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How does Beldex PoS pave the way to an eco-friendly environment?

A few years ago, cryptocurrency was seldom spoken about. However, cryptocurrency is currently rapidly gaining popularity and is being accepted and preached all over the world. Cryptocurrency is digital money that secures your transactions via the decentralized blockchain.

It is a secure and immutable ledger. No one can access our data or trace our transaction information. People use it for security measures in large numbers. As a result, numerous new currencies are entering the market. Every coin was worth something. These cryptocoins are widely accepted in many locations for payment and other reasons. As a result, it’s worth is progressively growing.

The coins mostly go with a proof of work (PoW) algorithm. But what is it that causes cryptocoins to prefer the PoS algorithm?

What is PoW and what makes it an issue?

In cryptocurrency, PoW works on a consensus algorithm. Cryptocurrencies commonly utilize this to validate new transactions. Miners have a significant part in proof of work. They solve complicated mathematical equations that can only be carried through by sophisticated computers to validate a transaction. When a new block is formed, a new mathematical equation is formed; the miners must solve in order to add the block to the chain by competing with other miners. Cryptocurrency is awarded to the miner who solves the equation.

PoW necessitates the installation of several nodes in order to avoid 51% of threats. As the network is used more, the energy consumption rises. Bitcoin mining

consumes about 0.5 percent of all worldwide electricity use. Think about alternative crypto mining processes as well. Millions of people from all over the world are involved in this mining process to validate transactions and earn free cryptocoins. It has a significant impact on the environment. Simultaneously, as time and usage go, the mathematical equation becomes more complicated, it increases consumption of more energy and slows down the transaction speed.

The cost of setting up the hardware requirements is quite high, since it necessitates the use of several separate hardware components. As the network’s size and popularity expand, so do the hardware needs also increase, and network capacity declines. It has harmful effects on the environment. To overcome these, Beldex is moving towards the PoS algorithm.

PoS is the way to go:

Beldex is changing from a PoW to a PoS algorithm. i.e., Proof of Stake. The masternode stakers will have the opportunity to validate a block. The preference goes to the stakers instead of miners. Even the hardware setup requirements are also less and consumption of electricity is not as much as PoW.

Every stakers will get a chance to validate the block. They need not to compete with each other because the process goes in an order, so the transactions are completed fast. For each validation, they will get rewards too. The hardware requirements stay constant as the network expands in size and acceptance. Hacking appears to be impossible because holding 51 percent of all coins is economically difficult.

PoS helps to reduce the energy level at large amounts and make it more eco-friendly to the environment. Think green and move to Beldex PoS.

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Beldex the best privacy coin!

Beldex-Blog, Blockchain, Privacy, Security / By Beldex

Few years ago, cryptocurrency was being looked down upon by the corporate world. But now, cryptocurrency is steadily gaining popularity all over the world, and is being welcomed and espoused.

A Privacy coin in specific is an altcoin which is being used by people and is preferred in terms of its safe and secure nature and its ability to make a transaction private.

Privacy coins should be your first choice if you want to make your crypto transactions on the internet safe and secure.

Beldex is a privacy cryptocurrency which came into existence in the year 2018 and has ever since only shown consistent growth. It is anonymous and works on a peer to peer decentralized system.

Advantages of using the best privacy coin: BELDEX (BDX)

Beldex has been designed in a way which helps in keeping anonymity present throughout the transaction and holds your privacy as its top mission. It uses the cryptonote privacy protocol to do so.

Beldex, a privacy coin crypto uses methods such as ring signatures, ring CT, and stealth addresses which conceals and protects the privacy of the sender, receiver, and transaction amount being sent. It is decentralized, which makes transferring of funds untraceable and easy. The tracking of user’s data is practically impossible.

It helps your crypto transactions to not turn into a regular bank transaction by keeping its obscurity in place.

Why Beldex specifically?

Beldex has an array of services which comprises of BChat, BelNet, Beldex Browser, Beldex wallets, Beldex privacy protocol, Beldex wallet extension and Beldex bridge.They are all decentralised apps tailored to make the process of transaction comparatively hassle- free. It also makes up the Beldex private ecosystem which is an advantage to all its users. The transaction history will be maintained in a decentralized blockchain.

You can also earn rewards (in BDX) through staking masternodes.

Does Beldex have a private ecosystem?

Yes, it does. The beldex ecosystem consists of apps which will be useful in performing a privacy browsing, chatting, etc.,

Beldex private ecosystem includes –

BChat: A decentralised private messenger. Your conversations will stay only between the sender and the receiver.

