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What is a Beldex decentralized wallet?

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

Have you ever heard about cryptocurrency? Yes, of course, who is not aware of cryptocurrency at the present. Recently it is becoming more popular among the people. Cryptocurrency is nothing but a digital money which makes your transaction as secured through the decentralized blockchain. Cryptocoins are not only used for secured transaction purpose, but also people can use it in retail stores, corporations, open trading institutions, etc., to fetch their needs. Cryptocurrency is stored in a digitalized wallet. People need to create an account in the crypto wallet and store their cryptocurrency over there. It will generally take place in the centralized platform. There we need to enter our data like name and password. Our details like from where we are accessing, amount that we hold, to whom we are sending, etc., will be known to authorized person. So hacking is possible here.

How come others can interfere in our privacy? Who gave access to them? Privacy is a fundamental right to everyone. So to assure your privacy we have launched Beldex wallet. It is a decentralized wallet, where you need not to enter any of your personal information to access your wallet account. Users can create an account with one click. The whole process will takes place in Beldex blockchain. Every asset that you hold will be maintained with high security to respect people’s privacy.

How will a decentralized wallet work?

Beldex decentralized wallet works on the basis of decentralized blockchain. In decentralized blockchain, everything will take place in the anonymous manner. No one can seek any information from here. People can transfer, receive, and stake their BDX coins on their beldex wallet. People need to create an account in the wallet. After downloading the application on your device, users can sign up for their account. It doesn’t ask any personal details. A private key and address is generated. The address is used to transfer and receive the BDX coins from others. Other than this address, private key should not be shared with others. By sharing the private key, you are giving permission them to access your account.

The private key consists of seed words, spend key, and view key on it. Users need to note everything for the security purpose because once they lose this private key, they can’t recover the account and will lose all the BDX amount deposited over there. It is because no one knows your private key other than you and in blockchain we can’t get any details about user’s account. Users can recover the account or access their account from other devices by using this private key. They need not to create another account. Seed words are mainly used as the password to log in the account. In case, if the user forgets about the seed words, they can use the view key and spend key to access their account.

What are the types of wallet we have?

The Beldex decentralized wallet is a cross-platform wallet. We have three types of wallet according to the convenience of the people. They are,

Web wallet: There are two versions of Beldex web wallet available on the site. In version 1, users can create different integrated addresses for each transaction. It helps to protect users from hacking. In version 2, users can add their contacts in the wallet for easy access. Here we can transfer, receive, and hold our beldex coins.
Android wallet: It is designed for android users. In this fast-moving world, we need everything at the doorstep. So this android wallet will help a lot. Users need not visit the site for the transaction, from the android wallet application user can send and receive the BDX. It makes our work simpler and easier.
Electron desktop wallet: The electron desktop wallet can be downloaded on the desktop. It is not only used to transfer and receive the BDX but also we can stake BDX on masternodes. For staking BDX coins on the masternodes, users can receive the rewards.

Every wallet account is created with utmost privacy and security measures. You can go with our Beldex decentralized wallet to meet your privacy needs.

Join our community to know more about our recent developments.

What is BelNet?

Beldex-Blog, BelNet / By Beldex

Do you know for certain that your connection to the internet is safe? Guess what, more often than not, it may not be as safe as you think it is. Your activities may be monitored and you may not even be aware of it. That’s the biggest challenge concerning privacy and security. To know that you’ve been hacked and to not know about it makes all the difference. Websites such as e-commerce platforms and centralized social media thrive off of the data they obtain from their users. The European GDPR states that users should be intimated about a platform’s privacy policy and given a cookie notice before offering them their services. Cookies offer these platforms valuable insights into the usage patterns of their users and their activity online.

There are some websites that are also inaccessible in some countries. These sites have an IP blocking mechanism in place. At this point, we find an exploit over that site. To access the site as safe and secure, we need a dVPN network. This decentralized VPN service is going to be launched by our Beldex in the name of Belnet.

How does dVPN differ from centralized VPN?

