Beldex: Solving Privacy Issues in the Crypto Space
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Privacy and anonymity are some of the reasons why cryptocurrencies have gained popularity over time. Even though coins like bitcoin were designed to keep transactions secure and somewhat anonymous, some crypto projects like Beldex have managed to find a way to make things even more private by combining other technologies with the blockchain.
What is Beldex?
Beldex is a decentralized project that aims to build an ecosystem of privacy-based blockchain products that anonymize users’ transactions, messages, and every other online activity.
The platform is powered by its native privacy-focused cryptocurrency, BDX, with a utility on Beldex’s privacy-preserving dApps.
Beldex is one of the users of the CryptoNote protocol, an open-source protocol directed at the anonymity of transactions recorded on the blockchain, using Ring Signatures, Confidential Transactions, and Stealth Addresses to protect the origin and endpoint of transactions. Beldex’s transactions are based on an improvised version of the protocol.
The project is currently using a proof-of-work (PoW) consensus mechanism but it has plans to migrate to proof-of-stake (PoS) soon.
How Does it Work?
Beldex uses Masternodes, which are full nodes that store entire copies of the blockchain, validate transactions, and secure the network.
A significant portion of Beldex’s masternodes are its community members, and as the number of masternodes increases, the network will become robust and stronger.
Beldex has also integrated RingCT to obscure the address of the sender, the amount of transaction, and stealth addresses to protect the identity of the recipient. This is supposed to ensure that all parties of the transactions remain anonymous.
Ring Signatures uses 10 transactors’ inputs and outputs, allowing the original input and the output to be verified on the whole, while the sender’s input and output remain hidden.
Features of the Beldex Coin
Beldex aims to provide its users with features that are aimed at improving their security and anonymity.
- Private Transactions
Using the RingCT protocol, transactions on Beldex are private as it masks both the address of the sender and receiver as well as the amount involved in the transaction.
- Security
The presence of masternodes on the network that validate transactions helps to secure funds and prevent any attempt at double-spending and provides an opportunity for the community to stake BDX.
- Untraceable
The team claims that all transactions on Beldex are virtually impossible to trace as it combines RingCT, stealth address, and cryptonight algorithm.
Other Beldex Privacy-focused Products
Beldex is developing several dApps on its ecosystem aimed at providing users with a decentralized and privacy-focused experience.
- BChat
BChat is an anonymous and decentralized private messenger developed by the Beldex team. The encrypted messaging app allows users to efficiently protect their messages and any associated metadata from third parties.
The BChat app is yet to be launched but will be available to users before the end of 2021.
- BelNet
Beldex also has a private and decentralized peer-to-peer (P2P) virtual private network (VPN) dubbed the BelNet. The app will allow users to freely browse the internet while masking their identity using Beldex secure masternodes.
It is scheduled to launch before the year runs out.
- Beldex Browser
Web surfers often face the problem of unsolicited ads that slow down their activities. The Beldex private web browser helps users get rid of pesky ads by anonymizing their traffic. The app will go live in the second quarter of 2022.
In Conclusion
Beldex brings forward a privacy-focused platform. It’s also underpinned by its native cryptocurrency – BDX.
In essence, the project occupies an important niche in the crypto field as privacy and anonymity, which is something that a lot of users are interested in and it’s undoubtedly one of the core concepts behind the entire industry.
OhNoRipple via https://www.ohnocrypto.com/ @Danish Yasin, @Khareem Sudlow
