Privacy is an important part of every user’s online browsing experience and while blockchain and cryptocurrencies gained popularity due to their anonymity, there is a lot more that needs to be done. A lot of transactions that take place through the blockchain network can still be traced back with the help of blockchain analysis firms that specialize in the area. This is applicable to crypto transactions too.
While a lot of privacy coins such as Monero have tried to solve this problem, the proof-of-work mechanism causes scalability problems. Beldex is a blockchain network that is aiming to build a privacy-based ecosystem that would help users to anonymize their online activities.
What is Beldex?
Beldex is a proof-of-work-based decentralized blockchain project that aims to create an ecosystem wherein the everyday online activity of users and their transactions, messages, and much more is anonymized. The platform uses ring transactions, stealth addresses, and confidential transactions in order to protect the origin and endpoints of transactions. They use the CryptoNote protocol which is an open-source protocol that directs the anonymity of transactions recorded on the blockchain.
While the platform is currently working on the PoW mechanism, they are going to shift to the PoS (proof-of-stake) mechanism soon.
Shifting from PoW to PoS
In order to enhance the security and decentralized nature of the blockchain while also giving it a scalability boost, Beldex is shifting from a PoW to a PoS mechanism. Currently, the platform works on a proof-of-work mechanism where miners create…