Altonomy co-hosted Beam’s first meet-up in Asia: A discussion on MimbleWimble and Privacy Coin
Beam hosted its first meet-up in Beijing on February 25 to discuss MimbleWimble and its application to privacy coins. Altonomy, the first sales and trading desk providing OTC services for Beam, co-hosted the event. Alexander Zaidelson, CEO of Beam, and Bo Dong, Founder and CEO of Altonomy, shared their thoughts on the technical details of Beam and the MimbleWimble ecosystem overall.
Bo’s opening speech touched on many topics, most specifically a brief discussion on the current bearish crypto market. Bo likened crypto trading in 2017 and 2018 to riding a roller coaster. The price hike in 2017 attracted an enormous amount of attention from investors which, in turn, pumped prices even higher. Eventually, this unsustainable growth came to an end and the price downturn that began in 2018 is still going . Bo believes that technology serves as the foundation of industry growth. He continued by saying that market speculation without technology support is never sustainable. Evolution can only be made real via true technological advancement.
Applications of the MimbleWimble technology such as Beam and Grin give confidence to blockchain developers, users, and supporters. As a cryptocurrency trading and asset management firm in, Altonomy helps projects increase token liquidity by facilitating transactions and improving circulation. Our goal is to bridge the gap between token supports in terms of geography, information, and knowledge.
Beam CEO Alexander Zaidelson gave some insight into Beam’s development process and its algorithmic advantages. They wish to set up an inclusive ecosystem to achieve true privacy and realize real-world applications.
On August 1, 2016, MimbleWimble was proposed in the bitcoin-wizards IRC channel by anonymous author Tom Elvis Jedusor. And later elaborated in a detailed paper by Andrew Poelstra. The proposal essentially tries to remove bitcoin scripts, add in feature of cut-through to eliminate the intermediary transactions, and introduce confidential transactions to enhance privacy. Inherently, because of the elimination of the intermediary transactions, the block size is reduced significantly, thus performance is improved as well. Alexandar announced during the event that a Beam Trust will be set up in 2019 and Beam team will hand over community management to the Trust within 5 years.
