Privacy-preserving technology can help prevent hacks in Web3: Beldex blockchain chairman

Thus, privacy-preserving technology is essential for today’s Web3 applications and smart contracts. Privacy networks like Beldex effectively solve the problem of irreversible security exploits

LiveMint spoke with Afanddy Bin Hushni, Chairman of Beldex, an open source blockchain that builds privacy into Web3.

Excerpt:

1. How can DApps balance scalability, security and decentralization with privacy?

Blockchains today face what is known as the scalability trilemma, which allows a decentralized network to assume only two of the three attributes: scalability, security, and decentralization. Most Layer 1 networks today sacrifice scalability for the other two and are therefore unable to compete with mainstream centralized service providers. On the other hand, some layer 2 networks achieve scalability by compromising decentralization.

And achieving all three with privacy intact is even more of a challenge since privacy-preserving blockchains use hybrid technology that significantly increases the size of their transactions.

However, new developments in blockchain privacy and peer-to-peer payments, such as concise proof systems like zkSNARKs, STARKs, and payment channels, give us a way to reduce the size of transactions while improving scalability.

2. What are the new developments in privacy on blockchain and their applications?

Currently, networks such as Monero, ZCash, and Beldex use various privacy-preserving techniques that offer privacy to blockchain transactions. While Monero, and later Beldex, use confidential ring transactions and bulletproof, ZCash uses the zero-knowledge secure system zkSNARKs which needed a reliable setup until May this year. Trusted setups require an initial setup phase to produce parameters that allow users to construct and verify private transactions. This was called “the ceremony.” However, ZCash’s Halo 2 upgrade removed the need for a reliable setup.

There are several other zero-knowledge proofing systems and scalability improvements such as sharding that are being researched. Beldex is exploring similar techniques that will help us develop scalable and private DApps.

3. There has been a trend for DeFi, NFT and similar others. Will it be a privacy trend?

While DeFi, NFTs and others have held the narrative in recent times, there is definitely more privacy awareness today than ever before. More people are beginning to realize the importance of data and financial privacy in their digital lives. Cyber ​​threats and state-sponsored surveillance are increasing every day, the pegasus spyware is a good example of that. Privacy is important. It may be tomorrow or the day after that or some day in the far future, but the privacy trend will come. Until then, we just have to educate the masses and keep building tools that help achieve this goal.

4. What does the Beldex network aim to achieve?

The Beldex network aims to be the private anonymous internet where people leave no digital trail or footprint of their lives – to build or rebuild the internet as it should be – free and private. Beldex is a collective of Web3 applications that are scalable, interoperable and private, built on top of the Beldex network. Of course, we also understand that we have to find the right balance between privacy and security, so that the tools we build are used for the best. To this end, Beldex has partnered with Geometry Labs and is currently researching scaling techniques, cryptographic protocol improvements, and zero-knowledge proofing systems as a solution to private messaging, transactions, and smart contracts on the Beldex chain.

5. How do the DApps you build help with freedom of expression?

The BChat messenger only requires a BChat ID which is your chain identity on Beldex. It does not require your phone number or email address. To start a conversation, all you need to do is share your BChat ID with your friend. This ID is randomly generated in the chain and cannot be linked to your real identity. Messages are encrypted and routed through the nodes of the Beldex network. So your conversations remain private at all times.

Our upcoming DApp, BelNet, is an onion-router-based decentralized VPN service that can be used to anonymously surf the internet and access unstoppable domains and applications on BelNet.

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