Privacy exchange Beldex aims to introduce POS on its Monero-based blockchain as we are about to read in the Monero news today. The Estonia-based cryptocurrency exchange announced the news on the official website and the company stated they will be using the PoS for their native token.
PoS or Proof of Stake algorithm will bring the Beldex privacy-oriented exchange many advantages. One of the most important would be the faster transactions. By using the PoS mechanism in theory, the transactions can be confirmed in only a few seconds and this will allow the BDX coin to be used in payments rather than only being used as the proposed way of exchanging coins privately. The BDX token is basically a fork of Monero and has a masternode introduced. The masternode is a special node that keeps the whole copy of the blockchain and not only that. The masternode also takes part in the voting and governance of the blockchain. In order to ensure the trustworthiness of the master node and to protect the blockchain from fraudulent users, a huge number of tokens need to be time-locked.
In the BDX blockchain as well, in order to operate a masternode, the users have to stake some tokens. the current minimum requirement is 10K BDX tokens. The master nodes in BDX receives a slight portion of the block reward. The BDX blockchain now uses the Monero PoW algorithm. POW is short for proof-of-work and this is a piece of data that is difficult to produce but very easy to verify. The PoW algorithms verify the authenticity of the data and verify the transaction as well. Since the data is very hard to reproduce, the blockchain remains secure.
There is a slight setback for the PoW mechanism. It is very slow and it usually requires a huge amount of energy to maintain security. The blockchain of the privacy exchange Beldex itself is not immune to the drawbacks of the PoW as well. Based on these setbacks, BDX aims to introduce the new PoS mechanism on the Monero blockchain fork. The idea is not ready yet as per the latest Monero news that we have today but according to the website of the exchange, it will happen in the near future.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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