To overcome this issue, a centralized VPN service has been introduced. There we can hide our IP address and be able to access the internet from different locations all around the world or else we can choose a particular location too. If Harry wants to know about John’s daily activities, Harry can simply hack John’s data without his knowledge. Once John comes to know about the tracking of his daily activities, he can shift over to a centralized VPN service. There it will show different IP addresses and location of John’s network and it will be challenging to Harry. He can’t find the exact IP address, so tracking seems a little difficult to Harry. He can’t find from which IP address that John is accessing his internet service but Harry can find it. Because this VPN service will takes place in centralized platform. There the VPN providers has access to know your data. If suppose, the centralized platform gets hacked then what about the security? This happens recently, 20 million VPN users data have been leaked.

To overcome this, decentralized P2P VPN has been introduced. John can go with a decentralized private network, so hacking is impossible from Harry’s side. Because John goes with DVPN blockchain. When John starts to access his internet through the BelNet platform, it not only shows various IP addresses at the same time the data will be in the encrypted form. Even if Harry tries to track, he only gets an encrypted form of data and it is highly not possible in DVPN. Now John can securely access his internet without any interruption.

Centralized VPN	Decentralized VPN
Centralized network is used.	Decentralized Blockchain are used.
Hacking seems possible.	Hacking is impossible.
Mask the IP address.	Changes the IP address often.
No encrypted form of data.	Encrypted form of data.

How does BelNet work?

BelNet is the best dVPN network. People need to install the BelNet on their devices and this VPN P2P will hide your IP address at first. Generally, BelNet will work through the decentralized blockchain platform. That’s why BelNet is sure about privacy. Whatever you access on the internet using the BelNet app, your information will pass through the decentralized blockchain platform. The blockchain will change data into an encrypted form and only the receiver side can get the decrypted form of information. At the same time, blockchain VPN not only masks our IP address, it will often change users location too. So people can access freely without any hesitation.

With our BelNet P2P VPN service, hacking is impossible. So people can feel safe on their every access and it is a completely private network to use. Our secured future is here, grab it without any delay.

Join our community to know more about our recent developments.

What is the Beldex Browser?

Beldex Browser, Beldex-Blog / By Beldex

Nowadays, people depend on Google, Bing, Edge, Firefox, and similar applications to easily browse the internet. Without these applications, the internet becomes a far fetched idea. Do you know that the browser you’re using may not be safe? There are many hackers that exploit the vulnerabilities in the browser you’re using to spoof and spam you. Like a shadow, they track your every move. In 2020, Google had found over 500 malicious chrome extensions that were stealing people’s information and selling them on the darknet. Though Google subsequently recognized and removed them from their marketplace, how many of these extensions can be removed? The moment they remove one, another two pop-up. Without a long-term change in their policy to privacy and security, these malicious actors will use another way to track our day-to-day activities.

To overcome this, Beldex introduces a private web browser. There are several browsers out there, but they all are either centralized or are based on poorly found decentralization. Then, how does one find the best web browser for privacy? Fret not, with the Beldex Browser you can securely and privately browse the internet. Privacy and security are not additions, but innate components of the Beldex private internet browser.

Why do we need it?

Without a private web browser, people who browse the internet are inadvertently paying the price of privacy. In this digital age, it is not entirely possible to stop using the internet altogether. The world has been digitized so much that we need the internet for even menial tasks. From buying groceries to landing your next job, everything can be done online. When the world is moving towards complete digital transformation, we cannot be heading the other way. At the same time, we can’t sell our privacy by allowing others to track our everyday activities. So, what exactly can be a long-lasting solution to the problem of data privacy? Why should we let others direct our lives? Have you ever thought, how peaceful and transformative it would be if there were no ads following you around on the internet? These issues occur due to centralized browsers making money with your data.

The solution to this problem is the Beldex browser, the best private browser for internet browsing. With the Beldex browser, you can truly feel the freedom of private browsing. You needn’t worry one bit, as it is virtually impossible to hack into a decentralized blockchain based browser. So, your personal information is always secure.

