“While there were a greater number of breaches in 2017, 2018 saw breaches on a more massive scale and from marquee players, such as Facebook, Under Armor, Quora, and Panera Bread. Cybercriminals stole sensitive personally identifiable information (PII) from users, including email and physical addresses, passwords, credit card numbers, phone numbers, travel itineraries, passport data, and more.” – Malwarebytes
- According to the Cyber Security Breaches Survey 2018, 43% of businesses were a victim of a cyber security breach in the last 12 months.
- According to Risk Based Security, only 13 percent of data breaches are discovered internally.
- In the 2017 Official Annual Cybercrime Report, it’s estimated that cyber crime will cost $6 trillion annually by 2021. In 2015, that figure was $3 trillion.
- There is a hacker attack every 39 seconds.
Considering the above, and with companies having little incentive for improvement of security, transparency, or the timely reporting of data breaches, one can easily paint a grim picture for our future as a data security dystopia, pointing to a need for both immediate advancement in privacy technologies and the easy availability of these technologies for all.
Our personal data is under threat, but BEAM is taking up the fight to protect our independence: On January 3rd, 2019 (the 10 year anniversary of the Bitcoin Genesis Block), BEAM is launching the first Mimblewimble main net.
Based on Mimblewimble protocol, BEAM transactions are private by default, with transaction source, destination, and amounts not visible on the blockchain. Not having to store the entire transaction’s history for validation reduces blockchain size and improves scalability. To even further improve confidentiality and mitigate network monitoring attacks, BEAM has implemented Dandelion with stem-stage transaction merging.
Want more information about BEAM and its Mimblewimble implementation? Please enjoy this brief chat with BEAM CMO Beni Issembert!
Interview with BEAM CMO Beni Issembert
Why does BEAM exist?
Bitcoin was, is, and will stay, a blessing, showing the world a path to a decentralized and deflationary currency. Satoshi Nakomoto, and the community to which we belong, did an incredible act by providing the world with an alternative to the current monetary system. Bitcoin blazed the way towards a fairer future where our money isn’t controlled by anyone but us.
That said, the fact that Bitcoin transactions and many of its variants are not private (the transaction history is stored in a public blockchain) makes cryptocurrencies’ use in real life very problematic. Do you really want all your income and expenses to be known by others? And when it comes to a business, the answer is even more obvious.
“BEAM, via Mimblewimble, comes to carry out Satoshi’s vision by combining confidentiality and compliance, great usability, great engineering and execution.”
BEAM will support many transaction types such as escrow transactions, time-locked transactions and atomic swaps. Our roadmap includes dozens of features and is constantly evolving. We are striving to make BEAM an ultimate Store-of-Value coin.
Like Bitcoin, BEAM will be using a deflationary model with a periodic halving of the mining reward. We believe a controlled supply, together with a lack of trusted controlling party, is one of the main benefits in the cryptocurrency space. This limited supply approach makes sure an asset becomes rarer and more precious with time. Its value increases as time passes. As the value increases, people are encouraged to hoard and save (store of value use-case). It’s also a strong political say against the common economic system of most governments, which use inflationary models that lead to less value and purchasing power for their currencies. Limited supply will protect BEAM’s holders.
In five years, BEAM will be one of the ultimate SOVs and MOEs, governed by an Independent Non-Profit Foundation, regulated and sovereign. BEAM will be in the list of top 10 cryptocurrencies, and will be leading the adoption of crypto for day-to-day business operations.
What are some common misconceptions about Beam that should be cleared up?
There are some misconceptions, indeed.
- NO ICO – BEAM IS NOT doing any kind of ICO. We raised funds from professional investors and VCs which guarantees our sustainability.
- NOT just another centralized project – We chose to go “corporate” because we strongly believe a startup environment is best for innovation. That said, we do have a real and strong community spirit backed by a deep open-source identity.
- BEAM is NOT BeamWallet – no connection at all.
- BEAM is NOT Beam.io – no connection at all.
- BEAM is NOT limited by auditability or lack thereof – Opt-in compliance or opt-in auditability is launching soon. This feature will allow businesses and individuals to report their financial history to their auditors or any other party of their choosing in a secure and provable way. But, the auditability extension is strictly an opt-in feature. If the user hasn’t explicitly chosen to be auditable, there is no way anyone can retrieve any information about his transactions from the blockchain.
- BEAM’s transactions per second performance doesn’t allow for use as means of exchange – We designed BEAM as a strong Store of Value solution. That said, we do understand perfectly the current needs of our audience when it comes to fast payment solutions. Let me introduce you to BEAM Lightning. We are starting an effort to integrate the Lightning network (BOLT) into BEAM, with the goal of allowing fast payment channels based on our currency. Once this is achieved, businesses will be able to easily process thousands of transactions per second, still with full control over the information on their finances.
- On mining BEAM – Yes, we will guarantee a fair and democratized access to Beam mining for all by providing a variety of mining options (both OpenCL and CUDA GPU mining) , even CPU etc) and by ensuring ASIC-resistance for 12-18 months. We will also be releasing mining pool software soon and announcing additional partnerships in the field.
[Look forward to Part Two! We’ll be digging into BEAM’s cryptography.]
BEAM and Mimblewimble Resources:
- 2018: The year of the data breach tsunami
- About Dandelion and Mimblewimble
- BEAM features
- BEAM: The Scalable Confidential Cryptocurrency (PDF)
- github: BEAM
- Grin vs BEAM: A comparison
- Introducing BEAM!
- Introduction to MimbleWimble and Grin
- Mimblewimble: Private, Massively-Prunable Blockchains (PDF)
- MIMBLEWIMBLE: THE GOOD AND THE BAD
- Mimblewimble: Grin vs BEAM: Comparison and Resources
- On Linkability of Mimblewimble
- Satoshi’s Identity Doesn’t Matter. Anonymity Does.
- Short History of Mimblewimble: From Hogwarts to Mobile Wallets
- What’s the difference between Monero, Zcash, and BEAM?
- Why BEAM is Sound Money