Beam (BEAM), a recently introduced privacy coin with features such as confidential addresses and opt-auditability announced on Tuesday that it will launch its Mimblewimble Lightning network, which intends to work as a second-layer scaling solution for faster and less expensive transactions for users.
— @Beamprivacy (@beamprivacy) February 12, 2019
The upgrade was announced in a document that outlines the team’s plans. In general, the Lightning Network intends to improve the coin’s viability in commercial settings by improving its speed of confirmations.
“While in Bitcoin it is generally advised to wait for 6 confirmations (6 blocks mined on top of the transaction) for a serious transaction to be considered fully settled, users of Beam may rather want to wait for a period in the realm of up to 60 confirmations to get the same level of confidence in the received payment, especially while the network is still young and hashpower is comparably low.”
If successfully implemented, Mimblewimble Lightning Network would significantly improve its maximum number of transactions per second. At the time of writing, Beam can presently handle 3x that of bitcoin’s TPS – a significant number, but not yet comparable to the SWIFT global payment system or major payment processors such as Paypal.
There is no set release date as of yet for the introduction of the network, but the team notes that it has been “actively researching” the subject in hopes of accelerating its progress.