In the ever-evolving landscape of DeFi, Beldex has stood out as a project with privacy features and DeFi functionalities. In the below article, we will explore the in and out of the project, its mission, technology, use cases, and its impact on the world of decentralized finance.
What is Beldex?
The Beldex project is a privacy-centric DeFi platform aimed at providing users with financial privacy and the benefits of decentralized finance. With its integration of zero knowledge proofs to enhance privacy and security, BNS Domain (Human readable domains connected to users wallet) and Ethereum Virtual Machine, they have been able to pull through their mission for six years.
Launched in 2018, it has gained the attention of over 1 Million users in 100+ countries for its innovative approach to combining privacy and DeFi features. It has built its entire ecosystem primarily to address the traditional financial lack of privacy and to expose users to surveillance and data breaches.
Privacy Features and DeFi Functionalities
Beldex achieves its privacy goals through the use of advanced cryptographic techniques like ring signatures and confidential transactions. This combination ensures that user identities and transaction details remain private. Their functionalities include;
- Decentralized Exchange (DEX): The DEX allows users to trade various cryptocurrencies without relying on a central authority. The privacy features extend to DEX transactions, providing a secure trading environment.
- Lending and Borrowing: The project’s privacy features extend to lending and borrowing activities, safeguarding sensitive financial information.
- Yield Farming: Beldex provides opportunities for yield farming, enabling users to earn rewards by staking their assets in liquidity pools.
Beldex Use Cases and Ecosystem
1. Financial Privacy: The primary use case of Beldex is providing users with enhanced financial privacy. Individuals and businesses can transact, trade, lend, and borrow without exposing sensitive financial information to the public.
2. Resistance to Surveillance: The project offers ways for users to maintain control over their financial data a priority for users in DeFi.
3. Secure Trading: Beldex decentralized exchange enables users to securely trade cryptocurrencies, ensuring the protection of their identities and transaction details, which is crucial in DeFi.
The Beldex ecosystem consists of several key components:
BCHAT: BChat is a decentralized messaging app built on the Beldex network. With BChat, users can send anonymous messages and BDX payments to anyone anywhere, anytime.
BELNET: It is a decentralized VPN service on an onion-routing protocol utilizing the Beldex network.
BNS: The BNS is a decentralized, private name system for quick identification and easy verification of user accounts on BChat. With BNS Domain, users host private and censorship-free applications on BelNet.
Beldex Browser: This is an ad-free browser with an in-built dVPN service which enables security of browsing data.
How To Buy Beldex (BDX)
The BDX token has listings in several exchanges proving its validity. It is owned by swapping a crypto asset for it on the Beldex website or from the below steps:
Create an account: A personal user account can be created on the project application by downloading the app and completing the KYC process.
Make a deposit: Upon creating an account and completing all verification processes, you can go ahead to deposit USD using the payment method (cryptocurrency, card and bank payments)that best suits you.
You can now exchange your funds for Beldex. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Beldex to your personal wallet.
Currently, BDX trades at $0.05155 per token.