Crypto Privacy Coin Beam CEO Tells Trade.io Why He is Such a Big-Believer in “Financial Privacy”
In a recent interview with Zug-based crypto dev. firm ‘Trade.io’, Alexander Zaidelson, the CEO of the Beam project, spoke at length about privacy-oriented cryptocurrencies and how they could potentially change the landscape of the digital asset market in the coming few years.
As per some of the information available online in relation to Zaidelson, he holds an MBA from the University of Tel Aviv. Additionally, it has also been reported that his first foray into the world of crypto/ blockchain came during the early half of 2017— a time when the alt-asset market was beginning to soar quite rapidly.
In relation to the matter, Zaidelson was quoted as saying:
“What really fascinated me was the idea that this technology can potentially replace a large part of the world’s money, or at least gold and store of value.”
Lastly, it should be remembered that Zaidelson was the person responsible for spurring the development of the Beam protocol in 2018 because he believed that the demand for
“cryptographically secure assets”
would increase exponentially by the year 2022.
A Closer Look at What Beam Has To Offer
When looking at BEAM from a technical perspective, we can see that the project aims to serve as a “scalable, confidential cryptocurrency” that provides users with a high level of privacy and security.
Further elaborating on the usefulness of BEAM, Zaidelson was quoted as saying:
“Today we have around 2,000 different crypto coins [and tokens], but the absolute majority of them are fully non-confidential, fully transparent. So whenever someone facilitates a tx using mainstream assets like BTC, ETH, LTC, they need to realize that their transactions are observable and will remain on the blockchain forever.”
Other Key Information Worth Bearing In Mind
- Previously, there have been other “privacy-oriented protocols” such as Monero (XMR) and ZCash (ZEC) that have strived to deliver on some of the same security standards being offered by BEAM.
- As things stand, a number of privacy coins do not possess “scalable networks” because of the size of their native blockchain networks.
In closing out this piece, we should talk in brief about MimbleWimble — a permission-less, decentralized blockchain ecosystem — that makes use of the popular proof-of-work (PoW) algorithm. If that wasn't enough, it also provides users with a high degree of confidentiality that prevents third-party agents from seeing what one is up to when facilitating their personal crypto tx’s.