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Building a Standard for Private Communications

Centralized messaging platforms use a model that requires you to trust them. There are many shortcomings to a centralized communications platform. Here in detail, we can see how the BChat private messenger built on the Beldex chain makes a better choice for your privacy.  

 

Communications today – heavily centralized and devoid of privacy:

At present, we are facing lots of privacy issues on the internet and it becomes challenging to protect our privacy online. We cannot anticipate or prevent problems like data theft, leakage of personal information to corporations. Some are even watching us from the Internet’s shadows to know what we are doing. Most of us don’t know the real face of centralized messengers. We believe that we are interacting on a safe platform and our messages are end-to-end encrypted. But this cannot be further from the truth. The reality of centralized messaging applications is that your personal information is at their mercy. If you’re using a centralized messaging application, chances are that you’ve lost your privacy without even being aware of it.

  • Users have to submit personal data: Users don’t have any personal choices as to whether to submit their personal information for creating accounts in the centralized messengers. Why should they provide their personal information to create an account? It should be their choice. 
  • Data storage: The messages, metadata, cookies, IP addresses, etc.,  will be collected and stored on the centralized messenging platform’s servers. So the platform/organization can sell our data to others because they own it. They know who we are communicating with and what we are talking about.
  • Security Nightmare: Due to your information being stored in a centralized place, it will be easy for hackers, techies, and government authorities to track and collect your data without your knowledge. 

This is what the centralized messengers will do. Is this what you want? Of course not. Privacy is not a thing to share with everyone, it’s our basic right that we need to protect from others. 

 

Is secure messaging possible in centralized messengers?

The short answer is, no. It’s like a one way mirror. From one end, centralized messengers gives the appearance of security but you’re visible to the world that’s watching you from the other end. Same like, from external usage it may look secure and safe to use but the inner truth is different. By using it, we are losing our privacy each second. We know, many of us spending most of our valuable time on centralized messaging platforms. It is not only used for entertaining purposes, even in the digitized era business, education, etc., also takes place through the centralized platform. 

An example is here for you. Everyone will follow some strategy to do their business, what happens if others steal your data and use it for their business or sell it to others? Then your business will get down and their business will grow. How it happens? The centralized messenger will sell your data to others, so they can utilize it whenever they need them.

This is what will happen on the centralized messenger’s platform. Looks safe but not really. Whatever you do here will be stored in one place and can be used at any cost. Even encrypted messages can be decrypted by hackers, techies, or authority figures on the centralized servers. Then there is no point in saying, end-to-end encryption messenger. To overcome the faults, we need a messenger that protects our privacy. 

 

What is the use of collecting our data?

From an outside perspective, people may think why privacy is we needed for communication, what others will do with their information, and even they feel comfortable in using messengers too. But users need to understand what exactly they are dealing with. As long as we are using centralized messengers we are paying them our privacy as free of cost. Yes, they collect personal information while creating an account, metadata, IP addresses, and cookies are stored, and not truly end-to-end encrypted. 

Here comes the question: what is the use of storing our details? The answer is simple. They will collect our details and sell them to corporate companies or even techies or hackers who will hack our information for their personal uses like to know our bank details, credit card details, etc., so they can avail a loan in your name and won’t pay it back. It is also a kind of theft happening in this digitalized era through the centralized messenger’s help.

 

How can we communicate privately?

The only way to communicate with privacy is possible on the decentralized private messengers. It is similar to centralized messengers for communication but here privacy is the prior choice. You can have all features as in centralized messengers. Here in decentralized messenger, one can communicate with privacy without relieving any personal information about them. They can feel the privacy on their conversation. The secure private messengers are truly end-to-end encrypted and only the receiver can get the decrypted message. The nodes will help to pass information through the blockchain. In the blockchain, no one can collect or alter any kind of details. So the information passes securely. Communication privacy can be achieved only with the help of decentralized private messengers. 

 

What would a secure messenger do?

A secure messenger will give privacy as the precedence. Users can communicate with others with privacy and security. Centralized messengers like Whatsapp, Facebook, Instagram, etc., will say that they are secure but they are not the one. Decentralized messengers will do what they say. They are secured and private as default applications. Here you do not need any personal information to create an account. Need to know about the decentralized messenger. Here it is, Beldex BChat private messenger.

