In this technological world, all things are working under digitalization. One among these is cryptocurrency. Wherever we go, some groups of people are starting to discuss cryptocurrency. Cryptocurrency has become the hottest trending topic in the market; it has reached a new height in recent years. Everyone is getting aware of it because of its privacy and security. No one can hack our data or track our transaction details. At the same time, they don’t know about the amount we are holding in our account either. Due to many security measures, people widely started to use them. That’s why many new coins are arriving on the market. Every coin was holding some value. These cryptocoins are accepted in many places to purchase things and other purposes. So its value is increasing gradually.
As we all know, cryptocoins are used for their private nature. It makes our transaction anonymous. But in some cases, the centralized blockchain can be hacked; it shows our history of transactions we have done in the past. To ensure privacy, we are introducing the Beldex Privacy Protocol. By using this privacy protocol, you can make your transaction anonymous so no one can find your metadata. Everything will take place on the decentralized blockchain masternodes.
How does it process?
The Beldex privacy protocol works by the process of mint, transfer, and redeem. By following these steps, your transaction will change into an anonymous transaction. The cross-chain privacy protocol is in-built, so all cryptcoins can be swapped as new tokens and transferred. The process will take place in the Beldex blockchain. So no metadata information will be shared on the decentralized blockchain and tracking seems impossible. If hackers try to hack, only they will get the data as in encrypted form. In the encrypted form of data, we can’t find any useful information and it will be just an alpha-numeric code.
John wants to send 2 BTC to Harry from the Beldex privacy protocol. Here three steps will take place as we mentioned earlier. They are,
- Mint: John’s 2 BTC will convert into 2 bBTC on the minting process. The value of the privacy coin won’t change because it is sustained as a 1:1 ratio for the whole process.
- Transfer: This minted 2 bBTC will be transferred to Harry as an anonymous transaction. The transaction takes place on the Beldex blockchain to secure privacy and make it anonymous.
- Redeem: Now Harry will receive the minted 2 bBTC. He can redeem the 2 bBTC to its original form of 2 BTC by using the same Beldex privacy protocol without losing its value.
Who can go for it?
The Beldex privacy protocol is the cross-chain protocol service. So all coin holders can go for it to clinch privacy. People need to create an account on the Beldex privacy protocol. By using this account, one can transfer their cryptocoin to another person without losing its value. Make sure that both people have accounts on the Beldex privacy protocol service. It makes our work easy and secured in a decentralized platform.
We make way for anonymous transactions with privacy protocol and go on the path to secure your privacy.
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