Advantages of using Beldex browser:

Javascript is blocked.
Cookies are blocked.
Your IP address is masked.
Your IP address location is masked.
Ads are blocked.
No metadata information is collected or shared.
In-built dVPN service is provided.
Can access blocked sites.

How does the Beldex browser work?

The Beldex private web browser is a decentralized application on the Beldex network. In a decentralized platform such as this, everything is secured by the underlying blockchain.

First, people need to install the Beldex browser on their computer or mobile device. Later, you can customize your needs. Yes, we respect your privacy; so you know what you need and don’t. According to that, you can alter the settings. Other than this, some benefits will be built default in the browser. So it will secure your data.

When you search on the Beldex browser, the information will pass through the decentralized blockchain of the Beldex network. This information is end-to-end encrypted. So there will be no trackers or cookies that can track your information or metadata on the Beldex private web browser.

Users can access all sites with secure by dVPN service and no ads will follow you because it is blocked by default. You can privately browse whatever you want. No one can check or track your business.

Join our community to know more about our recent developments.

What is the Beldex Private Ecosystem?

Beldex-Blog, Ecosystem / By Beldex

The Beldex Private Ecosystem consists of a suite of decentralized applications that include BChat, BelNet, Beldex browser, Beldex privacy protocol, Beldex decentralized wallets, the Beldex bridge and the Beldex wallet extensions.

BChat

BChat is a decentralized, encrypted, private messaging app that securely sends your messages over the Beldex network. You can securely send and receive messages over BChat.

How does it transmit your messages privately?

It doesn’t require your identity. BChat is a decentralized application that runs on the Beldex blockchain. It doesn’t ask for your name, email address, or phone number. You can create an account with just a single click.

Public key: The only way for others to connect with you is with your public key, which is a string of random alphanumeric characters.

Private key: This is your Mnemonic key aka seed phrase used to login or recover your account on another device. Write it down on paper and keep it safe.

On the BChat encrypted messaging app, your messages are end-to-end encrypted. Suppose the sender sends the message, ‘Hello Tom, how are you doing?’ to his friend. To a third party or even to the Beldex masternodes that relays the message, it would look something like this:

C8HanI567Kab433S8+Ma

Not legible right? That’s exactly what BChat secure messaging app does to your messages in transit. The only person who can decrypt the message is the receiver.

Does it store your messages?

Yes. It does store the encrypted form of your message. But not in just one specific place such as a centralized data centre. They’re stored on decentralized servers distributed across several geo-locations. Since the messages are cryptographically protected, they cannot be altered, modified, tampered with, or deleted. Thus, completely secure messaging is possible with BChat.

BelNet

Have you ever wondered what’d happen if a centralized VPN were to be hacked? Think about it.

When you’re visiting a site that’s blocked at your geographic location, you’d normally use a VPN to bypass the restriction. Your device’s IP address is masked by the VPN and the website you’re trying to visit sees a different IP address (location). So, you’re granted access to the otherwise restricted website.

However, the VPN itself does know your original IP and location. Centralized VPNs store the data about the source of the traffic, and though they may not share it with a third party, what’s to prevent them from being hacked? Because of their architecture, centralized VPNs are just as vulnerable as other centralized systems. Besides, if an authority wants to shut down your favourite VPN service and confiscate the data they hold, what’s to prevent that from happening?

With BelNet, this doesn’t happen. BelNet is a decentralized P2P VPN service supported by the Beldex blockchain. It is a secure and censorship-resistant blockchain based VPN. No matter where you are, you can browse anonymously without compromising your IP or location.

A dVPN network such as the BelNet decentralizes the data about the traffic source, and so it is virtually impossible to hack into. A network is only as strong as its level of decentralization. Since BelNet is supported by nodes and masternodes spread across the globe, it is one of the best dVPN out there.