  • BChat decentralized messenger is end-to-end encrypted. Only the sender and receiver can decode the message. No third parties can be involved in your privacy. 
  • Here the masternode will work as a storage server. No one can find the data of the user and every information passed through the Beldex blockchain is scattered into many pieces and stored on different masternodes.
  • open-source code. So users can check BChat code transparency at any time. It is visible to all.
  • No personal information like phone numbers or email IDs is required to create an account. An alpha-numeric code is used as a user identity.
  • Metadata like timestamp, size of the message, and location will be shared with others.
  • No IP address is shared or tracked. So no one knows where we are.
  • All modes of communication are possible such as text messages, voice 

Due to high security and privacy, BChat is going to be the best decentralized messenger. 

 

Combat surveillance in BChat decentralized messenger:

In a centralized communication platform, privacy was breached in many ways. They use phone contacts, cookies, IP addresses, GPS tracking, javascript, and metadata to know each detail about the user. Why should a messenger need to collect those details? Have you ever thought about it? We users, permit all things and start chatting. Without giving permission, we can’t access those messengers too. 

By giving those permissions, they can collect all our private information like where we are going, to whom we are in touch, what we are talking about, what is our next move in life, our credit card, and bank details, etc., They will collect that information and share to others and we can see ads relating to our needs. 

But in BChat, every data is secured and won’t breach your privacy at any cost. No cookies are enabled, no metadata will be shared, IP addresses are blocked, etc., your privacy will always be yours. 

 

Building a standard for web3 private communication:

BChat private messenger is a decentralized messenger which can be used by all. Those who are seeking privacy and need to be private can go for it. Business people, Government officials, Journalists, Organization people, etc., can use Beldex BChat decentralized messenger. The phase of the internet is going to change from web2 to web3. In web3, ewverything will be anonymous and decentralized; no personal data is required or shared to others. it is going to be on the future of privacy in the internet world. BChat is going to take its step on the web3 decentralized platform to keep your privacy as privacy.

BChat is the best privacy messenger. Want to be safe and secure without any breaches, use BChat.

Join our community to know more about our recent developments. 

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Coinsbit exchange listing: INR Pair

Dear Beldians, 

Your long-awaited wish has now been granted. At this moment, we are happy to announce a new trading pair, the BDX/INR. We know it’s a long-term goal of our community members and now we are glad to fulfill it. You can deposit, withdraw, and HODL BDX on the Coinsbit exchange wallet.

Now, you can buy BDX on the Coinsbit exchange by using INR on the BDX/INR market.

You can start depositing BDX on 16th March 2022.

Trade will be live on all the market pairs from 16th March 2022.

BDX/INR: https://coinsbit.in/trade/BDX_INR 

 

About Coinsbit exchange:

Coinsbit is a  cryptocurrency exchange launched in 2018 and has users worldwide. Coinsbit supports over 6+ fiat deposits. So users can deposit any kind of supported fiat and buy cryptocoins. It is a highly secure exchange. This exchange platform supports crypto-to-crypto trading, fiat deposit, buying crypto with visa, and MasterCard to make the onboarding process quick, easy, and effortless. 

The exchange has over 50+ crypto coins listed on 100+ trading pairs and 2 million active users. This is an exchange with low transaction fees of 0.2%. We hope that listing with Coinsbit will be another stepping stone to Beldex’s growth.

We would like to thank all our partners, developers, validators, stakers, and community members for your support. We wish for your continued support so we can grow together.

Follow our Twitter to get instant updates about our upcoming developments. 

Join our community to know more about our recent developments. 

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Coinsbit exchange listing:

Dear Beldians, 

     Great news for Beldians. BDX is listing on another top crypto exchange Coinsbit. Coinsbit is an easily accessible exchange widely used by many crypto users from all around the world. You can deposit, withdraw, and HODL BDX on the Coinsbit exchange wallet.

Now, you can buy BDX on the Coinsbit exchange by using USDT, BTC, and ETH on the BDX/USDT, BDX/BTC, and BDX/ETH markets.

