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Beam: Atomic Swap On Testnet, Double Doppler 4.0, Progress On The Web Wallet, Why “Breaking Mimblewimble’s Privacy Model” Will Not Work With Beam

Biweekly update 8th November — 22nd November

Hello & Welcome, Beamers! We are happy to point out that both the development and social parts of Beam life are vivid. Recently, they have released the Atomic Swap on Testnet, and you are invited to test swaps between BEAM and BTC, LTC, or QTUM. Documentation and guides will be provided soon. They have launched Testnet Double Doppler 4.0. Both own nodes and Electrum are supported. Swaps can be performed peer-to-peer directly by sending the swap token via any secured communication channel or initiated via an atomic swap marketplace built-in into our desktop wallet. It is worth to notice that the desktop wallet became more usable and even more eye-pleasing in general. During week 46, there were 219 open issues in /Beam, 42 open issues in /android-wallet, and 27 open issues in /ios-wallet. They also had 63 commits in /Beam. By the way, Valdok presented Lelantus-MW at GrinCon1 on 22nd November in Berlin.

Apart from development processes, Beam puts a lot of effort on the social side. You can read an interview with Alexander Zaidelson, the CEO of Beam, and find out what he thinks is one of the most humorous things in the crypto blockchain space, and 3 policies he’d enact as the president of ‘a’ country. You should additionally check out a story by Luke Bailey, where he talks about “The Evolution of Privacy Coin Technology”; listen to a podcast about Beam by ZKPodcast.

Moreover, Beam gives feedback on the article recently published by Ivan Bogatyy, claiming that there is no privacy in Mimblewimble. The team responds that the “Breaking Mimblewimble Privacy Model” attack will not be valid on Beam, as Beam’s decoy outputs make it much harder to build the transaction graph. Upcoming Lelantus-MW will make creating the transaction graph virtually impossible even against more sophisticated attacks. The community tends to believe in Beam resistance, and Beamers are super supportive in chats and on Reddit. The number of subscribers in social networks shows constant growth. Well, as always. Stay informed with us!

Development

BEAM GitHub metrics
Developer activity (from BEAM Coinlib.io)

They have released the Atomic Swap on Testnet and you are invited to test swaps between BEAM and BTC, LTC or QTUM. Atomic Swaps is still work in progress, they are making adjustments to the UI and the flows. Documentation and guides will be coming soon.

  1. They have published Testnet Double Doppler 4.0 with a focus on Atomic Swaps for BTC, LTC, and QTUM. Both own nodes and Electrum are supported. Swaps can be performed peer-to-peer directly by sending the swap token via any secured communication channel or initiated via an atomic swap marketplace built-in into our desktop wallet. Worth to notice that the desktop wallet became more usable and even more eye-pleasing in general.
  2. Great progress on the Web Wallet — Access the repo here
  3. They had 226 open issues in /beam, 40 open issues in /android-wallet, and 40 open issues in /ios-wallet
  4. They had 10 commits in / beam
  1. They had 219 open issues in /beam, 42 open issues in /android-wallet, and 27 open issues in /ios-wallet
  2. They had 63 commits in / beam

Social encounters

Valdok will present Lelantus-MW at GrinCon1, Nov. 22nd, 2019, Berlin, Germany.

Press

  1. Conceal and Reveal: The Evolution of Privacy Coin Technology | a story by Luke Bailey
  2. Las 5 criptomonedas más apreciadas: aplicaciones descentralizadas y privacidad | a story in Spanish by Glenda Gonzales
  3. ZKPodcast: MimbleWimble pt 2: Beam Protocol | a podcast by ZKPodcast

Beam had a great moment during the AMA with CryptoVerse India Community

Press

  1. 블럭체인, 빔 코리아 밋업2/2, Beam Privacy Coin Korea Meetup프로토콜 | a video in English by Beam Korea
  2. Beam Coin Mining Guide — Halving 2020 | Best Miners | Profitability | Nvidia & AMD — CRYPTOVEL | a video in Hindi by CryptoVel
  3. Обзор Криптовалют Beam Coin | Майнинг | a video in Russian by Money Fest
  • Read an interview with Alexander Zaidelson, the CEO of Beam. Find out what he thinks is one of the most humorous things in the crypto blockchain space, and 3 policies he’d enact as the president of ‘a’ country.

What would you say is your most controversial opinion as regards to blockchain or the crypto space?

Non-confidential cryptocurrencies and non-confidential blockchains do not have a chance to realize the original dream of being a robust store of value or means of exchange. Money cannot live without privacy. So as long as the wider crypto community continues to downplay the value of privacy and offer partial solutions, there is no chance for the true crypto revolution to happen.”

  • Why “Breaking Mimblewimble’s Privacy Model” will not work with Beam. Beam gives feedback on the article recently published by Ivan Bogatyy, claiming that there is no privacy in Mimblewimble. The “Breaking Mimblewimble Privacy Model” attack will not be effective on Beam — Beam’s decoy outputs make it much harder to build the transaction graph. Upcoming Lelantus-MW will make building the transaction graph virtually impossible even against more sophisticated attacks.

