The Beldex cryptocurrency is available for buying and selling at the Beldex exchange. It is designated as BDX. This is a young cryptocurrency, its network started in late 2019. The BDX coin developers have paid great attention to the anonymity of transactions between BDX nodes. First of all, both the exchange Beldex, and the BDX cryptocurrency oriented for use in the Asia-Pacific region.
What are the technologies used by BDX?
The basis of the cryptocurrency is taken from the Monero blockchain. The PrivateSend protocol from DASH and ViewKey technology from ZEC are also used. Just like in Monero, the RingCT technology is used to obfuscate transactions between BDX nodes. The algorithm of Cryptonight Conceal hashing is used, and the recalculation of mining complexity is performed using the Zawy LWMA algorithm. Time of transaction between public crypto nodes is 120 seconds. The size of the transaction block is floating and changes dynamically.
How does the Beldex nodes system work?
Beldex relies on a system of free blockchain nodes using the Proof of Stake algorithm to confirm the transaction. To become one of the blockchain nodes providers, you need to have a certain number of BDX coins on your special account. At the moment, it is 10 000 BDX. You can withdraw this deposit at any time, but the funds will be received back in 30 days. Also, blockchain nodes providers must provide the necessary bandwidth, uptime, and space for blockchain data storage. The reward for BDX nodes owners is part of the miner's reward. In many ways, the Beldex nodes system is inherited from DASH which also uses a combination of Proof of Work and Proof of Stake algorithms. Users have an additional incentive to accumulate BDX coins to become one of the cryptocurrency nodes providers and make a profit. Using BDX coins as collateral to manage Beldex nodes reduces the total number of coins in circulation and increases the BDX rate.
How does Beldex mining work?
Beldex uses BDX coins mining according to the Proof of Work algorithm. The reward for the calculated block signature is fixed at 2 BDX. 10% of them go to miners, confirming transactions between free nodes. Also, the award miners are commissions for transactions. 90% of the block award goes to operators of trusted public crypto nodes, working with the Proof of Stake algorithm. The nodes provider gets the reward one by one, first, the BDX nodes who waited for the longest are rewarded. Every time a new public node registers on the network, it takes the last place in the queue. After receiving the award, the crypto nodes provider falls again in the last place in the queue. The owners of cryptocurrency nodes have an incentive to maintain a good uptime so as not to lose space in the queue. Next, it is planned to move Beldex completely on the Proof of Stake algorithm. There is protection against mining on ASIC and cloud mining, the protection mechanism is inherited from cryptocurrency Monero. This mechanism is called scratchpad, and thanks to it the mining process is made sensitive to the amount of RAM.
What are the practical applications of Beldex?
The Beldex cryptocurrency is used for fast, cheap, and private transactions between BDX nodes. You can fully or partially pay commissions in BDX, as well as a listing of new tokens and cryptocurrencies on the Beldex exchange. An API is provided for sites that are going to set up payment acceptance in BDX. Partners of the Beldex exchange offer various goods and services. There are both wallets for PC, and wallets for mobile devices running Android and iOS. Planned support for hardware wallets.