You can start depositing BDX from 16th March 2022

Trade will be live on all the market pairs from 

BDX/USDT: https://coinsbit.io/trade_classic/BDX_USDT 

BDX/BTC: https://coinsbit.io/trade_classic/BDX_BTC 

BDX/ETH: https://coinsbit.io/trade_classic/BDX_ETH 

 

About Coinsbit exchange:

Coinsbit is a  cryptocurrency exchange launched in 2018 and has users worldwide. Coinsbit supports over 6+ fiat deposits. So users can deposit any kind of supported fiat and buy cryptocoins. It is a highly secure exchange. This exchange platform supports crypto-to-crypto trading, fiat deposit, buying crypto with visa, and MasterCard to make the onboarding process quick, easy, and effortless. 

The exchange has over 50+ crypto coins listed on 100+ trading pairs and 2 million active users. This is an exchange with low transaction fees of 0.2%. We hope that listing with Coinsbit will be another stepping stone to Beldex’s growth.

We would like to thank all our partners, developers, validators, stakers, and community members for your support. We wish for your continued support so we can grow together.

Follow our Twitter to get instant updates about our upcoming developments.

Join our community to know more about our recent developments. 

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Beldex Listed on HitBTC Exchange

HitBTC exchange listing:

Dear Beldians, 

Your wait is over. We are stepping into another major exchange platform, HitBTC. It is another great news in recent days from Beldex. HitBTC is a user-friendly exchange picked by many crypto users from all around the world. You can deposit, withdraw, and hodl BDX on the HitBTC exchange wallet.

Now, you can buy BDX on the HitBTC exchange by using USDT, BTC, and ETH on the BDX/USDT, BDX/BTC, BDX/ETH markets on HitBTC. 

You can start depositing BDX from 10:00 AM UTC on 10 February, 2022.

Trade will be live on all the market pairs from 10:00 UTC on 10 February, 2022.

BDX/USDT: https://hitbtc.com/bdx-to-usdt 

BDX/BTC: https://hitbtc.com/bdx-to-btc 

BDX/ETH: https://hitbtc.com/bdx-to-eth 

 

About HitBTC exchange:

HitBTC is a  cryptocurrency exchange launched in 2013 and has users worldwide. It is a highly secure exchange with users from several countries. This exchange platform supports crypto-to-crypto trading and can be used on both desktop and mobile applications. 

The exchange has over 450+ crypto coins listed on 800+ trading pairs and 6 million active users. This is an exchange with low transaction fees of 0.1%. We hope that listing with HitBTC will take Beldex into the next growth phase.

We would like to thank all our partners, developers, validators, stakers, and community members for your support. More exchange listings will be coming up soon. We wish for your continued support. 

Follow our Twitter to get instant updates about our upcoming developments. 

Join our community to know more about our recent developments. 

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What are zk-SNARKS?

     Beldex is currently using the cryptonote privacy protocol with PoS consensus algorithm to validate transactions. Now, we are planning to upgrade to the next level to increase the transaction speed. This implementation not only increases the transaction speed but also gives more privacy to the transaction. Here we can see what Beldex is going to do. 

 

ZK-Rollups:

ZK-Rollups is a concept used in blockchain to make a transaction fast and a privacy layer to it. It is usually built on layer 2 on the blockchain to increase scalability of the network. Generally, ZK-rollups make use of zk-SNARKs to verify transactions and relay this to the layer 1 blockchain by combining hundreds of transactions as a single transaction. Thus, the transaction time and network fees will be reduced. PoS along with ZK-rollups will increase the privacy and security level in transactions. They can make transactions in a flash of a second with a very low fee. Let us see about zk-SNARKs in detail.

 

zk-SNARKs- simplified:

zk-SNARKs is abbreviated as Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. In simple terms it can be explained as Succinct uses to verify the proof concept in a short and easy way with the help of Non-Interactive method devoid of communication between the prover and the validator. One can prove using this Argument without any Knowledge of the underlying context. 

Let us discuss with an example to understand in detail about it. There are many doors in the room. Each door will lead to different places at any given time. Now John wants to prove to Harry that one door will lead to New York. John knows the door that leads to NY at this instance, so he can open the door to NY and prove it to Harry without telling him where the doors adjacent to it leads to. Now both the parties will know that New York is at the other end of the door John opened. 

