Privacy, MimbleWimble and BEAM
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Privacy, Mimblewimble and BEAM Mimblewimble is an elegant blockchain protocol that offers full privacy without sacrificing scalability. It was developed by an anonymous author and works by using techniques like confidential transactions and transaction cut-through to keep transaction information private while improving scalability. BEAM is a new blockchain based on Mimblewimble that aims to provide a decentralized, permissionless digital cash system with privacy and compliance capabilities. It has seen growing adoption and ongoing development of features like asset layers and compliance components.
Privacy, MimbleWimble and BEAM
- 1. Privacy, Mimblewimble and BEAM
- 4. source: https://www.informationisbeautiful.net/visualizations/ worlds-biggest-data-breaches-hacks/
- 5. Privacy is a basic human right
- 6. Transparent History of all transactions can be seen Good for compliance but bad for privacy Public Blockchains
- 7. Private Not scalable Good for privacy but bad for compliance Privacy Focused Blockchains
- 8. Spills 3 pieces of information: Sending address Receiving address The amount sent A Bitcoin Transaction
- 10. What the real world needs Permissionless Digital Cash Sovereign Digital Cash Stable coins Tokenized Securities Debt, financial derivatives Supply chain management Moving Personal Data All Require Confidentiality ComplianceScalability
- 11. Why and What We want a world where crypto coexists with legacy financial systems We enable decentralized transfer of value that is confidential, scalable and optionally compliant
- 12. Mimble what? 1 Mimblewimble. An elegant protocol offering full privacy without sacrificing scalability. Developed by an anonymous author -> Tom Elvis Jedusor (French for lord Voldemort)
- 13. How Mimblewimble works UTXO Model Confidential Transactions Cut-through
- 14. UTXO Model Each user holds keys to their own Safe Deposit Boxes
- 15. Secure bulletin board system (SBBS) Both sender and receiver have to be online or connect to the SBBS
- 16. Confidential Transactions Is the sum Zero? Are the values positive?
- 17. UTXO Model Well, there arent really any safe deposit boxes Meet Pedersen Commitment (TorbenPrydsPedersen) Elliptic Curve Generator Points Value blinding factor = secret key
- 18. Multiplying is easy but factorizing is hard
- 19. 213 x 28 = ?
- 20. ? x ? = 5964
- 21. ? x ? = 596439873239
- 22. 213 x G + 345 x H = 596439873239
- 23. Transaction Cut-through Alice Bob Bob Carol
- 24. Transaction Cut-through Alice Carol Intermediary states removed keep just current state of UTXOs Same repeated for all the blockchain
- 26. Comparison (8.2019) Currency # of Transactions Blockchain Size (GB) Avg KB Per Transaction Blockchain Size Assuming BTC Monetary Policy BTC 439,017,363 232.434 0.53 :) De鍖ationary MONERO 13,153,493 54.587 4.15 1.8 TB Trail Emission" ZCASH 5,040,118 23.55 4.67 2.05 TB De鍖ationary GRIN 861,055 0.25 0.3 131GB In鍖ationary BEAM 1,463,424 1.039 0.575 - 0.77 252-338 GB De鍖ationary
- 27. What is BEAM A new blockchain based on Mimblewimble protocol PoW consensus Decentralized Permissionless Deflationary Implemented from scratch in C++ Development started in March 2018 Launched on Jan 3 2019
- 28. Some Exciting Developments Asset layer (Confidential Assets) Compliance component Atomic swaps with BTC & LTC Hardware wallet support Lighting network POC