Blockchain is reaching new level of hight everyday . institutional , big business firm, top earning individuals are highly demanding to make the blockchain creation in such a way where all the transaction , sender & receiver details , time records become completely confidential .it means if you go to blockchain explorer and try to find transaction of Mr A on following dates but you realised that there is no transaction is visible like how it looks in bitcoin transactions.
Lets do comparison with following cryptos :
1. bitcoin hence its king of crypto since birth , seems out dated blockchain as its not benefit us from any point of concern .in different way, transaction fees , confidentiality , scalability, Auditability, governance are all looks falling behind if we talk about "Beam" crypto blockchain .
2. Monero and zcash, these currency are called better crypto for fulfilment the needs of those individual firm who likes confidential transactions but only the transaction which provide confidentiality is not enough in mass adoption of blockchain after 10 years from now because these currency scalability and Auditability is not fast and secure enough in compare of 'Beam' crypto coins. yes i will like to add one more currency which is directly challenging 'Beam' in terms of confidentiality , scalability , Auditability and that is 'Grin'.
Beam is simply privacy coins. which works on the concept of 'Mimblewimble' protocol which creates full confidentiality , Scalability and optional Auditability .It is programmed on C++ ,Mining Algorithm is equihash, 17 transactions/seconds , created 1 block in every minute with 1000 transaction.
why i need to say this privacy coin is better option than other two MONERO & ZCASH because of following differentiation:
1.
MONERO
It enables ring confidential transaction.
ZCASH
It enables zk-Snarks (zero knowledge cryptography )
in other word, its called moon math.
BEAM
It enables Mimblewimble technology.
2.
MONERO
Blockchain size is 48 GB till this time and it will continuously grow when the adoption rate will increase .
ZCASH
Blockchain size is 19 Gb till this time ,better than Monero but much heavier than bitcoin which is not good example of scalability.
BEAM
Blockchain size does not grow with number of transaction but yes with UTXOs which is overall much slower.
Overall, it takes less space in blockchain in comparison with Monero and Zcash and just because of this features It becomes more faster to handle many transaction in a minute .
3.
MONERO
It provides 'view key' features where viewer only can see incoming transaction which is not recommendable for auditing .
ZCASH
It provides incoming transaction tracking but no proof of transaction whether its complete or incomplete but there are 'payment discloser' feature to claim the payment has been sent .no recommendable at all for auditing purpose.
BEAM
It enables Auditability feature as optional where all the transaction whether incoming or outgoing being recorded with full details but it depends upon user whether he wants to go through all the detail for auditing purpose then this is best and recommendable blockchain .
How 'BEAM' is challenging its competitor coin so called 'Grin'?
Beam and Grin both built upon Mimblewimble technology but some points which make more practicle with beam is 100% focused on your project by cutting all unwanted text .Beam believe in fast ,secure ,confidential transaction thats why they are more conservative in approach and chose C++ language which is more proven technology but Grin changed its direction and Chose 'Rust'.Beam chose Equihash but Grin chose cuckoo cycle but overall both have same goal to make the cryptocurrency more connected with real world application.
Resources:
https://beam.mw/faq/who-is-team-beam
https://www.coingecko.com/en/coins/beam
https://medium.com/beam-mw/whats-the-difference-between-monero-zcash-and-beam-953eafd89354
