Here are our answers to your questions asked during the Beldex-Changelly AMA held between the 21–21 February, 2023.
Here are our answers to your questions from the Beldex-Changelly AMA held between 21–22 February, 2023.
We believe there were some important questions that needed to be answered aside from the top 5 questions that were rewarded. So here’s an extended version and a recap of the AMA. We appreciate everyone who participated and shared their feedback with us.
The questions are ordered in no particular order. Some of these questions were edited for clarity. The answers to some of the questions are below,
- From Rome
What measures has Beldex taken to ensure the stability and performance of its ecosystem, and how can I contribute to its development to take advantage of the investment opportunities that Beldex offers through its real-world use? #Beldex #Giveaway #BDX
Answer:
Beldex is constantly optimizing its chain and ecosystem of dApps to deliver high throughput and performance. Our team of developers and researchers are coming up with ways to add utilities for BDX within the Beldex ecosystem.
What’s available now
Masternode staking: Stake BDX on masternode validators and earn rewards for validating transactions.
What will be available later
BNS Name & BNS Domain: Buy BNS Name on BChat and BNS Domain on BelNet with BDX
Real world use cases: Buying real world products with BDX
2. From Hui-cheol
Tell us about Beldex Name Service (BNS). How does it work? What is the purpose of BNS and Why did you decide to switch from Proof of Work to Proof of Stake? How has this contributed to you? #beldexarmy #bchat #changelly #beldex
Answer:
So there are two parts to this question.
About BNS: BNS is a namespace for BChat and BelNet. On BChat, you can tag a BChat ID to a BNS name. This will make it easier for your friends to look up your account using your BNS name (since BNS names are easier to remember than BChat IDs).
For example, it is not easy to remember an ID such as this one — bdb890a97……..426813 but it is always easier to remember a name associated with the ID, such as Shawn or Louis.
BNS for BelNet is a decentralized domain name service that lets you host private web and mobile applications within BelNet.
You can host an application using a BelNet address such as this one here:
http://675wmqqbzg6nqs688e1n3bti6ter4kt5q4u5bs1c4quutpnyxsxy.bdx/
But your users will not be able to remember this address. So, you can tag this address to a BNS domain such as explorer.bdx
Note: BNS domains always end with the TLD .bdx
About the transition from Proof of Work to Proof of Stake: It’s easier, faster, and consumes less energy. Block times were reduced to 30 seconds approx. and transaction throughput was increased because we transitioned from POW to POS.
Check out our announcement about the Bucephalus POS hardfork here.
3. From Poongothai
When can the BChat messenger app overrule WhatsApp and other competitive messenger services across the world? Having a lot of benefits in BChat and I have already started using it. When can we see more promotions for the BChat application by Beldex?
Answer:
BChat’s goal, as the slogan coined by the community reads, is to ‘Chat with Freedom.’ Communications are free and devoid of surveillance on BChat. Our goal is not to rule over or monopolize the market but provide safe and privacy-preserving alternatives that people can rely on. However, we will also concentrate on marketing BChat to users of instant messaging platforms as it is our cause to educate people on the importance of privacy in messaging.
4. From Quang Dang
What is the best way to promote the Beldex ecosystem on a win-win basis? #Beldex #Giveaway #BDX
Answer:
There are a few ways you can promote the Beldex ecosystem. Firstly, you can set up a masternode and help validate BDX transactions while earning rewards for your contributions.
How to set up a Beldex masternode?
5 Reasons to set up a Beldex masternode.
Secondly, you can learn about Beldex, educate your friends and participate in our quiz competitions to earn monthly rewards in BDX.
There’s a quiz scheduled today at 1:30 PM UTC.
Join our discord to participate — https://discord.gg/dycmnUrSZ3
Thirdly, you can participate in our referral program. All you have to do is add members to our discord to earn BDX.
Check out the rules of the referral program here.
5. From Beom-soo
First of all Can you tell us more about changelly, is it your official partner?
Have you been audited ? Have not heard you talk about the security of funds. It is what every investor craves for and plans to escape incase of insecurity of funds, scams and rug pulls ? How strongly built are your security put in place? #Beldex #Bchat
Answer:
Yes, we have been audited by Certik. You can find the report here:
https://www.certik.com/projects/beldex
Your funds are always safe provided you use safe practices to store, send, and receive BDX.
You may use a centralized or decentralized swap to trade BDX but we recommend that you use the Beldex decentralized wallets to store, send and receive BDX. Remember, if it is not your keys, it is not your coins.
