Why does the world need another coin?
Bitcoin was a great blessing, showing people a way to a truly decentralized and deflationary currency and blazing the path towards a future where our money and finances are neither controlled nor scrutinized by anyone.
Hundreds of new coins appeared, some of them minor variations of Bitcoin, some offering new possibilities.
However, the fact that transactions on Bitcoin and many of its derivatives are not confidential (all transaction history is stored in a public ledger accessible to anyone), makes cryptocurrency use in real life quite problematic. Can anyone think of a business that would want all its income and expenses to be seen by its competitors?
Privacy coins (like Monero, Zcash and their derivatives) have great merits and technology while providing good confidentiality, but do not fully deliver on scalability and decentralization.
Another important quality is auditability – with Monero or Zcash it is impossible to demonstrate a provable transaction graph to an external auditor, which is often needed for businesses.
The ideas behind Mimblewimble protocol allow for creation of a coin that is confidential, scalable and optionally auditable.
We believe that the Beam coin will serve as a truly usable confidential store of value, with an addition of second-layer solutions like Lightning to allow for day-to-day usage.