Beldex, a high-performance blockchain and platform for decentralized applications of all types, announces migration to another consensus and shares its next ecosystem management plans.
Beldex replaces PoW by PoS, here’s why
According to the official announcement shared by the project’s team, privacy-focused blockchain Beldex decided to migrate from proof-of-work (PoW) consensus to proof-of-stake (PoS).
Your wait is over. We're super excited to announce that the #Beldex network will be transitioning from Proof of Work to Proof of Stake consensus at block height 742421 on the 10th of December, 2021, 06:00 PM UTC. #BeldexPOS #ProofofStake #beldexcoin pic.twitter.com/R7Ictg7kkE— Beldex ??? (@BeldexCoin) November 19, 2021
This decision is made due to the increased block speed of the PoS system chosen by Beldex. After the migration, Beldex block creation time will drop by 75%, i.e., from 120 seconds to 30 seconds. Also, block rewards for all fair network participants will increase fivefold, from 2 BDX to 10 BDX per block added.
A total of 62.5%, or 6.25 BDX of each block reward, will be allocated to masternode operators (blockchain validators), while the rest of the rewards will be transferred to the protocol governance pool. As such, masternode operators’ rewards will be raised by 212.5%. The POS upgrade will also launch Flash, a second layer on top of the Beldex blockchain for near-instant transactions. Fees from Flash transactions are burned. Thus, the more the network is used, more BDX are burnt which protects against inflation.
As Beldex abandons its proof-of-work (PoW) infrastructure, miners will leave the network. Masternode operators will bear the responsibility for block construction and validation.
Building privacy-first dApps ecosystem: messenger, VPN and more
Beldex migration to proof-of-stake (PoS) is a crucial accomplishment for the progress of its ecosystem. The project is developing a holistic ecosystem of privacy-first products, including BChat messenger, BelNet dVPN, peer-to-peer Beldex Browser, Beldex privacy protocol and the Beldex interoperability bridge.
Beldex leverages the Cryptonote protocol, one of the most sophisticated privacy protocols in the modern blockchain segment. As such, it harnesses all cutting-edge data obfuscation techniques, such as Ring Signatures, Confidential Transactions and Stealth Addresses to ensure that no information about sender, recipient and other transaction details can be exposed to malefactors.
In the new system, every masternode will also serve as server storage for decentralized instant messaging application BChat and as a router for the virtual private network infrastructure of BelNet dVPN.
The increase in the quantity of masternodes will therefore strengthen the decentralization and security of the entire Beldex ecosystem. The Beldex team stresses that the PoS ecosystem of masternodes will be an incredible technical basis for launching numerous new Web3 products with an unmatched level of privacy, anonymity and security.
To keep masternodes active and able to produce and validate the next blocks for Beldex, masternode operators will receive periodic rewards. As such, running the Beldex masternode is an outstanding passive income opportunity for crypto enthusiasts with various levels of expertise.