If Harry gets a chance to open the door to New York again, it would lead to another place since the doors can lead to any given place. Here the existence of New York has been proved to Harry but he doesn’t know the context on how or where to find New York again.

 

Why Beldex is Researching zk-SNARKs:

Currently, Beldex uses the cryptonote privacy protocol for adding a privacy layer to transactions. Beldex is researching zk-SNARKs to increase the transaction speed and the transaction anonymity set. zk-SNARKs provide infinite anonymity sets which exponentially compliments speed and privacy. Simultaneously, the fees are reduced in the network because users need not wait in a queue to complete the transaction. The prover can show the hash to the verifier and tell that  transaction has been sent. The verifier encodes it and finds the hash. The transaction amount, sender and receiver address will not be known to the verifier. Hence, it is proved without any real knowledge of the transaction. Beldex is researching zk-SNARKs to make your transactions truly private and scalable for BVM. 

Beldex, the Future of Privacy. 

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BChat: A Smart Choice

Last week, we discussed issues on centralized messaging platforms and why we need BChat. In this blog, we are going to discuss in detail the BChat Private messaging app and its benefits. It helps to recognize how BChat differs from a centralized messenger and why you should use it. Privacy is a basic concern in everyone’s life, so to secure it with utmost privacy, Beldex BChat is here.

Before moving to the blog, one should know how BChat works.

 

How does it work?

BChat is a decentralized private messaging application. To resolve the issues faced on centralized platforms, BChat decentralizes storage and traversal of packets that carry the message data. It does this with the help of Masternodes in the network. Nodes act as the intermediary to pass information from one to another. The messages will be end-to-end encrypted and no one else can see or alter your messages. End-to-end encryption may seem trivial in a centralized set up, but in decentralized messaging apps, it offers you the utmost privacy since there’s no central point of attack or encryption backdoors. Your information will remain private on the server. At the same time, like in centralized messaging applications, we need not store personal data like phone number, email id, name, etc., to open an account. 

Users can create an account anonymously without providing personal data. The alpha-numeric code is used as a unique identity for users, which only they can use and it is not stored anywhere. You and your friend can connect with each other through the alpha-numeric code instead of phone number or email id. In BChat Dapp messenger, masternodes will act as the storage server to store messages, even the stored information will be in encrypted form to protect users’ privacy, and each information is split into millions of unintelligible data and then only it will be stored. So BChat is known as the best messaging app for privacy. 

 

Why should you go with BChat?

  • Decentralized application: BChat is a decentralized application that works on the Beldex blockchain. It acts as a peer-to-peer private messenger where messages will be end-to-end encrypted.
  • Privacy in messaging: One can chat with another in a secure and private way. The messages will be end-to-end encrypted. Only the sender and receiver will get the decrypted information.
  •  Doesn’t collect or share Metadata: BChat privacy messenger doesn’t ask your phone number or email id to sign-up for the account. It is created anonymously. Alpha-numeric code is used as the user identity and seed phrase is used for account recovery. Other than your information, no location, time, or IP address is shared with the receiver or others. 
  • Censorship resistant: BChat private messenger is completely censorship-resistant. No techies, hackers, or authorized people can get your data. In the blockchain, collecting users’ data is impossible.
  • No downtime: In decentralized private messenger, there will be no downtime like centralized applications WhatsApp, Instagram, etc., it will work without any time lags. The blockchain won’t get any interruption at any cost.
  •  Fast and scalable: In BChat private messenger, the information will pass within a fraction of seconds. It is fast and scalable to use. 

 

How Secure is BChat? 

In Beldex privacy messenger, if someone wants to collect data of the user, they need to set up the masternode on the Beldex blockchain. If they try to do any malicious activities like tracking or collecting users’ data by their masternode, the network will shut off or suspend the masternode. Even the staking coins will be seized and cannot be retrieved from the network. They can’t get any information about users’ data that is why you should be using BChat’s most secure messaging app.

BChat gives the best encrypted messaging app to secure your identity and protect your data from others. 

Join our community to know more about our recent developments. 

