Here is a recap of our AMA with KuCoin’s #Firesidechat held on the 17th of November, 2023.
KuCoin: 1. What do you see as the most exciting developments or challenges on the horizon for your confidentiality-enhanced blockchain project prioritize?
Beldex: Great question! The crypto space is ever-evolving, and there are some fascinating developments at Beldex too. First off, Security is paramount for us. Our project incorporates cutting-edge cryptographic techniques such as CryptoNote protocol that encompasses ring signatures, confidential transactions and stealth addresses to secure user transactions.
We continually assess and enhance our security measures to provide a robust and secure environment for our users.
In addition to transaction security, Beldex also secures your communication with BChat messenger and your online activity with BelNet dVPN. Both these dApps are built over Beldex and provide a secure means of communication and are safe and reliable.
In terms of the most recent developments, I would say that we’re fast approaching the BNS hardfork and the integration of the EVM onto the Beldex network.
KuCoin: 2. Great! We see that Beldex has released a proof of concept paper for a confidential EVM. How does the Beldex project plan to integrate EVMs onto its confidentiality-focused blockchain? Could you explain more about it?
Beldex: Beldex is looking to integrate the Ethereum Virtual Machine (EVM) onto its blockchain. The process involves ensuring compatibility with confidential computing smart contracts while implementing the EVM, fostering cross-chain communication, providing robust developer support, and actively engaging with the community while preserving the core aspect of confidentiality. This move aims to enhance interoperability, attract Solidity developers, and create a dynamic ecosystem on the Beldex blockchain. We’re excited about the possibilities and look forward to community involvement in this integration journey.
KuCoin: 3. What is the BNS hardfork and what is its purpose? Does the hardfork introduce a major change in the network that the community should be aware of?
Beldex: The BNS (Beldex Name Service) hard fork introduces significant upgrades to the Beldex blockchain. These upgrades, as the name suggests, include the introduction of the Beldex Name Service which is a confidential name system on the Beldex blockchain.
Users can buy BNS names for BChat and the corresponding BNS domains for BelNet. The BNS names and domains help users with three main functions
- Users no longer need BChat IDs to connect with their friends. A BNS name is tagged (connected) to a BChat ID. They can simply use the BNS name to look up their friend’s account on BChat.
- Users no longer need to copy and paste wallet addresses. They can simply send BDX to the BNS name, since the BNS name can also be tagged to wallet addresses. For example, if Shawn.bdx is my BNS name, then I can receive BDX just by sharing this name on social media or on my invoices.
- A BNS domain can be used to host confidential web and mobile applications on BelNet. The advantage here is that these domains are completely owned by the user and are free of censorship. They have an additional layer of confidentiality and security since they are hosted on BelNet. Naturally, users who want to access a BNS domain will have to connect to BelNet.
The BNS development is almost complete. We will be announcing the details of the BNS hardfork soon.
KuCoin: 4. Can you share any upcoming features or partnerships that users can anticipate on your confidentiality-enhanced blockchain project?
Beldex: Certainly! We have exciting developments in the pipeline for our project. While specific details are under wraps, users can anticipate upcoming features that enhance both security and usability. Additionally, we are actively exploring strategic partnerships that will further enrich the ecosystem and provide users with expanded opportunities and functionalities. We’ve already got a reliable exchange partner, which is KuCoin. So now we are looking into expanding our infrastructure, developer communities, user communities and partnering with retail businesses and platforms that enable real-world utility and payments. In this aspect, we recently partnered with Uquid, which is one of the largest e-commerce platforms that accept cryptocurrency.
Stay tuned for announcements as we continue to innovate and collaborate to deliver a cutting-edge and confidentiality-focused blockchain experience.
KuCoin: 5. How does your confidentiality-based blockchain project contribute to the broader goal of decentralization and user empowerment?
Beldex: The Beldex project is dedicated to advancing decentralization and empowering users in several key ways. By prioritizing confidentiality, we contribute to the broader goal of enhancing user control over their data and transactions:
- User Empowerment through confidentiality: We believe that confidentiality is a fundamental right. Our project integrates cutting-edge cryptographic techniques such as zero-knowledge proofs, ring signatures, and stealth addresses. This commitment to confidentiality ensures that users have greater control over their personal information, fostering a more empowered and secure digital experience.
- Community-Driven: Our blockchain operates on principles of decentralization, allowing users to actively participate in decision-making processes. We ask for user feedback and suggestions in every step of the way. Users have a say in the evolution of the project, promoting inclusivity and avoiding concentration of power. We foster a community-driven ecosystem by embracing open-source development practices. This approach encourages collaboration among developers, crypto enthusiasts, and users. The decentralized nature of our project ensures that the community plays a pivotal role in shaping its trajectory.
- Interoperability and Collaboration: We actively seek collaborations and interoperability with other projects and platforms. By promoting compatibility with various blockchain networks, we contribute to the interconnected and decentralized nature of the broader blockchain ecosystem.
The Beldex project is designed not only to offer advanced confidentiality features but also to champion decentralization and user empowerment.
We envision a future where users have greater control over their digital interactions, and our project plays a pivotal role in realizing this vision.
KuCoin: 6. Where do you see the future of the intersection between confidentiality-focused technologies and cryptocurrency exchanges, and how does your project fit into that vision?
Beldex: In our vision for the future, we anticipate a growing demand for confidentiality-focused technologies within the cryptocurrency space. As the industry continues to evolve, we recognize that collaborations with cryptocurrency exchanges like KuCoin will play a pivotal role in achieving mainstream adoption.
Our project aspires to be a trailblazer in this regard, focusing on creating a user-centric experience that seamlessly combines robust features with user-friendly interfaces.
We’re constantly looking into improving the functionality and features on our products. We receive feedback from our users and implement them onto BChat, BelNet and the Beldex Wallet. The goal is to strike a delicate balance, offering users the benefits of enhanced security without compromising on usability. We’re also working on the development of the Beldex browser and will provide a development update in the upcoming week.
We also understand the importance of aligning with regulatory standards to ensure the long-term sustainability and legitimacy of our project. By proactively adhering to compliance requirements, we aim to foster trust among users, regulatory authorities, and industry stakeholders. In this regard, we have been looking into solutions to provide our services to users in Jurisdictions where the use of our products and services needs additional compliance requirements.
Through strategic collaborations and a commitment to technological innovation, our project seeks to not only address this but also to set new industry standards. As we embark on this journey, we invite our community to join us in shaping a more safe, secure, and accessible cryptocurrency experience for all.
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