transactions private by default, Beam is meant to give control over privacy to users and scalability in it’s compact design. Having no premine or ICO, Beam is backed by a Treasury and designated a non-profit foundation to govern the protocol.
Beam is the leading mobile wallet app in the UAE and Sweden. They make payments and rewards easy no matter where you are.
HoW It Works Beam
Both wallets participate in signing the transaction using Schnorr protocol.
Wallet sends transaction to node
Each transaction contains a list of Inputs and Outputs represented by Pedersen Commitments, as well as explicit fees and kernels. Each transaction also contains non-interactive zero knowledge range proof to verify that the output transaction value is positive.
Transaction is verified by the node
Each transaction is verified with respect to the recent blockchain state which is stored as a Merkle Tree. The root hash of the tree is recorded in block header along with a proof of work. In addition, each node periodically creates compacted history to allow ‘fast sync’ of new and existing nodes.
Transaction is added to the mining pool
A block is mined every minute and is sent back to the node for verification and distribution.
Mined blocks containing
A valid block that is extending the longest chain is accepted as a new Tip and propagated further until full consensus is reached.
When a new node connects to the network for the first time it can request compacted history containing only system state and blockchain headers. There is no need to retrieve the entire transaction history.
Tips for securely storing your Beam
- Do your own research. Before sending any coins or private data to a wallet, make sure you have researched the wallet provider to make sure everything is above board. Keep an eye out for scam wallets, such as those using URLs only slightly different to the URLs of legitimate wallet providers, and check out some independent reviews for all the pros and cons.
- Back it up. Make use of your wallet’s back-up and restore facility so that if something ever goes wrong with your wallet, you’ll be able to recover your funds.
- Set a strong password. Now is not the time to be lazy when creating a password; take your time to create a strong and uncrackable code.
- Make use of all available security features. Make the most of all the security features your wallet offers, such as two-factor authentication or multi-signature transactions. It’ll offer increased protection for your funds and greater peace of mind for you.
- Update your antivirus software. Take care to regularly update the antivirus protection and anti-malware software on any device you will be using to access your wallet.
- Keep your private keys private. Last but not least, don’t underestimate the importance of your private keys. Store them somewhere safe and don’t share them with anyone else.