LetsExchange, a leading instant exchange with the biggest number of available crypto assets, conducts an AMA (Ask Me Anything) session together with Beldex.io, a leading privacy-based ecosystem. The session aims to allow users of both projects to ask questions about companies' services and the benefits they can get from the partnership between LetsExchange and Beldex.
This post summarizes some of the questions from our community members to the Beldex team.
1. What unique features does Beldex.io have? What is its value?
The value that Beldex offers our users is complete privacy. Beldex is building a private ecosystem with an array of interoperable decentralized applications and tools that help people anonymously browse the internet, converse with their loved ones, and protect their financial privacy.
2. What are your project’s use cases? How can it be applied to solve real-world problems?
Beldex DApps have several necessary use cases. They are,
- Personal data remains private: Beldex DApps do not collect any personal data
- Privacy in messaging: BChat lets you communicate with privacy. Your messages can only be read by the recipient since BChat encrypts your data and routes them through a network of decentralized nodes. This offers you full data and metadata protection.
- Private internet access: Your IP address and your geographic location/region is exposed to the outside world. The BelNet dVPN service masks your IP address and ensures that your connection remains secure and private from your Internet Service Providers, Cellular Network Providers, Ad Companies, and Third Parties. Unlike regular VPNs, a dVPN is maintained by a network of decentralized nodes. Thus, there’s no centralized party that can maintain logs or access your data.
- Private browsing: Today’s browsers are ridden with ads, cookies, and other trackers that follow you around the internet and obstruct your browsing experience. For this reason, we are developing the Beldex browser, which blocks ads, does not track your browsing activity, and has an integrated dVPN, the BelNet.
- Financial privacy: Current blockchains are transparent. There’s no financial privacy. This means your neighbor or any of your peers can see and track your financial activity. Beldex provides you with complete financial privacy with BDX, the native privacy coin of the network.
- Private smart contracts: Millions and even billions of dollars are hacked because of transparent smart contracts. If smart contracts were auditable but remained private, then we could prevent these hacks. Beldex Research Labs is researching the integration of EVM to the Beldex network.
- Cross-chain asset anonymization: Asset transfers on other blockchains can be anonymized using the Beldex privacy protocol, which is a cross-chain asset anonymizer.
Real world use cases: Beldex is in the process of partnering with several online and offline retail service providers so that you can buy and sell goods and services with BDX.
3. What do you believe are your main competitors? What are your unique benefits compared to theirs?
Our main competitors are similar private ecosystems building decentralized applications. However, our unique benefits are a robust R&D team with a solid technical background and a 300000 strong community that believes in us.
4. Who are the project’s supporters? Any famous people/influencers/well-known persons from the industry or other stars?
Here are few of our project's supporters & advisors
- Dr. Mitchell Krawiec-Thayer, President and Chief Scientist of Geometry Labs, who previously worked at Monero Research Labs.
- Dr. Dominique Schröder of the University of Erlangen-Nuremberg. He is the recipient of Intel Early Career Faculty Award and the Feodor Lynen Fellowship of The Humboldt Foundation.
- Professor Allard Dijk, an assistant professor of IT at the Eindhoven University of Technology. He specializes in software & hardware engineering, hacking, digital forensics & ICT. He has extensively contributed to BeldexPOS and the development of a proof of concept EVM for Beldex.
Our other supporters include partners like
- Exchanges: MXC, Gate.io, Coinsbit, HitBTC, P2B, Hotbit etc.
- Masternode Hosting Service Providers: Pecunia Platform, Nodehub, Perfect Nodes
- Data Providers: CoinMarketCap, Coingecko, etc.
5. Where (in which countries or regions) is the main target audience of the project?
Beldex has a global user base and community. The main target audience is now based in the EMEA and APAC region. However, the community is slowly expanding to the North and Latin Americas.
6. Are there any projects that can serve as a benchmark for your team? Why so?
We aim for the best and thus we set Binance as our benchmark. Our team and community are just as strong and capable as the team that built the world’s leading exchange Binance. To be listed in Binance is our goal for 2023.
7. What difficulties did you face in implementing the project?
We’ve had our rough patches along the way. We were a small team of less than 10, primarily technologists and financial experts. Some of us were completely new to blockchain, while others were following the space since 2013. We had our first major setback in 2018 when we had a selfish mining attack. To overcome this, we reformed our reward strategy, extensively decentralized our nodes and began our move to POS. In Dec 2021, the Beldex network fully transitioned from a POW to POS consensus model. Today, the network is supported by over 1100 masternodes, a few run by the Beldex foundation (less than 15%) while the rest are run by the community.
8. How is the project surviving the crypto winter? What are the perspectives for the future?
We’ve already overcome one crypto winter, so this is a turf we’re experienced in. The 2022 crypto winter has been hard on us like everyone else, but we’ve got enough runway to weather it out as we are implementing strategies that conserve our funds while seeking out potential investors.
Thus, In the short term, we’re conserving our spendings so that we have a good enough runway for and when a bull market kicks in.
In the long term, we’re looking to increase our partnerships with more exchange listings, masternode hosting providers, and real-world utilities, etc.
9. Is there anything that has inspired the founders to launch this specific project with these features?
Founders of the Beldex project had one vision: to build a scalable and privacy-enhanced blockchain that did not compromise on security. This vision later grew to building an interoperable private ecosystem.
10. Can you share any funny moments/stories to make the readers remember you?
Back in 2019, during the early days of Beldex, a member of the community told us that we’d be gone before the next bull run. The bull run came to be in 2021. And we’re now in our second crypto winter. In retrospect, it is kinda funny that people think we’re not going to make it. Beldex is here to stay for our supporters, and we’ll keep building DApps that people love. Here’s to many more crypto summers and winters ? #WAGMI
The AMA session with LetsExchange and Beldex experts takes place on December 6. But users will be able to ask additional questions on Twitter until the 9th of December. Representatives of both teams will answer them too. Top 3 users with the highest engagement will be rewarded with 1000 BDX each.