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How does the digital era impact people’s lives?

     Here we are going to talk about centralized vs decentralized privacy messenger. Technology has been growing in an unimaginable way. No one has ever imagined the growth of the digital world will reflect on our daily life as a part. Only a few people started to use it for official usage in the past. Later on, day-by-day many get involved in it actively in the technological era and during this pandemic situation, the usage of social media has been reached to the next level of growth. Most of the people started to use social media platforms for business development, education, awareness creation, and even for entertainment purposes too. Of these, messaging/chatting applications have the biggest contribution in people’s life. 

We all were well-versed with the messaging applications like WhatsApp, messenger, WeChat, etc., probably we are spending quality time with these centralized applications. Without these messaging applications our lives would be boring. It becomes part of our life too. But there is a thing, do you feel privacy in centralized messenger……

 

Scary things need to know about the Centralized platform:

Does centralized messenger provides privacy? Are we using the safest messaging applications? Do you know, your messages will be stored on data servers on centralized applications? What happens, if anyone sells your data to others or goes through the texts? And another thing, have you ever seen a thing; if you are discussing purchasing shoes with your friends in a group or private chat, the very next day you can find the ads related to your conversation on other social platforms like Facebook, Instagram, YouTube, etc., How do they know about it? How does it happen without your knowledge? Are you okay with these issues? These are a few hints about disadvantages of centralized messenger.

There is someone who is following you all around like a shadow. It sounds a little scary to know right!!! What is the solution to resolve these issues? First, you should know why these issues are happening. It is all due to apps that are being integrated on the centralized platform. Techies, hackers, and authorized persons can get your information through the stored data or even the company can sell it to others. 

From here, you start to lose your privacy through centralized applications. Is this what you want? Of course, No.. Then, what is your exact need? You need a decentralized privacy messenger, that is our Beldex BChat. It will not only solve your privacy issues and you can feel secure with confidentiality. This is what we do for all people. Beldex private messenger paves the way for your privacy. 

 

Beldex BChat is here: 

BChat privacy messenger concerns about your privacy a lot. So we are developing a secure decentralized privacy messenger application. There you can feel free to chat with others and no one can track or follow you as shadow. It works on the decentralized platform. In a decentralized private messenger, everything will be encrypted and passed through the nodes. Different nodes will participate here to pass your information from one to another. No techies, hackers, or authorized persons can find your data because each information will be stored on masternodes.

Beldex masternodes will serve as a storage server for BChat privacy messenger. Masternodes will be operated by different users and no one can find where your messages have been stored. At the same time, information will be splitted into many pieces of data and stored in various masternodes at different regions. Even the splitted information will be stored in encrypted form. So, no one can go through it at any cost. Advantages of using decentralized privacy messenger are quite higher than centralized messenger. 

Highlights of BChat:

Advantages of decentralization messenger over centralization. Users need not enter their name, phone number, or email id to create an account. People can contact each other through the alpha-numeric code, which is generated during the account signup. To recover the account, seed phrase will be used instead of phone number or email id. Even, no metadata information will be shared to other end receivers, they can get the messages alone. Other than the receiver, no one can see or alter your information. These are the benefits of decentralized messenger. That’s how Beldex BChat differs from centralized applications and we say it is the best privacy messenger

BChat private messenger, a safe place for those who love messaging with privacy. To know more about BChat benefits stay tuned for our next blog…

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Masternode Pools and their Benefits

Operating a masternode is an excellent and easy way to generate passive revenue from cryptocurrencies. It can be done through staking a particular cryptocurrency, only then will one be able to get the said incentive.

 

What are Masternodes?

Full nodes that store the entire copy of the blockchain are known as masternodes. The more masternodes there are in the network, the more secure it is. So, what makes a masternode different from a full node? Masternodes are distinct from full nodes in that they allow validators to stake their coins. Validators can generate passive money by staking their coins on masternodes. Furthermore, depending on their architecture, several Blockchain networks grant Masternodes vote, governance, and regulatory rights.

 

What are Masternode pools?

The staking requirement is a very minor expenditure for some blockchain businesses. However, for others, it can be significant, and this can be a deterrent for those considering staking a masternode.Masternode pools lessen this barrier by allowing numerous people to pool their resources, making it easier to run a masternode.