Beldex Browser

When buying a car or renting a house, most people would search on Google for the best brands and pricing. Then, they’d choose a brand, buy it, and be done with their purchase. Right?

But that’s not usually the case. When you access search engines like Google, Bing, or other web applications, they usually collect bits of information from you – which may range from what you searched for to what brand you chose.

Based on your preferences, they display targeted ads that follow you around on the internet, long after you’ve made your purchase. These ads are sometimes bothersome as they blur the boundaries between what’s acceptable and what’s not. You wouldn’t want ads about your search to pop up on every other site you visit, especially on social media like Facebook or messenger where your prime interest would be to connect with your friends.

We’ve got the perfect solution for this problem – the Beldex private web browser. The Beldex browser is a privacy-based browser that doesn’t share or track your online activity – the things you search for, the websites you visit, or the purchases you make.

Beldex Privacy Protocol

Transactional privacy is the foundation of the Beldex private ecosystem. Oftentimes, that gets confined to transactions made with privacy coins. But what if there was a way to transact with privacy, no matter what crypto you hold? That’s what the Beldex privacy protocol aims for.

The Beldex privacy protocol is an ambitious and keystone product of the Beldex Private Ecosystem. It widens the scope of privacy-based transactions to other blockchains by anonymizing transactions made with Bitcoin, Ethereum, and Litecoin, etc. It uses three key mechanisms to achieve this: Mint, Transfer, and Redeem tokens.

Mint: Your burn tokens from the original chain for equivalent privacy tokens on the Beldex chain.

Transfer: Transfer privacy tokens from one wallet to another.

Redeem: Burn the corresponding privacy tokens on the Beldex chain to redeem original tokens.

Beldex Decentralized Wallets

The Beldex wallet is a cross-platform decentralized wallet for the web, mobile, and desktop. You can hodl, send or receive BDX with ease using these wallets.

Web Wallet

The Beldex web wallet is a decentralized wallet that lets you hold, send, and receive BDX. There are two versions of the web wallet. The V1 wallet offers to transact with integrated addresses while the V2 wallet has additional features such as saving your contacts.

Version 1 | Version 2

Android Wallet

Transacting with mobile phones is now the norm in today’s fast-paced world. Thus, we’ve introduced the Beldex mobile wallet for android so you can send and receive BDX on the go. The crypto wallet app will be released on the iOS mobile market soon.

Download the Beldex wallet for Android mobiles

Electron Desktop Wallet

In addition to sending, receiving and holding BDX, you can set up and connect your dedicated masternode to the Electron desktop wallet, the best crypto wallet to stake BDX and receive rewards. You can also stake BDX on remote masternodes and share the staking collateral with other users.

Download the electron wallet for Linux (Deb)

Download the electron wallet for Linux (App Image)

Download the electron wallet for Windows

Beldex Bridge

Blockchain interoperability is one of the major concerns in today’s blockchain world. When blockchains are able to interoperate (communicate with each other), their potential is increased manifold.

For example, a decentralized Coinmarketcap is possible only when the underlying blockchain can connect with and query other blockchains to aggregate data about them. To put it simply, with interoperable blockchains, the possibilities are endless.

Beldex is enabling inter blockchain operability by connecting with other decentralized ecosystems such as the Binance Smart Chain, Ethereum, and Polkadot. Users can swap BDX for wrapped BDX and leverage the DApps on these chains.

Swap BDX for wBDX on the Beldex-Binance Smart Chain Bridge. The ease of use of this platform makes it the best blockchain bridge to quickly swap BDX for wrapped BDX tokens.

Beldex-Ethereum Bridge: Coming soon

Beldex-Polkadot Bridge: Coming soon

Wallet Extension

The Beldex wallet extension makes it easier for you to use the Beldex wallet on decentralized platforms. Today, Google Chrome extensions exist for every other crypto wallet. The Beldex wallet’s Chrome extension will be compatible with the Chrome browser.

To make this product multi-platform and to provide additional options to our users, the Beldex wallet will also be available as a Firefox extension. Thus, in addition to Chrome, Beldex wallet is accessible on the Firefox browser.

