Privacy Wars
Over the past few years my blockchain research has led me to all sorts of projects and every now and then I discover something interesting enough to tell you about.
Today I am going let out something that has been on my mind lately involving a new Proof of Stake privacy coin that claims to be solving the problem of privacy in decentralized finance.
Beldex (BDX) is a fairly new coin that started development in 2018. I was excited to find a coin that combined my requirements for a low initial investment, private transactions, and masternode staking. As well DeFi implentations being built around it such as the BSC bridge, and even ETH/MATIC/Polkadot bridges on the way.
What makes Beldex.io appealing to me is how monero technology is being combined with staking and DeFi.
I like the eco-friendly Proof of Stake consensus model the fact that you can run your own Beldex masternode an earn an income for helping to support the network.
At the time of this writing it only costs 10,000 BDX collateral to start your own masternode on the BDX network. Currently BDX full nodes are paying out about 24 BDX per day at the time of this writing.
BDX AMA
Beldex Devs are hosting an AMA right now, selecting the best questions from the community.
Here is the questions that have been answered by the BDX team so far, as more questions are answered, I will make additional posts.
- My Earth - Is a 51% attack possible if we have more number of nodes in the Beldex blockchain? Because the number of nodes is comparatively very low now.
Thank you for asking. A 51% attack on POS network is possible only if the attacker holds more than 51% of the coins. For Beldex, that would be just over 4.95 Billion coins. The cost of acquiring this amount at the current price of BDX is $477332041 USD. Not only the cost of attacking the network is very high but it will be economically disincentivizing for the attacker. Since they hold a majority of the stake within the network, they will stand to lose the value of their stake if the network is compromised.
- Steve Rogers (@steevRogers) - Can I pay with BDX on Nodehub? Beldex direct payment in Nodehub would be great
By @tolgahanbozkurt
We’re happy to accept BDX as a form of payment. However, it’s slightly different to integrate therefore we need some time. We’ll accept payments BDX eventually.
- Hendra Sico 2022@ (@Hendrasico) - Can beldex wallet provide a sense of security to our assets? What technology do you use to secure our assets? How the security structure of beldex is not easily hacked by hackers?
Beldex wallets are protected by a 24-25 word Mnemonic seed. Your wallet can only be recovered with the corresponding Mnemonic seed or a combination of the wallet address, private view key, and private spend key. Beldex utilizes the ED25519 public-key signature system to generate hash for each transaction, so your funds are always secure.
- Ganesh - It is good that Bchat includes VPN, but many more countries like eg: Eritrea, Oman, do not allow social chats apps in their country like (WhatsApp etc). People in that country use VPN and call their friends through blocked Social chats. Then how our Bchat face the blocks in that countries?
Good question. BChat is a decentralized application and thus it is censorship-free. A DApp connects directly to the network it is built upon and in order to block services to a DApp, the country would have to identify and block the IP of every masternode supporting the Beldex network. With sufficient decentralization, this would not be possible. Another attack vector against DApps is asking a service provider to remove the application from their app marketplaces such as AppStore and Google Play Store. Though it is unlikely that the app would be removed, these marketplaces can choose to prevent residents of certain countries from downloading the app upon regulatory crackdown. Unfortunately, there is no decentralized censorship-free marketplace for DApps yet. A solution to this can be downloading the APK file from the official Beldex github or to use a lesser-known marketplace like F-Droid.
- LamboNight (@Furry772) - What will be your marketing strategies ahead for raising awareness about your project and educating those who are non-English speakers? Do you have any plans for an ambassador program?
Thank you for asking. Yes, in fact, we do. We are in the process of establishing a contributor program that will allow people from different parts of the world to participate in the growth and development of Beldex. Contributors can be anyone from developers to content creators, designers, marketers, and translators. We will be announcing about the Beldex contributor program on our discord channel soon.
- Jhon Jackson (@jacksonthejhon) - Will Beldex support smart contracts on the current chain? How does the team plan to do this?
