VEIL: THE PRIVACY AND ANONYMITY CRYPTOCURRENCY WORTH KNOWING

flezy (40)in #mining • 5 years ago

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When I visit blockchain forums or cryptocurrency forums, and issues, questions or comparisons about decentralization and centralization pops up, a vast majority of peoples always go for decentralization.
Now, what actually is decentralization? From my own view or rather in simple understanding, decentralization is all about privacy and/or anonymity which can be for funds or personal data. That is, owing to the vast manipulation of data in the world today by centralized systems, decentralization has shown users that indeed they can limit these manipulations.
And ever since the advent of blockchain technology and in association with its features such as the use of smart contracts, decentralization etc, it has been receiving the needed attention from all sectors, systems and platforms.

Now since decentralization has been the order of the day, most developers believe they can further enhance this by providing privacy coins, thus the creation of Monero; which is known as the original privacy coin. Where Monero uses RingCT technology to offer full-time privacy, it tends to lack the power to offer anonymity as well.
On the other hand, most developers believe anonymity can be offered as well, thus the creation of Zcoins which is based on Zerocoin protocol, but yet only a few transactions in the network are private.

Furthermore, a study has it that most of these platforms offering privacy coins have a huge limitation which is the total dependence on external experts and software developers who they bank on to improve their network.
To make it more clearly, in the world of privacy-focused cryptocurrencies only a few transactions are private.
From all these, it is imperative that privacy and anonymity is the main deal, but yet there is no one platform that offers both efficiently.

This is the reason why a team of experts created a privacy coin which will also offer anonymity to its users; a privacy coin known as VEIL.

REASONS WHY VEIL IS WORTH KNOWING

The Veil project was created by a team of experts in the field of blockchain and cryptography. The main aim of the Veil project is to improve the world of privacy-focused cryptocurrencies through creating its own which will be secured of course and in addition to this will be anonymous as well as a full-time privacy coin. Owing to the way Veil project was built, it will offer masses an exceptional user experience. Veil will also be self-funded in order to support research and development on the long-term.
Owing to the fact that one of the shortcomings in the world of privacy-focused cryptocurrencies, is platforms depending on external experts or developers to improve their network, Veil will create its own Lab (Veil Labs). Veil Labs will be an entity on its own having its budget, team etc with a goal of discovering new possibilities in the world of privacy and anonymity cryptocurrencies, without altering scalability. By so doing, and with all results Veil project will keep up its competitive advantage.
Where other privacy-focused cryptocurrencies use fewer software or features thus limiting their potentials, Veil will use the following;
a. Bitcoin version 0.17.1: Which is known as the world's most secure and battle-tested blockchain software.
b. Zerocoin: Which is known as an advanced cryptography-based protocol based on zero-knowledge proofs thus making transactions details to be anonymous. Veil will also support Dandelion protocol to ensure 100% privacy and anonymity.
c. RingCT technology: Which will be added from Particl to its Basecoin transactions, so that all transactions features will be anonymous.
d. Bulletproof technology: Which will be used to offer minimal transaction sizes.
Veil also proves to be worthwhile by operating on a hybrid consensus system where it will use Proof-of-Stake consensus to ensure there is decentralization of the platform at all times. In addition to this, there will be low energy consumption and reward mechanism for Veil holders who wishes to stake.
On the other hand, Proof-of-Work will be used to ensure transparent and fair distribution of Veil coins while adding security to the overall network.
With Veil using Proof-of-Work mining system, it eliminates the need for pre-mine or ICO; while ensuring mining is done in a fair manner, Veil PoW mining will use ASIC-resistant X16RT hashing algorithm.
Furthermore, to ensure the coins' privacy is maintained at all times, staking will be done only via Zerocoin denominations.
Veil also makes it possible for wallets as well as Basecoin and Zerocoin transactions to be recovered. In addition to this, and as well as to increase user experience Veil will offer benefits in this case with multi-transaction Zerocoin spends; that is, users will be able to create sends of any size with all transactions being transparent. Furthermore, Veil will reward users who help to secure the network by running full node.

CONCLUSION

By taking a careful look at Veil and then comparing with other privacy-focused cryptocurrencies, it can be seen that Veil offers more user experience; that is with Veil users transactions will be anonymous and/or private.
Veil is designed to be sustainable thus having the capacity to fund its research and development in blockchain and cryptography.
N/B: Veil was fully self-funded, thus NO public sale or ICO was held. Also, it is already listed on cryptocurrency exchanges, visit CoinMarketCap for the necessary information.
CoinMarketCap: https://coinmarketcap.com/currencies/veil/