What Is Beldex (BDX)?
The Beldex network is a privacy-based decentralized ecosystem developed to participate in secure anonymous messaging and transactions. The Beldex network also makes the footprints of online users completely anonymous through incentivizing network validators. Beldex (BDX) is the cryptocurrency of the Beldex network. According to the whitepaper, the Beldex platform aims to develop a practical solution to the problems of scalability and privacy, within the network of blockchain technology. To achieve scalability, Beldex uses masternodes during the mining process. The masternodes are servers using the proof-of-stake concept to validate transactions in the network by locking coins.
To ensure privacy within the network, the Beldex platform uses Monero's source code, along with a combination of ring signatures, stealth addresses, and RingCT. Monero is a private, secure, untraceable, and decentralized digital currency. Ring signatures conceal the original sender's information with several inputs. RingCT is used to make the amount in a transaction completely anonymous, while a stealth address reflects an intermediary address used to hide user identity. These applications fulfill the platform's aim to create a scalable, privacy compact ecosystem. Also, to ensure a smooth ecosystem, the Beldex network introduced its native cryptocurrency, the Beldex (BDX) token.
The Beldex (BDX) token presently offers incentive-based masternodes that use the POS (proof of stake) mechanism rather than POW (proof of work). The token also focuses on developing an ecosystem where users can freely trade using the token without any middleman. According to the website, to use the Beldex token, users can purchase or exchange the token against other cryptocurrencies or acquire the token by mining it within the Beldex network. Users can also stake the token within the Beldex network to generate additional income. Token holders can achieve this by running a masternode with peers or by themselves. The BDX token reflects many different features:
Privacy: This is achieved with RingCT, which ensures transactions are always concealed. Sender and receiver addresses, as well as the transaction amount, are all disguised.
Security: This is achieved with masternodes, which safeguard transactions by validating them and preventing any attempt at double-spending.
Untraceable: The token achieves this structure by combining RingCT, stealth addresses, and the cryptonight algorithm, making it virtually impossible to trace transactions. Cryptonight is the name of the hash function used in the CryptoNote proof-of-work algorithm.
Unlinkable: This is achieved by creating end-to-end encryption for the transaction.
Masternodes: These are full nodes that save the complete copy of the Beldex blockchain and assist in its security by validating transactions.
Ecosystem: This refers to a set of products and services within the token ecosystem that helps hide individual online identities.
The unique features of the Beldex network, as mentioned above, help to create a solution for the scalable, private ecosystem that did not exist with any other blockchain technology.
History of Beldex (BDX)
The foundation of the Beldex blockchain network is based on Monero, from which the network and its cryptocurrency have been forked. The journey of the Beldex network began in 2018, and the network has many different products and services; some of them are Beldex browsers, wallets, bridges, etc. The whitepaper of the asset was released on September 25, 2021. BDX token has a total supply of 9.9 billion BDX.
How Are New Beldex (BDX) Created?
BDX tokens are private decentralized coins developed to resolve the problems with privacy and scalability on other blockchains. BDX tokens are mined using a proof-of-stake mechanism by verifying transactions made on the blockchain. Further, an additional Beldex token (BDX) can also be created by staking the tokens on the network.
