ISRAELI STARTUP LAUNCHES FIRST MIMBLEWIMBLE-CRYPTOCURRENCY WITH PERSONAL PRIVACY SETTINGS

Located in Israel, the start-up Beam on January 3rd plans to launch the first cryptocurrency based on the MimbleWimble Protocol, designed to provide users with personal privacy settings.

Unlike other cryptocurrencies with anonymization functions, Beam will become a project where owners will have full control over the privacy settings, which will allow using it for various purposes, including paying taxes.

The initial description of the solution for privacy MimbleWimble was posted by Tom Elvis Jedusor, on the channel dedicated to Bitcoin, in July 2016. In September last year, a group of developers announced their intention to launch a new cryptocurrency grin (Grin is an upcoming cryptocurrency that is an implementation of MimbleWimble using Rust).

Mimblewimble is much more a scaling tech than a privacy tech. It’s incredibly naive to believe that no one will run an archive node that keeps a full record of the blockchain. Grin’s privacy as such comes from CT and the inability of users to re-use addresses.

Beam is the second blockchain project to use the MimbleWimble solution, but due to the delay in launching Grin, postponed the project until January 15; it may in fact become the first cryptocurrency in the network to use this solution.

 

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