BelNet: A peer to peer VPN service. You can search for anything, anywhere without the fear of getting your IP or location tracked.

Beldex Browser: A privacy based browser. It doesn’t track or share your activity on the internet and also helps remove advertisements.

Beldex Privacy Protocol: A cornerstone product of the ecosystem, it makes transactions remain private with other blockchains possible.

Beldex Decentralized Wallets: A decentralized multi platform wallet which can be used through web, android phone (ios launching soon) and windows.

Beldex Bridge: In order to use our crypto on another blockchain, Beldex bridge stands as a cross-chain bridge which helps to link other bridges in order to swap the coins.

Wallet Extension: The one true purpose of this is that it makes it easier for you to use the Beldex wallet on decentralized platforms.

To keep your transactions “truly private” do use Beldex (BDX) as it is one among the top privacy crypto coins with its very own top private ecosystem.

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What is Flash?

Beldex-Blog, Blockchain / By Beldex

Crypto transactions are increasing by the day as more and more people become aware of it. Security, privacy, decentralization and the increasing cryptocurrency prices are what drive this adoption. Though blockchain transactions offer high levels of privacy and security, one major concurrent issue is the longer transaction time and skyrocketing fees. Currently, on the Ethereum network, your transaction can take a few minutes upto an hour to be processed. If you opt to pay a higher fee, you can get it processed sooner. This inturn drives up the fees. There were instances where transactional fees shot up to almost $60-$100 in USD. Cryptocurrency transactions usually take a few minutes. They are unable to compete with centralized payment processors. Thus their real-world applications become limited. People want fast crypto transactions. To overcome these issues, we are glad to develop Beldex instant transaction flash for the transaction of Beldex coins. Your wait is over. Go with our flash instant transaction to save your time and money at the same time, it also increases anonymity, transaction security, and scalability too.

How does flash work?

Generally, transactions of Beldex coins will take place for a long-time. John wants to send 100 BDX from his wallet to Harry. First, the BDX amount will pass to the anonymous transaction pool. From there the miners will approve John’s transaction with a group of some other transaction amount. This process will last for a few minutes. Then the new block is created and added to the BDX blockchain network. At last, Harry will receive 100 BDX in his wallet from John. This is how a normal transaction goes on. The cryptocoins transaction takes place in a few minutes but when compared to VISA cards, PayPal, etc., these kinds of card transactions will complete within a blink of an eye. Everyone expects the flash mode of transaction.

How does flash works

So here comes our flash. When John tries to send Harry 100 BDX from his wallet, the second layer transaction is created. John’s transaction will send to randomly selected Beldex masternodes instead of sending it to the anonymous transaction pool. This second layer of the transaction is free to check the particular transaction and complete it in a flash of a second as the name suggests. It checks whether the transaction is valid or not. After the approval, John’s 100 BDX will transfer to Harry’s wallet. Then the flash transaction will create a key for this transaction and this key will be sent to the pool to create a blockchain second layer transaction and it will be added to the Beldex blockchain.

cryptocurrency instant transaction

Advantages of using it:

Can make transactions at once.
Transaction fees are reduced.
Scalability value is increased.
Security is higher than normal transactions.
The anonymity value of coins is increased.

Will it be helpful?

Yes, the Beldex flash is mainly designed for the instant transaction of Beldex coins in a fraction of seconds. Everything takes place in an instant time in this digital world then why should you spend your time on a long-time transaction? “Time and Tide wait for none”. To make your transaction at ease, our flash instant transaction technology helps a lot. We know the value of every penny, so we help you to save your money economically. Join us and save your time and money as a treasure.

Fed up with the long-time transactions. No worries at all. Here is the flash instant transaction to make your transaction in a flash of seconds. Then what’s next. Go with flash.

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What is Proof of Stake (POS)?

Beldex-Blog, Blockchain / By Beldex

The Proof of Stake consensus mechanism was created by Sunny King and Scott Nadal in 2012. The second most popular cryptocurrency ‘Ethereum’ is attempting to provide a hard-fork from updating its network to proof of stake mechanism. To answer what is pos, we must first know why there was a need for POS. Proof of Stake attempts in optimising most of the major limitations found in the Proof of Work mechanism. POS doesn’t require heavy machinery to create and validate blocks. POS is considered eco-friendly as its energy consumption is much less than that of POW consensus. For this reason, the coins that use the POS consensus are considered ‘Green Coins.’ POS also gave rise to staking in crypto where one can stake or delegate a coin to gain rights to validation and governance on the network.

