Grin is on fire, what will happen to Beam based on the same magic protocol?
Recently, Harry Potter's magic MimbleWimble is very popular. The currency circle discusses how to mine, and the chain circle discusses the underlying protocol technology. A few days ago, Odaily reported the first project Grin based on the MimbleWimble protocol."Grin, the star project that has not been launched yet, will become the next speculative outlet? "。
BeamIt is the second project based on the MimbleWimble protocol. Compared with Grin, its market response is more deserted. According toofficial newssecondary title
MimbleWimble protocol
When it comes to Beam, the magic MimbleWimble protocol has to be mentioned. Essentially, the protocol is a blockchain similar to Bitcoin. It was first proposed by the anonymous author Tom Elvis Jedusor (the name of Voldemort in the French version of the "Harry Potter" series) in May 2016, aiming to save storage space for Bitcoin and make transactions more private.
MimbleWimble was first defined as an improvement of Bitcoin. In this protocol, the transaction address and transaction amount are hidden, and the intermediate transaction part is merged.
For each transfer, the parties involved in the transaction create a public multi-signature key that can verify the transaction. There are no addresses in the system because the two parties involved in the transaction share what is called a "blinding factor” (an encryption technique used in electronic currencies) in which only those two parties know that they are transacting, thereby preserving online privacy.
The protocol uses aPedersen Commitment Scheme, in which a full node subtracts the encrypted amount (input) at the sender side of the transaction from the encrypted amount at the receiver side of the transaction (output). Adding the blinding factor produces a balanced equation, and the nodes never need to know what the transaction amount is.
Merging the intermediate transaction part means that A gives B a sum of money, and B gives the full amount to C. At this time, B is equivalent to not participating in the transaction. Therefore, B's data will not be recorded on the chain. This significantly reduces the space required for block storage.
For the MimbleWimble protocol, please refer toandandsecondary title
Capital-driven Beam
Beam started development in April 2018 and is written in C++. It is the second project based on the MimbleWimble protocol after Grin. Launched and maintained by an Israeli start-up company, a non-profit foundation will be established to manage the agreement after the mainnet goes live. Like Grin, Beam has no pre-mine and no ICO, but the Beam company and foundation will receive a 20% reward of all newly mined coins within the first five years to fund further development and promotion of Beam.
Beam's mining blocks use the same Equihash proof-of-work (PoW) algorithm as Zcash. The Equihash algorithm was jointly invented by Alex Biryukov and Dmitry Khovratovich, and its theoretical basis is a well-known computational law science and cryptography problem - broad sensebirthday paradoxquestion. The Equihash algorithm was proposed in 2016, which largely relies on memory usage to achieve ASIC resistance. The original intention was to generate an algorithm that runs more efficiently on the GPU, hoping to help decentralize the mining capacity of the algorithm. .
In terms of monetary policy, Beam chooses a deflationary monetary policy, similar to the regular halving of Bitcoin, and stipulates that the maximum supply is 210 million, but it does not specify how to halve.
While based on the same protocol as Grin, Beam set out to extend MimbleWimble's feature set in a number of ways, generating some unique features of its own.
BEAM will support traditional secrets signed using Bulletproofs (a zero-knowledge proof technology)UTXO, but they will also support non-private UTXOs. This will be achieved by signing a transaction with their own non-private signature that reveals the amount transferred in the transaction, but keeps it secretblinding factor. BEAM also supports setting an explicit latency on a UTXO, which limits its ability to be spent on a specific number of blocks after creation. This is different from a timelock that prevents transactions from being added to a block before a certain time. BEAM also supports traditional timelock functionality, but also includes the ability to specify an upper bound time after which transactions are no longer included in blocks. This feature means that a party can be sure that if a transaction is not included in a block on the main blockchain after some time it will never appear.
Implementing an auditable wallet is another unique feature of Beam. Additional public key and private key pairs are generated for audit purposes. These signatures are used to label transactions. Only audit institutions that obtain public keys can identify those transactions on the block chain, but Transactions with this tag cannot be created by themselves. This allows businesses to provide designated authorities with visibility of their transactions without compromising their privacy from the public.
Transactions based on the MimbleWimble protocol require relevant parties to cooperate to select a balanced blinding factor, so interactive communication negotiations are required to provide a better communication session for the transaction. Beam has implemented a secure bulletin board system (BBS) system, which is available on BEAM's entire network. Nodes to allow asynchronous negotiation of transactions. How this works has not been described in detail, but the idea is that both parties can log into a node's BBS system at their leisure to perform the various steps involved in building a valid transaction.
According to an interview at the end of October 2018, Beam currently has 20 employees, including the CEOAlexander Zaidelson，CMO Beni Issembertsecondary titleAmir Aaronson。
The Rivalry Between Idealism and Realism
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(The difference between Grin & Beam projects, image source: Bitrabbit.com)
It is undeniable that Grin's community-driven mechanism has played a big role. Although it is considered too idealistic, it is indeed more attractive to rely entirely on the power of the community than the company's operation and promotion. In the current market downturn, it is easier to inspire new enthusiasm by tracing back to the community spirit at the beginning of Bitcoin and reviewing the initial decentralization.
In addition, in terms of monetary policy, Grin adopts an inflationary monetary policy, which breaks through the existing pattern of the market and obtains higher market expectations.
An Australian trading platform focusing on mining coinsMXshineTwitterTwitterIt is said that the world's first Grin and Beam transactions will be launched soon.
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References:
Battle of the Privacycoins: What We Know About Grin and Beam’s Mimblewimble
The Revolutionary Anonymous? BEAM (Mimblewimble based) launches 2nd Testnet; Special interview
Beam: A scalable confidential cryptocurrency based on the Mimblewimble protocol will go live soon
The "old three" of anonymous coins VS the "new top three"
Equihash: Asymmetric Proof-of-Work Based on the Generalized Birthday Problem (Full version)
The "old three" of anonymous coins VS the "new top three"
What is the Dandelion Privacy Policy
Grin swipes the screen, why is its brother Beam so deserted?