Beldex has established the Beldex Research Labs for the development of a Beldex Virtual Machine that would support privacy-enabled smart contract functionality. However, it is still a work in progress. We will provide more information on it with further developments.
- Mr Admin - Revenue is an important aspect for all projects to survive and maintain the project/company. How have you been able to build a complete project and what is the way to generate profit/revenue of the token? What is the income model?
We build our project through the revenue generated from our ICO pre-sales and public sales. Currently, the Beldex revenue model is from the BDX coin. 37.5% or 3.75 BDX of the block rewards are allocated to Beldex treasury. We are also looking for potential investors to further develop our ecosystem. 10% of the 9.9 B total supply is allocated to VCs and seed investors for this purpose. We do not generate a profit but only hold the 6% supply allocated to the Team. You can find more information on the team’s vesting schedule here - https://beldexcoin.medium.com/beldex-tokenomics-a9a8001c783b.
- Joessh (@Thegoodby) - Defi, NFT, Mining and Burning are very popular nowadays. What steps have been taken to advance Beldex in the future?
With the development of BVM and privacy-first smart contracts, yes, Beldex will support DeFi, NFT, and other decentralized applications. Beldex has transitioned to a POS consensus, so mining does not apply whereas the fee from flash transactions are burned. New burning mechanisms may be introduced after the development of the ecosystem since the current validator rewards are necessary to incentivize users until the network grows large enough to sustain without validator rewards. Validators will be incentivized with network fees. And with the introduction of burning mechanisms, the network will transition from an inflationary model to deflationary model.
- Sankar R (@smilesankar_r) - How do Beldex's upcoming decentralised applications stand out from the rest of its competitors, especially from the IT giants?
True privacy. That’s the one thing that centralized entities are unable to offer today. While privacy is at the core of what we do, Beldex is also committed to designing interoperable and user-friendly crypto applications that seamlessly integrate within the Web3 space. The Web3 UI/UX today is at best difficult to use. Beldex is building BChat with an easy to use interface. The interoperability of DApps is still a work in progress as most chains today do not offer privacy. However, we believe that this will change as the crypto space develops.
- Shilpha Nidharshana (@Shilphanidharshana) - Nodehub has low fees but there are competitors who let me host for lesser amount. Any plan to reduce the hosting fees?
By @tolgahanbozkurt
Hi, due to Beldex’s hardware requirements we cannot offer a pricing lower than the current one at the moment.
Earning a private passive income
Currently it costs 10k BDX to be able to register your own masternode. This allows you to earn coins everyday as long as your node is up and running. You can buy/sell coins on Coinsbit.io:
https://coinsbit.io/referral/11dfe9e6-4ff0-4a1a-bc63-7b42a7efe5c8
If you would like to set up your own full node, please consider using my ref link for a VPS with Vultr, this will allow you to get some credit on your account so that you don't have to pay money out of pocket just to get started, all you need is 10,000 BDX in your wallet.
https://www.vultr.com/?ref=9044174
Setting up a node is very straight forward and easy, pleas refer to this guide and post any questions you have in the comments.
https://docs.beldex.io/master-nodes/guides/master-node-full-guide
Please be sure to harden, secure, update, and upgrade your VPS server BEFORE registering your node because if your node goes down and you get deregistered for it, then your funds could be locked for up to 30 days.
Read the whitepaper:
https://beldex.io/whitepaper.pdf
BDX on twitter:
https://twitter.com/beldexcoin
Follow me on twitter for more crypto news, daily:
twitter.com/kryp70kn1gh7
If you feel like you got anything out of this article or anything else I have taken the time to post on my blog then please consider donating to my BDX address which will let me know to follow up on this article with more news related to the project, thank you for your support.
Congratulations @kryp70kn1gh7! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 100 posts.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Check out the last post from @hivebuzz:
Support the HiveBuzz project. Vote for our proposal!