The first digital currency, Beam, has been launched on the MimbleWimble protocol. The protocol is positioned by the creators as completely confidential, and transactions conducted with its help cannot be traced.
MimbleWimble was first presented in the summer of 2016. Then, almost two years ago, the developers came up with another cryptocurrency for the protocol – Grin. The idea Beam appeared only in March 2018. The launch of the currency took place on the third of January at 1:40 am Coordinated Universal Time (UTC). The official launch of Grin will also happen soon – the developers plan to do it on January 15th.
Beam is positioned as a new private alternative to bitcoin. For this reason, it is supported by the early Bitcoin blockchain developers, including Jameson Lopp.
“If you are interested in a high-tech cyberpunk protocol, pay attention to Grin and Beam,” he wrote in his Twitter account back in September.
Beam and Grin are indeed similar in principle, but the first cryptocurrency is supported by a start-up who then wants to transfer its management to a non-profit foundation, and the development of Grin is fully funded by the community through donations.
According to the official Beam page on GitHub, users will be able to decide for themselves what information other participants in the transaction will see. Thus, currency holders will fully control their personal data in accordance with applicable law. At the same time, Beam retains the ability to conduct transactions with a certain amount of transparency, which is necessary in the case of cooperation between legal entities.
Cryptocurrency also uses additional technology Dandelion, which hides the active network traffic, making the paths that pass transactions in a decentralized network random.
After launching the Beam, 20% of rewards for all blocks will be transferred to the founders, investors of the project and the non-profit Beam Foundation. After five years, they will completely cease to receive rewards, on the same principle as investors and founders of another private cryptocurrency Zcash.
The developers of both koins, Beam and Grin, do not plan to carry out the initial placement of coins (ICO). Instead, the creators of the Beam offer users to immediately start mining currency.