Masternode pools enable you to pool cash with other individuals or organizations in order to achieve the staking criteria for a masternode. When the masternode gets a payout, it is divided among the pool participants in a proportion according to each member’s investment.

 

Beldex Masternode:

Masternodes can participate in networks that use both Proof of Work (POW) and Proof of Stake (POS) consensus. The POW + MN design is presently used by the Beldex Masternode. The masternodes will be changed to a POS + MN design as the Beldex network transforms to a complete POS network which will function very soon.

Beldex masternodes are essentially validators who are compensated and given the reward for their efforts. They may now validate blocks but cannot contribute blocks to the network until the expected POS Bucephalus Hard Fork comes into action which will be approximately at block height 742421 on the 10th of December, 2021, 06:00 PM UTC. 

 

To stake on a Beldex Maternode, the following requirements must be met:

Step 1:

The appropriate quantity of a minimum 10,000 BDX with you. This will be used as collateral.

Step 2:

Have the necessary hardware to set up the masternode — the entire software and hardware requirements may be found here (https://docs.beldex.io/master-nodes/guides/master-node-full-guide)

Step 3:

Proceed with the instructions outlined below-

Download a complete copy of the blockchain.

Start the Beldex Daemon.

Get the MN key.

Create a Beldex wallet and add your Masternode to it.

 

Requirements to set up a Masternode pool:

  • Create an account on the staking platform.
  • Stake the required amount of BDX in the BDX staking pool.

The benefits of using masternode pools are many. The most important advantage of pooling is financial accessibility. When pooling, you can still collect rewards from a masternode (a little less comparatively) without having to fulfill the full staking requirement. The security aspect includes misappropriation of coins being both incredibly unlikely and highly difficult.

Pool in and get suitable rewards. What an easy way to get passive earning!

 

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TL;DR Beldex

Being on the internet can be a dangerous business if not used vigilantly. The digital space is only growing bigger and bigger and so are its positive and negative aspects. The pros are great whereas the cons are highly malicious/malignant and can stand as problematic, especially when it comes to privacy-related aspects in making an online transaction, messaging or something as common as surfing the internet making it a risky affair.

We at Beldex are bringing forward to you a safety net of sorts in disguise of services through Blockchain technology. We help in making your time on the internet private and secure.

Part 1: Blockchain

Beldex is known for its privacy features and anonymous nature. Our privacy crypto coin works with Masternodes. Masternodes are complete nodes that contain the whole blockchain copy. Beldex masternodes are essentially validators who are compensated for their efforts and are rewarded accordingly.

Anyone can stake their Beldex to earn more of it!

Part 2: Our Apps

We are packed with decentralized applications which constitute our privacy ecosystem, thanks to our blockchain technology. Our list of astounding DApps include:

BChat is a decentralized private communication service. Your communications will be limited to the sender and the receiver.

BelNet is a VPN service that operates on a peer-to-peer basis. You may search for anything, anywhere, without worrying about your IP or location being monitored.

Beldex Browser is a browser that prioritizes privacy. It does not monitor or disclose your online activities and also aids in the removal of advertising.

Privacy Protocol for Beldex: It is a key component of the ecosystem, allowing transactions with other blockchains to stay secret.

Beldex Decentralized Wallets: A multi-platform decentralised wallet that works on the web, Android phones (iOS is coming soon), and Windows computers. 

Beldex Bridge is a cross-chain bridge that connects other bridges to swap currencies, allowing us to use our coin on a different blockchain. 

The main purpose of the Wallet Extension is to make it easier to use the Beldex wallet on decentralised sites.

Part 3: Our Users

Beldex users are ordinary individuals who are also the ones who drive us to reach our potential. All of us seek privacy. Privacy is extremely valuable, especially in this digital era that we all are living in. People are clamoring for it, and at times are ready to make sacrifices to get it. You wouldn’t have to make such sacrifices when joining with Beldex. Users will be able to use the applications without understanding anything about blockchain technology. 

Send a message. Surf the Internet anywhere and anytime. Make crypto transactions. Truly Privately.

Join our community to know more about our recent developments. 

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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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