Privacy is our priority. As we move along, we may add more privacy-preserving decentralized applications to the suite of products that make up the Beldex private ecosystem. It’s time to reclaim your privacy.

Join our community to know more about our recent developments.

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.

Join our community to know more about our recent developments.

What is BChat?

BChat, Beldex-Blog / By Beldex

BChat is a private messaging application used for the purpose of secure communication between our friends and relatives. Privacy is everyone’s basic right; we can’t categorize people into those that need privacy and those that don’t. Why should others peek their noses in our business? Would you accept constant monitoring? Of course not. Everyone needs privacy. If anyone can watch our day-to-day activities without our knowledge, then where’s the security of these apps?

We respect every person’s privacy so we are happy to launch our most secure messaging app BChat. Here people can feel secure while sharing their thoughts and no one is going to watch them. It is a decentralized platform where no one can track you. At the same time, BChat encrypted messaging app will pass our information in a cryptographic form to other networks and only the receiver, in the end, will get it in decrypted form. That’s why the BChat private messenger app is considered a secured private messaging application.

How does BChat work?

BChat private messaging application is entering a new platform of messaging. Here your messages will be secured and you can feel the privacy in each act. BChat won’t ask any of your personal information to sign up for the account. You can download and start using the BChat best private messenger app. For each user, a specific mnemonic key is given for account recovery. At the same time, every user will have an alphanumeric code. It is used as our identity and those who have our code can chat with us. No one can find our alphanumeric code, if we share our code they can use it and communicate with us.

BChat will use a specific beldex blockchain to transfer our data from one to another person. While transferring the data, the text will be encrypted and no one can read it and track it because blockchain can’t be hacked. Only the receiver can read the decrypted form of the message. Even metadata information like phone number, name, location, message size, etc., nothing can be traced. Once the account is deleted all data will be completely erased from the server without any trace of our account. BChat private messenger will provide services like file transfer, voice chat, etc.,

How does it differ from other centralized messaging apps?

Centralized messaging app	BChat private messenger app
Centralized servers are used.	Blockchain servers are used.
Vulnerable to a central point of attack	No Centralization
Metadata information is shared.	No metadata information is shared.
No mnemonic key is used	Mnemonic key is used
Phone number or email id is used as the identity.	Randomized alphanumeric code is used as the identity.

Why use it?

Nowadays, digital threats have become the most common issue for all and even our data is sold to some community people. They will keep tracking us in the form of ads. It will be really annoying to us and how come others can be involved in our life without our permission. It is completely spam. To overcome these issues, the secure messenger will do its best to protect our data from others and give us the freedom to act. All have the right to secure their data from others. So everyone can go with BChat private messenger app.

As we discussed above, privacy is a common term for all people. In this digital world, privacy matters a lot. For the security and protection of our information from foes, we need BChat’s most secure messaging app to secure our identity.

Join our community to know more about our recent developments.

What is a private messaging app?

BChat, Ecosystem, Privacy / By Beldex

Nowadays, there are huge privacy concerns with digital communication. The medium of communication among people changes rapidly. We all prefer some medium of communication to converse with our friends or family. Do you think that the messages you send reaches the recipient without other people’s knowledge? Of course not. Centralized messaging apps are closed-source, and they have a central point of failure. If these centralized systems are compromised, then it is possible for someone to sneak a peek into our business without us realizing it.

But how is this possible? The answer is simple. The closed-source messaging apps use centralized servers to provide their service. When it comes to centralized services, people need to enter their personal information to access the application. Here comes the major issue: our data will be stored in a centralized platform that is under the control of a single entity. Moreover, centralized apps are vulnerable to regulatory scrunity.

No matter who you are, every day of your life, you’re sitting in a database just ready to be looked at.

