Beldex and Geometry Labs Collaborate to Solve Blockchain Privacy Issues

The research arm of the Beldex project, Beldex Research Labs, on Monday announced a partnership with cryptography development and research center Geometry Labs to expand the Beldex blockchain.

The collaboration will address blockchain privacy issues and enable the creation of solutions that will help consumers protect their online data.

Are you ready for the next crypto bull run? Be prepared before it happens! Hear from industry thought leaders like Kevin O’Leary and Anthony Scaramucci on Benzinga Crypto Conference 2022 on December 7 in New York City.

In addition, the blockchain aims to create private, independent platforms that support the promotion of free expression and a transparent peer-to-peer economy.

The business said in a statement that while current blockchains and DApps developed on top of them are autonomous, they lack the privacy required to defend against gatekeepers.

As more and more apps, like BChat, are built on top of the Beldex blockchain, the relationship with Geometry Labs will help scale the network.

“Geometry Labs will provide technical consulting related to cryptography and protocol design, scalability techniques and applications for decentralized and private protocols,” says Dr. Mitchell Krawiec-Thayersaid President and Chief Scientist at Geometry Labs.

The company stated that since there are no intermediaries to process and manage data while the data itself remains encrypted, there is more security and privacy.

However, the network must be uncensored to keep things as they are.

Also Read: Bitcoin, Ethereum Both Experience Bullish Bounce, Gain 11% Before Merger

The biggest risk of censorship in blockchain is the centralization of network nodes

“The biggest risk of censorship in the blockchain is centralization of the network’s nodes, which happens when it becomes expensive to run a node over time due to large data storage requirements. Beldex aims to lower the entry barriers and make it easy to participate in the network and achieve this through the implementation of protocols that take up very little space and by splitting the network, it says.

Chairman of Beldex, Afanddy Bin Hushni said, “We are excited to introduce breakthrough privacy and scaling solutions by partnering with the brightest minds researching cryptography and privacy to expand our network to an EVM-compliant chain.”

The identities of the sender and recipient as well as the amount of value exchanged are anonymized by the Beldex network using the RingCT (Ring Confidential Transactions) protocol.

The Beldex network ensures that transactions cannot be linked

The Beldex network introduces enough anonymity with a ring size of 11 to ensure that the transactions cannot be linked.

However, they are cryptographically heavy due to the addition of decoys to each transaction.

By scrutinizing the current RingCT protocol and adopting a short proof system without a reliable setup to reduce proof and transaction size, the Beldex team expects to expand the network.

Beldex expects to increase the number of transactions per second (TPS) on its network and establish the basis for introducing smart contract functions by reducing the size of proof.

“As a precursor to adding EVM compatibility, Beldex is working on the implementation of a stateless blockchain network to improve node synchronization and storage efficiency using cryptographic accumulators,” said Beldex CTO who goes by the name Codeman Crypto.

“This will further help in seamless deployment of applications such as BelNet, Beldex Browser and Beldex Privacy Protocol,” he added.

Photo: Courtesy of beldex.io