Altcoin Beam Announces Plans to Incorporate Mimblewimble Lightning Network
Privacy coin Beam (BEAM) has announced that it plans to introduce a Mimblewimble-compatible (LN), according to an paper by Beam on Feb. 12.
Beam’s main goal for implementing the Lightning Network, which would allow for a second-layer scaling solution for quick transfers on value off-chain, is to enhance the in commercial settings where payments would require quick confirmation.
While Beam’s paper states that their transaction capacity is three times faster than that of ₿itcoin’s (), the paper notes that it is not at the same level as other major payment processors.
There is no set timeline announced for when Beam plans to implement the LN into their platform, according to the paper. However, on Feb. 7, Beam published a blog on Medium stating that top altcoin Litecoin () had approached Beam for possible cooperation to implement Mimblewimble through extension blocks.
On Feb. 11, Twitter and Square CEO Jack Dorsey spoke about the possibility of rolling out a Lightning Network for Square’s ₿itcoin payment platform. As Cointelegraph , there was no date given for implementation, but Dorsey made remarks saying it was a matter of “when, not if.”
A adds another layer to a blockchain and enables users to create payment channels between any two parties on that extra layer. Lightning networks were first described in a white paper by Joseph Poon and Thaddeus Dryja in 2015. Currently, Ethereum () also has its own version of a lightning network, Raiden.
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Estonian cryptocurrency-backed financial services platform recently published a featuring its top managers Alex Sitnikov (CTO), Julian Kossinov (CFO), and Andrew Zimine (CEO).
[Note: This is a press release]
The video highlights the platform’s unique services, products and how they can benefit the cryptocurrency community. Exscudo offers a range of cryptocurrency based IT solutions that functions in the new age financial and legal domains.
The new financial ecosystem is quickly being realized by the efforts of specialists from various fields. In the interview, veteran IT-developer Alex Sitnikov who is well-experienced in working with traditional stock exchanges has offered some invaluable information on how the system operates.
Unlike many other exchanges that trade in fiat and multiple cryptocurrencies, Exscudo trades in EON color coins. This system ensures that the exchange does not hold any of the user’s funds, thus negating any attempts by hackers to steal users’ funds. All funds remain in the users’ personal bank accounts or wallets until the time orders are finalized.
Exscudo aims to apply some of the more beneficial regulatory practices of mainstream stock exchanges into its platform to facilitate fruitful cooperation between them. The adoption of relevant regulatory requirements and compliances by Exscudo also helps the platform avoid issues related to money laundering etc.
In the , Kossinov states that Exscudo has developed a number of products to solve the problems of accessibility, transparency, and sustainability of the financial market. The platform’s products and services are designed to facilitate an honest exchange procedure between cryptocurrencies and fiat.
Exscudo’s uniquely designed distributed network (EON) serves to power the entire ecosystem. The EON coins act as fuel for the blockchain and ICO assets. Exscudo will release a total of 240 million EON coins, of which 150.72 million will be available for sale during the ICO, scheduled to start on April 25, 2017. The price for 1 EON will be set at 0.0002 BTC.
Exscudo’s compliance with legal and regulatory requirements makes it attractive for traditional investors as it provides them with an opportunity to invest legally in a cryptocurrency-powered project. The platform believes to have something to offer to almost everyone. For businesses, Exscudo’s merchant platform provides the capability of receiving a wide range of cryptocurrencies as payment from customers.
Other features offered by Exscudo to its users includes its own channels for miners and traders, wallet application, secure messenger and more. The Exscudo app also provides a broad range of functions for storage and exchange of currencies, payments, secure communications and even monetization of public channels.