What does the attack actually do?

The system Ivan built collects logs from several “sniffer” nodes connected to the Grin network and analyzes them.

When analyzing the logs, the author is looking for transactions that have only one kernel. In Grin, having one kernel indicates that a transaction was not merged with any other transactions, and thus the inputs of this transaction are linked to its outputs. With enough such links, it is possible to build a transaction graph that connects between different wallets and use this graph, for instance, to prove a financial connection between two known parties.

Ivan’s work does not actually build a transaction graph, it demonstrates that building such a graph may be possible — there is quite a long way from finding linked inputs and outputs to building the actual transaction graph to actually establishing a link between specific peers.

The attack also does not reveal any user identities such as IP address, neither does it reveal the amounts transacted.

Learn why Beam is resistant in full article!

Upcoming events:

  1. Genesis DevCon 2019 — Bangalore, India, November 23–24th 2019 (to be confirmed)
  2. Beam Official Meetup — Bangalore, India, November 24th 2019
  3. Beam 2nd Official Meetup — Istanbul, Turkey, November 2019 (date to be confirmed)

Roadmap

  1. According to the recent Roadmap Update:

First, they decided to extend the scope of the Double Doppler release till the end of the year.

The release will include the following major features:

  1. A decentralized marketplace for Atomic Swaps in the Beam wallet
  2. Lelantus-MW on Testnet
  3. Confidential Assets POC/Testnet
  4. Multisig
  5. Hardware Wallets — Finalizing Trezor working on Ledger support
  6. Opt-in Audit — initial features

The next version, codenamed Eager Electron, will be released in the first quarter of 2020 and will contain the following items:

  1. Lelantus-MW on Mainnet
  2. Confidential Assets on Mainnet
  3. Tor/i2P integration

Some of the functionality that they originally planned for 2019 but was given lower priority compared to other tasks:

  1. GhostDAG research and POC — delayed to 2020
  2. Porting to Rust — they will seek the community help for this. Beam Foundation will issue grants to perform this task.
  3. Enhanced Wallet Security — delayed till they start working on Beam Business Wallet
  4. Lightning — while Lightning is a fascinating technology, they feel that Beam network is fast and private enough at the moment, so the work on full Lighting implementation is also delayed
  5. BLS Signatures — currently delayed, they will review this in the beginning of 2020

The next big thing — looking further into 2020!

The 2019 goal is to build a solid Layer 1 network for Beam. In 2020, they will spend more time on expanding Layer 2 and making Beam more of a platform.

Confidential Assets being the first step in this direction, the natural next steps is to offer full Smart Contract capabilities to the network.

Smart Contracts will allow for a multitude of applications, including stable coins, P2P lending, non-custodial exchanges, and other DeFi applications.

Mimblewimble does not support smart contracts per se, so the right way to add them to Beam is through a sidechain. They will be researching the existing projects to choose the right technology for the sidechain (can be Libra, Ton or something else). The high-level design goals are to create a sidechain with Turing-complete smart contracts, multiple assets with the ability for 1-to-1 pegging to assets on Beam mainnet, fast execution, and strong privacy.

  1. Another article depicts additional milestones:

It is their deep belief that any transfer and holding of value requires confidentiality. Confidentiality is needed for crypto coins, stable coins, utility tokens, tokenized securities, even for crypto kitties. The plan is to enable the issue of additional Beam Assets (or bAssets) on their blockchain.

To enable wide adoption, they will work in two directions:

  1. Bridges to Bitcoin, Ethereum and eventually other blockchains. Such Bridge will allow locking an asset on Ethereum and issuing a matching bAsset on Beam. The bAsset can then be traded between Beam wallets in full confidentiality
  2. bAsset Issuer, allowing a 3rd party to issue their own tokens on Beam blockchain. Such a token can represent any kind of value and have associated rules that will be enforced by the issuance server

Finance

Source: https://explorer.beam.mw/
  • Constant announced an offer of secure P2P loans to BEAM holders. Borrow against your assets for 10% APR.

Partnerships and team members

Here you can find the list of the shops and services that do accept Beam as a Payment Method. It is updated every week!

Every week new businesses are accepting Beam as a Payment Method. Here is the list of this week’s newcomers:

Currently, you can implement BeamPay on the e-commerce website to bill digital clients.

To discover how to proceed, please refer here.

The author is ready to provide assistance, please do not hesitate to reach him.

Rumors

  • Picture from Beam Telegram chat:

Social media metrics

Social media activity
Social media dynamics
Social media dynamics

The graph above shows the dynamics of changes in the number of BEAM Facebook likes, Reddit subscribers and Twitter followers. The information is taken from BEAM coingecko.com.

Downloads: Beam Android Wallet | Beam iOS Wallet | Beam Desktop Wallet

This is not financial advice.

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Paradigm is an ecosystem that incorporates a venture fund, a research agency and an accelerator focused on crypto, DLT, neuroscience, space technologies, robotics, and biometrics — technologies that combined together will alter how we perceive reality.

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