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About BEAM (BEAM) Cryptocurrency

Beam Mimblewimble is a scalable, fungible, and confidential cryptocurrency based on the Mimblewimble implementation.WHY BEAM?Core features include complete control over your privacy, All transactions are private by default, No addresses or other private information are stored on the blockchain, Superior scalability due to compact blockchain size, Opt-in Auditability, Support online and offline transactions, atomic swap, hardware wallets integration.Governance modelNo premine, No ICO. Backed by TreasuryEstablishing a non-profit foundation to govern the protocol after Mainnet launchHow does it work?Wallets’ owners create new transaction using secure channel either online or offlineBoth wallets participate in signing the transaction using Schnorr protocolWallet sends transaction to nodeEach 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 positiveTransaction is verified by the nodeEach 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 poolA block is mined every minute and is sent back to the node for verification and distribution.Mined blocks containing the new transactions are sent to the known peersA valid block that is extending the longest chain is accepted as a new Tip and propagated further until full consensus is reached.Fast syncWhen 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.

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