• Wed. Jun 19th, 2024

Beldex and Geometry Labs enter privacy-enhancing partnership

Beldex Research Labs, Beldex Project’s research arm, and Geometry Labs, a DeFi and cryptography R&D platform, announced a strategic partnership to scale up the Beldex blockchain, Coin Journal learned from a press release

The partnership aims to adjust and adapt the Beldex blockchain as more and more apps are developed on it.

Developing much-needed privacy tools 

The partnership between the organizations will look at issues related to privacy in blockchain and make it possible to develop much-needed privacy tools to help people protect their data online. 

Beldex’s goal is to create private, autonomous platforms that help advance free speech and an open peer-to-peer economy. 

DApps and current blockchains developed over them are independent but lack the privacy needed to keep gatekeepers away. 

Doing away with middlemen 

Due to the fact that there are no middlemen to handle and process data, there’s greater security and privacy, and the data itself remains encrypted. The network must do away with censorship to maintain this status quo. 

Lowering entry barriers 

The biggest threat to blockchain censorship is network node centralization, which happens when requirements for data storage increase and it becomes costly to run a node.

Beldex aims to make network participation simple by lowering entry barriers. They intend to achieve this by implementing protocols that take up minimal space and through network sharding.

Mr. Afanddy Bin Hushni, Chairman of Beldex, commented:

We’re excited to introduce cutting-edge privacy and scaling solutions by collaborating with the brightest minds researching cryptography and privacy to extend our network to an EVM-compatible chain.

Introducing sufficient anonymity 

At the moment, the Beldex network uses the RingCT (Ring Confidential Transactions) protocol to make sender and recipient identities anonymous. 

The size of a Ring is 11, making the Beldex network sufficiently anonymous to make sure the transactions can’t be linked. 

However, transactions become cryptographically heavy when decoys are introduced to each one.

Increasing TPS by reducing proof size 

To reduce proof and transaction size, the Beldex team will vet the existing RingCT protocol and introduce a concise proving system without a trusted setup.

This will help raise the Transaction Per Second (TPS) count of the network and form a basis to add smart contract capabilities.

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