Beldex: Beldex partners with Geometry Labs to scale up blockchainbit2main
The partnership will address privacy in the blockchain and enable the development of privacy tools that will help users protect their data online.
The blockchain intends to build private, autonomous platforms for free speech and an open peer-to-peer economy.
Current blockchains and DApps built over them are autonomous but lack the privacy needed to keep gatekeepers at bay, the company said in a statement.
The partnership with Geometry labs will help scale up the Beldex blockchain as more and more applications such as BChat are developed on top of the network.
“We will provide technical consulting pertaining to cryptography and protocol design, scalability techniques, and applications for decentralized and private protocols,” said Mitchell Krawiec, Thayer, President and Chief Scientist, Geometry Labs.
According to the company, this will provide better security and privacy as there are no middlemen to process and handle data, while the data itself remains encrypted. However, to maintain this status quo, the network needs to be devoid of censorship.
The greatest risk to censorship in the blockchain is the centralization of the network’s nodes which happens when running a node becomes expensive over time due to large data storage requirements.
Beldex aims to lower the entry barriers and make it simple to participate in the network and achieve this through the implementation of protocols that take up very little space and by sharing the network.
Chairman of Beldex, Afanddy Bin Hushni said, “We are excited to introduce cutting-edge privacy and scaling solutions by collaborating with the brightest minds researching cryptography and privacy to extend our network to an EVM compatible chain.”
The Beldex network currently uses the RingCT (Ring Confidential Transactions) protocol to anonymize the sender and receiver identities and the amount of value transferred.
With a Ring size of 11, the Beldex network claims to introduce sufficient anonymity required to ensure that the transactions are unlinkable.
However, the introduction of decoys to each transaction makes them cryptographically heavy. The Beldex team expects to scale the network by vetting the current RingCT protocol and introducing a succinct proving system without a trusted setup to reduce proof and transaction size.
By reducing proof size, Beldex expects to increase its Transaction Per Second (TPS) count of its network and lay the foundations for adding smart contract capabilities to it.