Beldex: Redefining Online Privacy
Beldex is a network of decentralized privacy blockchain applications based on proof-of-stake to anonymize everyday online behavior, transactions, messages, and much more.
Beldex is a complete privacy-based ecosystem that anonymizes transactions, messages, and your online footprint by encouraging network validators and establishing a business model that secures the ecosystem’s long-term viability. The Beldex blockchain, a decentralized and anonymous messaging app, VPN, browser, a digital wallet, a privacy protocol, and the Beldex Bridge linking to other ecosystems make up this elaborate private ecosystem.
In the past, privacy in communication and transactions was often overlooked as a luxury item; but, as global digitalization continues to grow, people are becoming more concerned about their privacy.
This problem is thought to be solved by blockchain technology. Early cryptocurrency enthusiasts believed that a blockchain transaction could not be traced back to its source.
However, as many blockchain research organizations appeared with tools for tracking blockchain transactions, this myth was quickly dispelled.
Beldex uses Proof-of-Stake in its network. The Beldex POS was initially in the testnet stage, where it was being examined for assaults on privacy and security. Beldex upgraded it to a complete POS network on December 10, 2021.
Users will be able to stake BDX on nodes. Those with a stake in the network can take part in verifying blocks.
Nodes are fairly rewarded based on a consensus group that gets selected every time a block is about to be generated. The consensus group consists of 12 Masternodes (1 block producer and 11 validators).
The block producer produces the nominee block, which is validated by 11 other validators in the group, and once they all agree upon the block, it is appended to the blockchain. This process repeats, and another set of 12 nodes is selected. In this way, all nodes receive a fair reward.
Anyone can contribute to the Beldex network as long as they have the appropriate collateral stake amount in their node. Dishonest nodes are penalized, and their collateral is devalued.
The Beldex masternode is a critical component of the blockchain. Users must have 10,000 BDX as collateral on their Beldex masternodes to join the Beldex network.
This collateral has a minimum locking term of 30 days or 86400 blocks.
Beldex Masternodes have a yearly return on investment (ROI) of roughly 156.76% as of now, which is subject to change.
It changes with the number of masternodes that join the network and a few other factors such as block time. You can visit here to get up-to-date stats about ROI. The block rewards will be distributed on a first-in, first-out basis.
If a masternode validates the block and receives the block rewards, it is sent to the end of the reward queue. This feature guarantees that all validators are compensated equally.
The network’s masternode splits its BDX rewards or prizes. Each masternode is incentivized based on a reward queue to guarantee that all masternodes are rewarded. To verify your BDX masternode rewards, you can enter the number of masternodes in the network here.
Beldex is a four-year-old pioneer in blockchain and a one-of-a-kind project with its privacy ecosystem. It includes decentralized applications for every need.
The project aims to bring privacy as the foremost aspect in cryptocurrency, the native coin being Beldex.
Beldex uses a Proof of Stake consensus to function, establish privacy, and ensure security over transactions made through its unlikable nature.
To anonymize transactions, the Beldex privacy currency employs the Cryptonote privacy protocol. It employs three important cryptonote features, namely,
Ring Signatures: Ring signatures obscure the sender by combining the sender’s input with several other people’s input. As a result, the sender’s identity is concealed. RingCT: Ring Confidential Transactions allow the inputs and outputs of a ring transaction to be verified. As a result, the amount sent by the sender will be obscured.Stealth Addresses: Stealth addresses protect the receiver’s identity. The stealth address is an integrated address that the user may share to accept crypto while protecting the receiver’s identity. zkSNARKS is yet another future up-gradation researched and studied by the Beldex Research Labs for suitable implementation in the project.
Beldex, with its privacy ecosystem, helps users stay private, be it any task that you do online. It focuses on anonymizing user footprints with a wide range of products, namely,
BChat: BChat is Beldex’s private messenger. It provides an anonymous and decentralized platform with encryptions that protect users’ messages.BeINet: BelNet is a private and decentralized p2p VPN that allows users to browse the internet privately. It masks user identity with the help of Beldex secure masternodes.Beldex Browser: Stumbling across a thousand annoying ads is something that this browser helps users fight.
Beldex plans to list on more exchanges in the future. Listing on exchanges will give the community a myriad of easy trades and liquidity. The major deterrent to using crypto for new users is the cost of buying and trading crypto with fiat currency.
It is straightforward to trade crypto for fiat. This is a significant pain point that all projects and exchanges should address. The team’s primary goal is to fulfill the user’s wish.
Beldex will be listed on more regional exchanges to use fiat currency for trading.
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