Seychelles, December 06, 2021
Beldex is upgrading its mainnet to proof-of-stake (PoS) consensus on Dec 10, 2021, at block height 742421, becoming the first private ecosystem to adopt POS to scale and enhance its DApps successfully. Beldex PoS launch partners include Hotbit, MEXC, STEX and BTCAlpha exchanges, as well as MyContainer, Nodehub and Evonodes staking platforms.
Chairman Mr. Afanddy Bin Hushni states, “the hard fork, dubbed Bucephalus, will introduce several significant upgrades, including a change in the block time and block rewards. The current proof-of-work + Masternode chain has a 120-second block time and 2 BDX block rewards. Block time will be reduced 4X, while Masternode validator rewards will increase by 212.5%.”
Bucephalus is a mandatory hard fork that doesn’t split the chain but upgrades the existing chain to a PoS consensus. Chief marketing officer Mr. Sultan says, “the PoS transition has many advantages over PoW, such as enhanced scalability, security and decentralization. In addition, proof-of-stake on the Beldex chain is enabled by Masternodes, a cornerstone feature of the network. Masternodes allow the community to participate in the network while incentivizing them for their contribution.”
Why is Beldex transitioning to PoS?
One of the reasons why Beldex is transitioning from PoW to PoS is because PoW consumes vast amounts of energy. Mining has had a significant impact on the environment, and the Beldex team wants to reduce the network's carbon footprint. The Beldex network is growing significantly; thus, this transition is being made with massive adoption in foresight.
Chief technology officer Mr. Niyas N states, "the Bucephalus hard fork aims to render the Beldex blockchain compatible with the upcoming launch of privacy-first DApps such as BChat and Belnet. Also, the upgrade enables Beldex Masternodes to act as a storage server for decentralized and secure messaging with BChat while supporting anonymous network traffic through the BelNet dVPN."
Highlights of Bucephalus hard fork:
Beldex highlights many advantages to users on their PoS launch, such as:
- Block time is reduced by 4X from 120 seconds to 30 seconds
- Transaction size is significantly reduced, thus more transactions can now fit into a block
- The block rewards increase 5X from 2 BDX to 10 BDX
- The Masternode operators will receive 62.5% of the new block rewards, and the remaining 37.5% is allocated to governance
- Flash second layer instant transactions will be launched
The increase of Masternodes will result in a faster, scalable and decentralized Beldex network.
Beldex was founded in 2018 with the vision to provide utmost privacy to transactions. This vision has now expanded to anonymize the online footprint of Beldex users with BChat privacy messenger, BelNet dVPN, Beldex privacy browser, the Beldex privacy protocol and the Beldex bridge. In addition to this, the transition to a POS consensus lays the foundation for the network to scale and build its decentralized private ecosystem.
Follow the Beldex network on:
Telegram Channel: https://t.me/beldexcoin
Announcement TG group: https://t.me/official_beldex