The nodes responsible for creating, adding and validating blocks on the network are called ‘Stakers’ within the network.

The 51% attack is made impossible with this consensus mechanism, as it is expensive and comparatively impossible to acquire 51% stakes of a cryptocurrency. Some networks also lay a limitation on the coins to be staked.
The energy consumption is also minimized to a greater extent, as POS nodes needn’t be heavy machinery (e.g. today’s Bitcoin miners), making it eco-friendly. You can set up a node on a POS network with just your PC.
This mechanism is also cost-efficient as the hardware requirements are reduced, thus making it more user-friendly and easily accessible.
There are no entry barriers in terms of hardware setup and maintenance for proof of stake coins.
The best crypto for staking in POS is the coin that offers sustainable incentives as rewards.

Proof of Work vs Proof of Stake:

Category	POW	POS
General	The nodes that are responsible for creating, adding, and verifying a block are called ‘Miners’.	The nodes that are responsible for creating, adding, and verifying a block are called ‘Stakers’
Power	Power over the network depends upon the no. of nodes that a person can control.	Power over the network depends upon the amount of stake a person holds on.
Energy consumption	Energy consumption is high in this mechanism.	Energy consumption is low in this mechanism.
Efficiency	The transaction speed is quite slow when compared to the PoS mechanism.	The transaction speed is quite fast when compared to the PoW mechanism.
Cost efficiency	The capital amount involved in setting up the hardware requirements is high, as it requires many distinct hardware components.	Setting up the hardware for this mechanism is cheap, as it doesn’t require any distinct hardware components like POW.
Scalability	As the network grows in size and adoption, the hardware requirements increase while the network capacity decreases.	As the network grows in size and adoption, the hardware requirements remain the same while the network capacity increases.
Security	Many POW chains have suffered 51% attacks in their initial stages.	The 51% attack is practically impossible economically, thus making this mechanism more safe and secure.

Both the POW and POS networks support masternodes. The Beldex network currently has the POW + MN architecture. It will soon upgrade to full POS + MN architecture to enhance the network’s scalability and privacy.

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What is Proof of Work (POW)?

Beldex-Blog, Blockchain / By Beldex

To know about Proof of Work and Proof of Stake, we should first know about blockchain and the working mechanism of the technology. Blockchain is an append-only ledger meaning that the data can only be uploaded but can’t be erased or removed. A blockchain is like a decentralized server supported by distributed nodes, where transactions are stored in a public ledger. A set of transactions are bundled together to form a block. The first block in a blockchain is called the genesis block. New blocks are created at specific intervals and are consecutively added to the end of the chain. Nodes validate the authenticity of new blocks through a consensus mechanism.

What Is Consensus Mechanism?

The consensus mechanism acts as a solid foundation supporting a blockchain network. In simpler words, the consensus is reaching an agreement among all of the nodes in the network, to approve the newly created block. Using this mechanism, every transaction and block is verified before being added to the end of the chain.

“Proof of Work” and “Proof of Stake” are the two major consensus mechanisms that are widely used by cryptocurrencies to verify new transactions. Bitcoin, the first cryptocurrency uses the Proof of Work consensus mechanism. Consensus helps to prevent double-spending in which the same coin is spent twice. They also help us in eliminating the need for a third party and thus maintain decentralization.

Proof of Work:

Proof of work in cryptocurrency is a consensus algorithm first published in 1993. Later, it was implemented by Satoshi Nakamoto in 2008 in Bitcoin. In this consensus mechanism, the ones that intend to create a new block are called the ‘Miners.’ Miners are responsible for adding a new block to the chain.

Proof of work makes use of the advanced form of ‘Cryptography.’ Cryptography uses complicated mathematical equations which can be solved only by powerful computers aka miners. Whenever a block is created, a new cryptographic equation is generated and is needed to be solved by the miners, to add the block to the chain. The miner that solves this puzzle is rewarded with cryptocurrencies.

Since every transaction is verified, it adds trust, accuracy and reliability to the transactions.
Proof of Work coins requires setting up many full nodes to prevent 51% of attacks.
The energy consumption of this mechanism is considered to be directly proportional to the number of full nodes, (i.e) the energy consumption gets higher along with the usage of the network. Many debates are saying that bitcoin exhausts a high amount of energy to run the network.
The mathematical equation gets more complex with time and usage, resulting in consuming more energy and reducing the transaction speed.
The capital investment is quite high since the hardware required for setting up a full node is not cheap. To overcome these limitations, the Proof of Stake consensus mechanism was introduced.

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