Beldex Coin ICO: Safe Decentralized Cryptocurrency Exchange?
Beldex is a cryptocurrency exchange that aims to combine the best features of centralized and decentralized exchanges. Find out how it works today in our review.
What Is Beldex?
Beldex, found online at BeldexCoin.com, is a Kuala Lumpur-based cryptocurrency exchange. The exchange is also launching its own token called Beldex Coin. That token will use the highest possible level of privacy protection – similar to how Monero works.
Beldex has launched online with various ridiculous claims. In one Medium post, for example, the company claims their Beldex Coin is expected to grow “to 10,281% by the end of 2020.” Not only is that a ridiculous valuation for a brand new cryptocurrency, but it’s also oddly specific.
There’s limited information about Beldex and Beldex Coin available online today. However, let’s take a closer look at what we do know about the exchange and its native utility token.
How Does Beldex Work?
We know very little about the Beldex Exchange and how it works. We know that the exchange will emphasize the best features of hybrid and centralized exchanges combined.
Typically, when an exchange calls itself a “hybrid” exchange, it means it offers decentralized trading with a centralized matching engine. In other words, the exchange lets you engage in peer-to-peer trading with other users, but it matches users through a centralized system. Some hybrid exchanges also manage user funds or hold user funds in an escrow account during the trading process.
Ultimately, we know very little about the Beldex exchange or how it will operate. We know it will be a hybrid exchange, but we know virtually nothing beyond that. Here’s how the development team explained the exchange in a recent post:
“As mentioned earlier, both [centralized and decentralized] exchanges have their own advantages. The possibility of taking the best characteristics of each system and merging them gave birth to a new exchange system called the hybrid exchange. Beldex Exchange is one such innovative hybrid exchange system which combines the best of both worlds. Beldex offers greater security, the simplicity of use and liquidity. It aims to offer the users a platform with a low transactional fee.”
The company also claims their exchange will offer a highly-secure, hybrid architecture, an advanced interface, a user-friendly UI, secure payment methods, and support for multiple cryptocurrencies. That’s all we really know about the Beldex exchange.
How Does Beldex Coin Work?
We know more details about Beldex Coin, which is the privacy-focused coin released by the Beldex team, than we know about the Beldex Exchange.
That token is based on the CryptoNight proof of work hash algorithm, which is based on the CryptoNote protocol. In other sources online, the company claims their coin is based on the RingXT algorithm.
As a privacy-focused token, Beldex Coin has benefits similar to Monero. You cannot view the number of coins a user holds in his or her wallet, for example, and you cannot view any user’s transaction history on the blockchain.
On the Beldex Coin network, all nodes have equal power and control. There are no nodes that have more influence than other nodes. The currency is not created, maintained, or represented by any one person or company. It’s a decentralized currency across a decentralized network.
Beldex will also launch a debit card for use with its Beldex Coin
As mentioned above, Beldex has attached ridiculous valuations to its currency. The company claims the value of their token is expected to grow 10,281% by the end of 2020. It’s unclear where they got that valuation.
Who’s Behind Beldex?
Beldex is in development by a Kuala Lumpur, Malaysia-based team.
We have no additional information about the team or their experience.
There’s a lot of unusual information about the Beldex ecosystem online. First, the company claims to be launching the world’s first hybrid exchange that combines the best features of centralized and decentralized exchanges. In reality, there are already plenty of hybrid exchanges available today – so it’s unclear why Beldex believes it’s the first exchange to do so.
The other unusual thing about Beldex is its Beldex Coin, which they claim is a privacy-focused cryptocurrency expected to grow enormously in value over the next few years. It’s unclear where the company got its valuation from or why they expect the currency to grow in value. It’s also unclear why someone would use Beldex Coin over a better-known privacy-focused coin like Monero.
Ultimately, some questions about Beldex need to be answered. However, the coin just appeared online in April 2018, so we expect more information to emerge over the coming weeks. You can decide for yourself if it’s worth a look by visiting BeldexCoin.com.