– Edward Snowden

To overcome these issues, private and secure messaging apps were introduced on the blockchain platform. Here, we can feel free and secure while chatting with others because blockchain platforms are decentralized. No one knows our identity, and the messages we send remain private. All data and metadata are cryptographically encrypted. Thus secure messaging is possible with decentralized apps.

Why do we need it?

Yes, we can use centralized messaging apps to share our messages with our friends. And many people feel safe using them, but is that really the case? Don’t we always think twice before sending an official document to someone? Whether it is safe or will someone else track our messages? It makes us feel uncomfortable while texting or sharing personal information digitally. This insecure feeling creates a sense of anxiety and distrust. This can be solved simply by using open-source, decentralized and private chat applications. These private blockchain-based applications do not ask for our personal information such as a name, phone number, location, or email ID, etc.

On a decentralized messenger, you can create your account with just a click of a button. You can login or recover your account using a 12-24 word Mnemonic key or seed phrase. Only a random alphanumeric code is used to identify your account. You can chat with others just by sharing this code with them. They don’t need to know your identity. The messages you send are encrypted and can only be decrypted by the recipient. Not even the metadata, such as the time and the size of the message or the relationship between accounts, is visible to anyone. The encrypted messages are stored on decentralized servers, thus, no one can tamper, alter, or delete them. And if you choose to delete your account, there will be no trace of it left anywhere on the network. Truly anonymous messaging is possible with these applications.

Benefits of choosing a decentralized messenger:

End-to-end encrypted.
No metadata information is shared.
No centralized storage of messages.
A secure & unique Mnemonic Key is used.
Text notes, voice notes, and files can be shared anonymously.
An alphanumeric code is used to identify an account.

Who can use it?

Everyone. Everyone should use a private-preserving encrypted messaging app because privacy and security is everyone’s right. Especially journalists, whistle-blowers, politicians, activists, etc., can greatly benefit from this kind of service as their line of work mandates privacy.

Thus, anyone who is seeking a truly private and secure service can go for them. The ball is in your court, choosing privacy is an informed decision that only you can make.

Private messaging is within our reach. All we need to do is choose the right application that protects our privacy. Beldex is developing the most secure messaging app, B-Chat. The application will be rolled out soon. Join our community to know more about our recent developments.

What are DApps?

Beldex-Blog, Ecosystem / By Beldex

There’s very little difference between a centralized web, mobile, and desktop application and a decentralized one to an observer. Their interfaces, functionality, and their use-cases may resemble each other, but the one major difference is how they are built ground-up.

Centralized applications are built with centralized servers. When you interact with them, such as when creating an account on a centralized social networking platform, your data is stored in a data centre run by the company.

What does this mean for the end-user?

Your data is under the control of the companies that run and maintain these platforms. Since they’re centralized, they possess the risk of a central point of failure when under attack. Facebook’s Cambridge Analytica data leak is a prime example of centralized systems undermining user privacy and security.

Are decentralized apps secure?

Decentralized systems do not have a central point of failure. They possess a distributed architecture and are supported by open-source blockchains. Your data is not under the control of one single entity. Instead, they are stored on distributed nodes on the network.

Thus, even if a few nodes were to lose your information, you can still recover it if at least one node holds the full copy of the blockchain. At the same time, it is virtually impossible to hack or censor your data.

So then, what is a decentralized application?

For an application to be considered DApp, it should be

Decentralized: It should be supported by a blockchain network. A few examples are DApps developed on the Ethereum and Binance Smart Chain ecosystem.
Open-Source: The source code of decentralized applications are usually open-source and publicly accessible.
Secure: DApps run on blockchains, thus they are generally more secure than centralized apps. The capital and hardware requirements to attack a DApp is also significantly higher (51% attack).
Smart Contracts: Any smart contract based application can be surmised to be a DApp. Smart contracts aid the execution of tasks for a DApp.
Censorship resistant: DApps are not ‘owned’ by any single entity, thus, they are resistant to censorship.

Beldex is developing several decentralized applications that protect user privacy.

Join our community to know more about our recent developments.

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.

Join our community to know more about our recent developments.

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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