Beam and the Mimblewimble Protocol Breathe Life Back into Online Privacy

Alex Broudy
Jan 7, 2019 · 6 min read

Online Privacy Is Broken

Security breaches reveal our private information all the time. And you may not even know when it happens to you. Recently, when the secure money transfer service Zelle was exploited, the private transactions of thousands of customers became subject to fraud. What’s more, poor privacy can be a byproduct of bad design. The popular p2p money transfer app Venmo initially made transaction records public by default for no good reason, raising concerns and lawsuits around the privacy of the app. Even Bitcoin isn’t perfect.

From Digitized to Digital-Native Payments

Abusing Privacy Hurts Everybody

10 years after the genesis of Bitcoin, many of the unethical market maneuverings that prompted the birth of Bitcoin have started to cause trouble again. This time around big banks and insurance underwriters aren’t the only parties involved. Internet giants like FAANG continue to abuse their own privacy guidelines, costing our personal privacy online and off.

How BEAM Preserves Payments Privacy Online

How Dandelion + SBBS Preserve Privacy Both Online and Off

Next-Generation Privacy Needs To Be Scalable Too

In the next generation of privacy-preserving cryptocurrencies like Zcash, many techniques such as the zk-SNARKs and other zero-knowledge protocols have been developed to more fully anonymize transaction data. Compared to BEAM, these cryptographic protocols fall short in their tradeoff between scalability and privacy.

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Coinmonks

Coinmonks is a non-profit Crypto educational publication.

Coinmonks

Coinmonks is a non-profit Crypto educational publication. Follow us on Twitter @coinmonks Our other project — https://coincodecap.com

Alex Broudy

Written by

Blockchain Certified Business Analyst, CSM | https://www.linkedin.com/in/alexbroudy/ | https://www.getcrypto.com/ | https://alexbroudy.com |

Coinmonks

Coinmonks is a non-profit Crypto educational publication. Follow us on Twitter @coinmonks Our other project — https://coincodecap.com