Beldex: Beldex partners with Geometry Labs to scale up blockchain
The partnership will address blockchain privacy and enable the development of privacy tools that will help users protect their data online.
Blockchain intends to build private, autonomous platforms for freedom of expression and an open peer-to-peer economy.
Current blockchains and DApps built on top of 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 like BChat are developed on top of the network.
“We will provide technical consulting related 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 intermediaries to process and handle data, while the data itself remains encrypted. But to maintain this status quo, the network must be free of censorship.
The biggest risk of censorship in the blockchain is the centralization of the network’s nodes which occurs 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 sharing the network.
Beldex Chairman, Afanddy Bin Hushni said: “We are excited to introduce cutting-edge privacy and scaling solutions by partnering with the brightest minds researching cryptography and privacy to expand our network to an EVM-compliant 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 transactions cannot be linked.
However, the introduction of decoys to each transaction makes them cryptographically heavy. The Beldex team expects to scale the network by controlling the current RingCT protocol and introducing a concise proof system without a reliable setup to reduce proof and transaction size.
By reducing the proof size, Beldex expects to increase the number of transactions per second (TPS) in its network and lay the groundwork for adding smart contract capabilities.
