Privacy is an important part of every user’s online browsing experience and while blockchain and cryptocurrencies gained popularity due to their anonymity, there is a lot more that needs to be done. A lot of transactions that take place through the blockchain network can still be traced back with the help of blockchain analysis firms that specialize in the area. This is applicable to crypto transactions too.
While a lot of privacy coins such as Monero have tried to solve this problem, the proof-of-work mechanism causes scalability problems. Beldex is a blockchain network that is aiming to build a privacy-based ecosystem that would help users to anonymize their online activities.
What is Beldex?
Beldex is a proof-of-work-based decentralized blockchain project that aims to create an ecosystem wherein the everyday online activity of users and their transactions, messages, and much more is anonymized. The platform uses ring transactions, stealth addresses, and confidential transactions in order to protect the origin and endpoints of transactions. They use the CryptoNote protocol which is an open-source protocol that directs the anonymity of transactions recorded on the blockchain.
While the platform is currently working on the PoW mechanism, they are going to shift to the PoS (proof-of-stake) mechanism soon.
Shifting from PoW to PoS
In order to enhance the security and decentralized nature of the blockchain while also giving it a scalability boost, Beldex is shifting from a PoW to a PoS mechanism. Currently, the platform works on a proof-of-work mechanism where miners create blocks while masternodes validate them. 2 BDX block rewards are awarded to the nodes for their contribution.
The shift will take place at block height 742421 approximately on 10th December 2021. This is being called the Bucephalus hard fork.
Once the Bucephalus hard fork takes place, the network will no longer require miners, it will only consist of masternodes. The block time will also reduce almost 4 times from 120 seconds to 30 seconds.
The size of transactions will also be reduced to incorporate more transactions in a block. 62.5% of the block rewards would go to masternodes for their contribution, increasing from 2 BDX to 6.25 BDX. 37.5% of the block rewards would be allocated to governance.
The masternodes will not only be responsible for validating transactions but also act as storage servers and routers which would be helpful further for BChat and BelNet Dapps.
Key features of BDX coin
Some of the major features of the BDX coin are:
- Security: Transactions are secured by masternodes that are tasked with validating transactions and preventing attempts at double-spending.
- Privacy: User transactions are masked with ringCT as both sender and receiver addresses along with the transaction amount are protected.
- Ecosystem: Beldex’s private ecosystem has a lot of products and services that give users a chance to anonymize their online footprint.
- Untraceable: RingCT, stealth address, and cryptonight algorithm together make it impossible to trace a user’s transactions.
- Unlinkable: All transactions are end-to-end encrypted and anonymous and therefore cannot be linked together.
Products and services
Beldex has a range of products, some of these are:
- BelNet: A private and decentralized P2P VPN that lets users browse the internet privately. Users can mask their identity through their secure masternodes.
- BChat: The BChat private messenger is an anonymous and decentralized messenger on the Beldex ecosystem. It is an encrypted messaging app that lets users protect not only their messages but also the metadata that is associated with it.
- Beldex browser: By anonymizing web traffic, the Beldex browser helps users to get rid of unwanted ads.
Beldex addresses the privacy concerns of users with its ecosystem and range of products and services. The platform’s shift from a proof-of-work to a proof-of-stake consensus mechanism will help it address issues of scalability and also reward masternodes in the process.
BDX token, which is the native token of the ecosystem is a privacy coin that helps users on the Beldex network anonymize their transactions. While the masternodes are a foundational part of the blockchain network and they also give users a chance to earn rewards passively.
The Bucephalus hard fork would be beneficial for the subsequent requirements of BChat, BelNet, Beldex browser, and its DApps.
Disclaimer: This is a paid post and should not be treated as news/advice.