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Beldex and Geometry Labs Collaborate To Address Blockchain Privacy Issues

Published 12/09/2022, 21:34
Updated 12/09/2022, 22:11
© Reuters.  Beldex and Geometry Labs Collaborate To Address Blockchain Privacy Issues
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The research arm of the Beldex project, Beldex Research Labs, on Monday announced a collaboration with the cryptography development and research center Geometry Labs to grow the Beldex blockchain.

The collaboration will address blockchain privacy issues and make it possible to create solutions that will assist consumers to safeguard their online data.

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

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

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

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

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

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

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Greatest risk to censorship in blockchain is centralization of network nodes ”The greatest risk to censorship in the blockchain is centralization of the network's nodes which happens when running a node becomes expensive over time due to large data storage requirements. Beldex aims to lower the entry barriers and make it simple to participate in the network and achieve this through the implementation of protocols that take up very little space and by sharding the network,” it stated.

Chairman of Beldex, Afanddy Bin Hushni said, “We are 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.”

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

Beldex network ensures transactions are unlinkable The Beldex network introduces enough anonymity with a Ring size of 11 to ensure that the transactions are unlinkable.

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

By scrutinizing the present RingCT protocol and adopting a brief proving system without a trusted setup to decrease proof and transaction size, the Beldex team expects to grow the network.

Beldex expects to enhance the number of Transactions Per Second (TPS) on its network and establish the groundwork for introducing smart contract features by lowering proof size.

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

“This will further help with the seamless deployment of applications like BelNet, Beldex Browser, and Beldex Privacy Protocol,” he added.

Photo: Courtesy of beldex.io

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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