BEAM and GRIN: Overview and prospects of cryptocurrency

BEAM and GRIN: Overview and prospects of cryptocurrency

Mimblewimble blockchain protocol got two implementations in cryptocurrencies Grin and BEAM. We did a review on Grin and Mimblewimble, but in this article we will look at the BEAM project, the differences between the cryptocurrency and the other implementation and the dynamics of development. Also in the article there are standard rates to the ruble, dollar and other currencies, available exchanges and exchangers.

The essence of the BEAM and GRIN project

Both Grin and BEAM are open source protocols. The difference between the releases was not significant. BEAM’s main network launched in early January. There has been excitement in the community around the Mimblewimble protocol, which supports anonymity. In 2016, it was proposed by Tom Elvis Jedusor. The protocol had the then-improved privacy, greater efficiency due to a unique transaction model.

About Mimblewimble

Mimblewimble is a stripped-down version of the bitcoin protocol with a changed method of building transactions. The changes affect the confidentiality and efficiency of transactions. A side effect is interchangeability, a property of currency where one unit is not different from another because they are all equal.

Mimblewimble uses a combination of Confidential Transactions (CT) and the Pedersen Commitment Scheme. This allows the recipient of the transaction to generate a “blinding factor” as the signing key for the transaction. Like other anonymous transaction methods, confidential transactions are more cumbersome than standard bitcoin transactions. This is because of the evidence that must be added to each transaction.

But Mimblewimble bypasses the large size of CTs. It removes scenarios, uses combinations of “blinding factors” with “dummy outputs”. This way, the protocol can achieve the same level of security and privacy without performance problems.

Mimblewimble uses a transaction aggregation method similar to CoinJoin. It eliminates the need to store past transaction data in the blockchain. Transactions within a block in Mimblewimble look like a random combination of inputs and outputs, rather than a block repeating a list of correlated inputs and outputs. Nodes can synchronize with the blockchain much faster because they rely only on authenticating specific inputs rather than the entire blockchain. Blockchain history contains:

  • block headers,
  • system status,
  • exit signatures of “fictitious exits.

The transaction construction method gives the scalability needed for an active cryptocurrency. Blockchain is slower to expand, so full nodes run more easily, requiring fewer resources. Ultimately, this improves decentralization of the network.

Description of the BEAM project

BEAM is the second full implementation of Mimblewimble with additional features. The cryptocurrency wallet is currently available on MacOS, Windows and Linux. The protocol is written in C ++. Development has been underway since March 2018. There is a development company behind this cryptocurrency, unlike Grin. BEAM has several features that extend the original Mimblewimble design:

  • use of Schnorr transaction signatures,
  • ability to control signatures,
  • Bright Boson – Atomic Swap with the Bitcoin Blockchain
  • offline transactions,
  • integration with a hardware wallet as part of Bright Boson.

BEAM also focuses on enterprise service and separates platform development into two streams: BEAM Core and BEAM Compliance. BEAM Core focuses on technical innovation on the web. BEAM Compliance is a segment for companies that need to audit for regulators or auditors while maintaining confidentiality.

Differences between BEAM and GRIN

While similar, BEAM differs from Grin in several important ways, including monetary policy, mining, community, and general governance. BEAM has a structured design that is more like a company structure. Grin develops according to the classics of open source, when the community works on a project, and the project itself exists on donations.

In monetary policy, BEAM acts as a private store of value. Grin is working on digital p2p payments. The emission of BEAM is about 263 million tokens. It also has a halving, a reduction in block rewards. The first year is 80 BEAM per block, but the amount is revised every 4 years. In 133 years, the issue will end. Current development and investors exist on monthly rewards from the Fund. The reward is 20 coins per block during the first year and will decrease to 10 coins over the next 4 years.

In Grin, inflation is linear and the supply of coins is unlimited. Grin offers its token as a fungible and private currency for transactions. 60 Grin is generated per minute. Read more about inflation policy in a separate article about Grin.

Management / Community:

  • BEAM management and early funding is reminiscent of a startup approach. In-house developers exist like in a traditional company. The BEAM Foundation oversees the project. A non-profit organization will be created in Switzerland to guide the development of the network.
  • Grin focuses on minimal implementation and experimentation. The project is completely voluntary, it exists on donations. Around this coin appears something like a subculture.

Technical differences:

  • Technical differences:
  • BEAM is written in C++ while Grin is written in Rust.
  • Grin a minimal implementation of Mimblewimble. This is partly why the cryptocurrency only has a CLI wallet (managed through the command line). BEAM has a GUI and CLI wallet.

BEAM allows non-interactive offline transactions through a secure BBS system.

Roadmap and development prospects for BEAM

The BEAM Core of the BEAM project will contain:

  • Agile Atom – API documentation and ecosystem.
  • Bright Boson – Bitcoin atomic swaps, hardware wallet integration, Android mobile wallet, lightning network proof of concept, BTCPay Server integration.

Clear Cathode – hard fork with mining algorithm, iOS mobile wallet, web wallet with multi-signature transaction support, alpha version of lightning network.

Double Doppler – Stage Q3 of 2019 will contain:

  • alternative consensus study (presumably GhostDAG),
  • porting Beam,
  • two-factor authentication,
  • the “View Only”, “Receive Only”, and “Limited Use” wallet use functions,
  • beta of the lightning network.

Eager Electron is the latest version of 2019. It will contain:

  • changing the PoW algorithm,
  • I2P / Tor integration,
  • BLS signatures (Bone-Lynn-Shaham), which are more compact than Schnorr,
  • test implementation of the alternative consensus,
  • lightning network.

Grin, and BEAM are already using Dandelion++ to improve privacy at the network level.

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