When paying for something in the fiat world, it is not customary to flash the entire contents of your wallet. We all love crypto for facilitating borderless trading and fast payments. But one thing that is severely lacking is the control over the visibility of our funds, made especially difficult with major blockchains displaying publicly the addresses, holdings, and balances. No trader, investor or VC benefits from exposing their entire portfolio for public scrutiny.
Not only coins but transactions are public too, therefore any observer can see the funds sent and received, the times’ transactions took place and the parties involved in the transaction. In the Internet era, the news spreads fast. Here is one example from just this week — the entire history of Mark Cuban’s account now belongs to the crowd, forever. Whale monitoring services such as zerion.io, whalemap.io and whale-alert.io are very popular, along with various other blockchain analytics tools.
In the DeFi realm, the situation is even worse: the current non-custodial trading is like playing poker where everyone’s cards are clearly seen. All the orders are public so anyone can identify their originator and “steal” some by setting a higher transaction fee (a.k.a. Front-running). No need to mention that trading strategies can be re-engineered with great ease. Not only orders but also stake and LP funds are visible on services such as debank.com.
In Beam, all transactions are completely confidential, neither the identities nor amounts can be seen on a blockchain. The DeFi applications protect the user identity while disclosing only the data necessary for the smart contract operation. Topped with the best-in-class user experience, Beam wallets are intuitive to use and will always keep your funds and transactions away from prying eyes.
Come discover Beam and join our community!
QQ Beam 中国官方社区: https://jq.qq.com/?_wv=1027&k=5Mbs8N4
Co-authored with Angus Sullivan