{"id":203679,"date":"2021-11-30T16:45:03","date_gmt":"2021-11-30T11:15:03","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=203679"},"modified":"2021-12-01T18:05:53","modified_gmt":"2021-12-01T12:35:53","slug":"building-a-privacy-based-ecosystem-with-beldex","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/building-a-privacy-based-ecosystem-with-beldex\/","title":{"rendered":"Building a privacy-based ecosystem with Beldex"},"content":{"rendered":"

Privacy is an important part of every user\u2019s 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.<\/p>\n

While a lot of privacy coins such as Monero have tried to solve this problem, the proof-of-work mechanism causes scalability problems. Beldex<\/a> is a blockchain network that is aiming to build a privacy-based ecosystem that would help users to anonymize their online activities.<\/p>\n

What is Beldex?<\/strong><\/p>\n

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.<\/p>\n

While the platform is currently working on the PoW mechanism, they are going to shift to the PoS (proof-of-stake) mechanism soon.<\/p>\n

Shifting from PoW to PoS<\/strong><\/p>\n

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.<\/p>\n

The shift will take place at block height 742421 approximately on 10th<\/sup> December 2021. This is being called the Bucephalus hard fork.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\u00a0Key features of BDX coin<\/strong><\/p>\n

Some of the major features of the BDX coin are:<\/p>\n