Victoria, Seychelles--(Newsfile Corp. - November 30, 2021) - Beldex is transitioning to a Proof of Stake consensus algorithm with a hard fork upgrade, named Bucephalus.
Beldex has always been keen on evolving and adapting the Beldex chain to provide a scalable, secure, and privacy-first infrastructure. Having a broad and open development network with contributors from across countries has resulted positively in its growth over the years.
Through perseverance and extensive research, Beldex is developing a suite of privacy preserving decentralized applications. In these times when privacy is taken for granted, what Beldex builds is crucial and a necessity.
"Proof of work networks strain economies and ecologies. Bitcoin consumes 91 terawatt hours of electricity annually, which is the same as required to power Finland and a few other countries, a September NYT report states. With the POS upgrade, Beldex aims to enhance the scalability and security of the network while also laying the groundwork for the development of decentralized applications on top of it," states Mr. Afanddy Bin Hushni, Founder and Chairman of Beldex International Inc.
Building the Future of Internet Privacy:
The Beldex privacy DApps are tailored to anonymize users' online activity. With BChat, one can send and receive messages privately, while BelNet is a dVPN that leverages the Beldex network to route internet traffic. The Beldex browser is ad-free and the Beldex privacy protocol adds privacy to transactions made with other crypto assets by allowing users to generate equivalent synthetic privacy tokens or 'b' tokens on the Beldex chain.
Solving the Scalability Trilemma
Blockchain networks today face what is known as the scalability trilemma where a network cannot be scalable, secure, and decentralized at the same time. However, with proof of stake consensus, blockchains are very close to solving this problem. Beldex goes a step further by adding privacy to this lineup.
Proof of stake relies on one's stake within the network to determine if they can validate transactions. BDX holders can contribute to the network and validate transactions by setting up Beldex masternodes. The minimum masternode collateral is 10000 BDX.
CMO Sulthan says, "The network becomes faster with this upgrade. It can process transactions 4 times faster with reduced transaction size and faster blocktime. The Bucephalus hardfork also introduces several upgrades to masternodes that serve as the basis for the development of the Beldex DApp ecosystem."
Major network changes includes:
- 4X faster block creation time as it will be reduced from the current 120 seconds to 30 seconds.
- The size of transactions are also reduced, meaning more transactions can now fit into a block.
- Block rewards will be increased 5X from 2 BDX to 10 BDX. 62.5% or 6.25 BDX of each block reward are allocated to masternode operators (validators). Masternode operators will see a rise in reward by 212.5% (an increase from 2 to 6.25 BDX).
- 37.5% or 3.75 BDX is allocated to Beldex Governance.
CTO Niyas stated that, "Currently, the POW network depends on Masternodes + Miners. Miners construct the block while masternodes validate them. The transition to POS network on the other hand will lead to an entire dependency on Masternodes. Masternodes can construct and validate blocks. This will make the Beldex network economical and reduce its carbon footprint."
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