The MimbleWimble protocol seeks to solve some of the scalability and privacy issues. This is achieved using the second level Lightning Network solution, developed on the basis of the Bitcoin blockchain.
Recently, with the new Beam wallet update (Clear Cathode 3.1), Laser Beam transactions and new features have been introduced.
For several years before the launch of MimbleWimble in 2016, the protocol was tested by an anonymous developer. Thanks to his cryptography based on elliptic curves, he can use much shorter keys than other types of cryptography, which requires only 10% of the storage volume that is required for the bitcoin blockchain.
Scalability and privacy are the core of this protocol.
Thanks to the September 16 updates and the use of the MimbleWimble protocol, this version of Clear Cathode is able to make several improvements to the Beam wallet:
- The ability to restore any wallet
- Several languages have been introduced, including French
- Improved solution for small mobile screens
The implementation for Beam compared to the implementation of Grin implies greater ease of use and, consequently, an improved user interface.
Most often, when users make purchases using bitcoin (BTC) or other cryptocurrencies, the process looks rather cumbersome. Few people want to wait 10 minutes until the block is mined and the transaction is confirmed. Laser Beam resolves many issues.
Let’s look at an example of how this works:
Alice buys coffee every day at the bar where Bob works. She could make transactions on a daily basis in Beam, but this is inconvenient due to the time of confirming transactions, taking into account the features of the Proof of Work (PoW) protocol. This is where the Lightning Network comes in handy: on the first day of the month, a channel opens with Alice and Bob (with an identifier); Every morning, Alice sends Bob cryptocurrency through this channel.
Until the channel is closed, transactions are not written to the blockchain. To close the channel, just include the corresponding request in the last transaction. What happens if Alice decides to close the channel in advance without Bob’s permission? Thanks to the Beam hard fork, which took place on August 15, this problem was resolved and closure became possible.
This video shows how Laser Beam transactions work.
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