6. From Jose Betancor
Beldex could have forks in the future and in the case of having them, what benefits could it bring within its characteristics?
Answer:
Yes, Beldex will have forks in the future. However, these forks aren’t planned out yet and thus we’ll be unable to provide you with details of how they affect the network.
Forks in general are introduced to enhance the performance of the network or when adding a new feature. Forks are also of different kinds, namely soft fork and hard forks. Soft forks do not necessarily affect the entire network and may be retracted if necessary. But hard forks introduce significant changes and require the support of the majority of the nodes in the network.
Beldex is extremely community focused and thus will take into account the community vote / validator response when introducing a hardfork.
The last major hard fork was in Dec 2022 when the network transitioned from a POW to POS consensus. You can read more about it here:
https://beldexcoin.medium.com/bucephalus-hard-fork-update-17e612b88155
When the next major fork comes around, we’ll let you know. It might be just around the corner.
7. From Prem
As per the Beldex Tokenomics update, Beldex has spent close to 130680000 in Q1–2022 for BChat development, 130680000 in Q2–2022 for Belnet development and again 130680000 for BChat and BelNet in Q3–2022. So the total spent in Ecosystem development is BDX against the total allocated 40% from 9.9 Billion supply. So as an investor in Beldex, I would like to know the future 5 to 10 years Investment plan against ecosystem projects by Beldex with available 3500000000 BDX Coins in hand. Could you please detail?
Answer:
The BDX allocated for ecosystem development is released each quarter according to the vesting schedule (Read more about it here and here). The allocated BDX is either released to other wallets for the purpose they are intended to be used for. These are reserves and are not sold immediately after release but used up as and when required. For example, the funds for ecosystem development are used to hire talent, reward and pay contributors, researchers and finalize business development partnerships.
Here’s a quick run down of our goals for the future. (this is not a comprehensive list, you can find more information on our website https://beldex.io/)
- BNS for BChat
- BNS for BelNet
- BDX Utility on BChat
- BDX Utility on BelNet
- Real world utility for BDX
- Listing on Tier 1 Exchanges, Wallets & Payment platforms
- Beldex Browser Beta Release
- Beldex Browser Alpha Release
- Deploying the Beldex Privacy Protocol on EVM compatible chains
- POS Consensus Improvement
- EVM Integration on Testnet
- EVM Integration on Mainnet
- Deployment of private smart contracts on testnet
- Building a robust developer environment
We will keep updating our roadmap as we progress.
8. From Nic
What recent advancements and updates have been made to Beldex’s technology infrastructure?
Answer:
More recently, the team is working on a light wallet client that will allow third party wallets to easily integrate BDX. In addition to this, we are developing the necessary backend infrastructure required for the Beldex Name Service (BNS) on BelNet and BChat.
The Beldex browser and the Beldex privacy protocol are also in varying stages of development.
9. From Nam Hoang
For me, Beldex is a trustworthy ecosystem that I decided to invest in. However, I have been wondering which approaches Beldex would apply to hold back users and gain new ones? #Beldex #Giveaway #BDX
Answer:
To retain users, all we do is be transparent and stick to our goal of developing privacy preserving applications. We ensure that,
- Our community is educated on the developments of the ecosystem
- We consistently deliver on our development goals
- Ensure that community feedback is heard and implemented as required
- Create news ways for the community to participate in the ecosystem
- Educate Web2 users on the benefits and advantages of using privacy-preserving Web3 alternatives
10. From Tolga
#AMAQuestion we see some browsers in blockchain come to market and raise competition. Will Beldex create its own browser for Belnet or be communicable with any / all browsers?
Answer:
The Beldex browser is an open-source, privacy preserving browser that blocks ads and doesn’t track user data. This means that your private browsing history stays private. It is not collected or stored anywhere other than your local device, which you can choose to delete whenever you want. You completely stay in control of your personal information.
There is nothing hindering your browsing experience. In addition, BDX will be a utility on the browser, helping its users and content creators build sustainable content and niche followers.
Beldex browser will also incorporate an in-built dVPN, the BelNet, for enhanced identity protection.
Since the Beldex browser is open-source and community-driven, we will incorporate a way for the dApp to communicate with other browsers. However, the Beldex browser is still in the research phase. We will share more information as they develop.
11. From Monster Ng
What can I do to help promote the Beldex ecosystem and optimize my return on investment simultaneously? #Beldex #Giveaway #BDX
Answer:
There are a few ways in which you can contribute to the Beldex ecosystem.
First and foremost, check out our contributor program for developers and creators here: https://beldex.io/beldex-contributor#En
Fill out the form and someone from our team will contact you.
Developers can also get in touch with sanada.yukimura@beldex.io to contribute to the project. Here’s is the project’s Github page where you can find open issues or create a new issue / share your suggestion: https://github.com/Beldex-Coin/
Content creators and marketers can also reach out to marketing@beldex.io or official chat on Telegram and discord.
Telegram: https://t.me/official_beldex
Discord: https://discord.com/invite/Hj4MAmA5gs
You can also support us by running a masternode or an exit node.
Check out question 12 to know more about masternodes.
Exit Node
What is an exit node? An exit node is a node on BelNet that helps mask your IP address and helps anonymously connect to the Internet.
Why should you run a BelNet exit node?
https://coinmarketcap.com/community/articles/6393269afe0cc4397c0bc680/
Here are a few things to keep in mind while selecting a VPS for an exit node:
12. From VladivostokPr
Hello dear Beldex team!
How much BDX should I have to be validator (non programmer)
And the question I am interested in is about the ambassador/bounty program. Do you have one now or plan to run in the near future? If yes, please tell about condition^^
Thank you very much! #Beldex #Giveaway #BDX
Answer:
All you need is 10000 BDX to run a Beldex validator masternode.
You can self host a masternode using the guide here:
https://coinmarketcap.com/community/articles/637268d234c46e0331519846/
You can also host on one of our partner platforms such as,
Nodehub — https://nodehub.io/dashboard/view_coin?coin=beldex
Pecunia Platform — https://pecuniaplatform.io/coin-stats/beldex
Perfect Nodes — https://perfectnodes.com/
Higlan — https://higlan.com/nodes/bdx
Yes, we do have an ambassador program in place, check out the answer to the previous question.
Regarding the bounty program, we do not currently have any active bounties but we will be launching them soon, once some of our upcoming products have passed the initial testing phase.
13. From Mueng
Many blockchain projects are not solving any real problem, they just exist to sell their tokens for the sole purpose of amassing wealth for themselves. What problems exactly are Beldex project solving and solutions are you providing?
What product services does Beldex offer for users?
Answer:
Beldex solves the problem of privacy.
Now, this may seem trivial but it’s so important that Cointelegraph had put Privacy at the №4 spot on their list of top 100 in crypto.
The problem of privacy is so rampant in Web2 and in Web3 because people take it for granted. However, applications today dictate how we live our lives because they know us more than we do. Collecting our data enables them to create a digital persona for us which lets them figure out what we may or may not do in the near future, which becomes the foundation for their sustenance.
You subscribe to a VPN, and VPN ads are what you see wherever you go on the internet. This is not the case with BelNet or any of the decentralized, privacy-preserving applications like BChat, Beldex Browser, and the Beldex privacy protocol that we at Beldex develop. These applications are open-source, do not need your personal information, and provide you with a way to safely transact crypto, surf the internet and communicate with your friends.
Products that are currently live,
BChat Web3 Messenger (a private messenger that doesn’t need your personal information)
BelNet (an onion routing protocol based dVPN service)
14. Question by Sasirekha
The mining rewards for Beldex miners are allotted from 9.9 Million coins (or) they are additionally generated coins which are from mining.
Answer:
9.9 Billion is the total supply when the Beldex network transitioned from POW to POS.
Since then, 10 BDX is minted for every block that is produced to reward validators. Precisely, 6.25 BDX of the 10 BDX is awarded to the validator that constructs and verifies the block. 3.25 BDX is allocated to governance.
Thus, to answer your question, the BDX minted is in addition to the 9.9 B total supply.
To understand how much BDX is minted in a day, week, month or year, you can use this formula.
Total blocks produced in a day/week/month/year * 10 BDX = Total BDX minted in a day/week/month/year
The block time of the Beldex network is 30 seconds, so on an average, 2880 blocks are produced in a day.
Therefore, BDX minted is approximately,
2880*10 = 28800 BDX / day
2880*10*7 = 201600 BDX / week
2880*10*30 = 864000 BDX / month
2880*10*365 = 10512000 BDX / year
Or about 0.001% of the total supply of 9.9 B is minted every year.
Got a question? Contact us at support@beldex.io
Got an AMA or podcast suggestion? Reach out to marketing@beldex.io
Got a VPS suggestion for an exit node? Send it to outreach@beldex.io
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