VEIL AND IT'S ZEROCOIN AND RINGCT

campell (28)in #veil • 5 years ago (edited)

Basically, privacy is regarded as the ability of an individual or group of individuals to shut off or seclude themselves or important data or information about themselves from the general view of the public. This is regarded as in a context whereby something is regarded as private to an individual that is to say it is highly confidential to that individual. It can take many forms like bodily integrity as well as information privacy. But in this context, emphasis will be on privacy coins (Veil coin)

In the current crypto community, providing full time or overall anonymity or privacy is paramount. But however the question still remains how can a project really offer full privacy to it's users and this is the question that the veil platform aims to provide answer to. The veil platform aims to improve the current state of privacy-focused cryptocurrencies by developing and launching a secured as well as a highly anonymous coin which will provide full time to all its users.

Veil is a platform created to make use of a blockchain based system to tackle problems affecting the privacy of crypto-currency transactions. Its main aim is, ensuring that every digital transactions and information made are kept private.Veil came as an acknowledgement of the need to provide total and complex security for digital transactions.
In order to conceal the amount involved in the transactions, Veil utilizes a wide range proof system such as Stealth address, Zerocoin, Ring CT etc to veil or hide digital transactions and it's detailing.Veil makes use of Zerocoin which helps conceal the sender in a transaction through joining the sender's transactions details with other randomly picked digital handprints, so as to camouflage the sender's details and signature.

The Veil's X16RT Mining Algorithm

One other feature that stands out in this project is the new mining algorithm. This is coming on the heels of the integration of the Bitcoin v0.17.1 blockchain software. This mining algorithm helps in facilitating the completion of individual block times within the 60 seconds (1 minute) timeframe.

Features Of Veil

Continuous confidentiality: Thanks to the implementation of the Protocol RingCT VEIL is able to provide the user's transactions with a plump anonymity, whatever transactions the user did not do.
VEIL was launched as bitcoin and some other popular cryptocurrency. He had no ICO, IEO, Pre-mine-which completely equalized the miners. No one has the advantage of receiving rewards.
VEIL has a hybrid POW and POS mechanism that protects against 51% attack in any case. Many other coins are vulnerable to ATAKB 51%, and the beginning of such an attack on them is not much expensive
4.Veil mining is efficient and safer for the network. All thanks to ASIC Stability: X16RT hash algorithm. For VEIL Mining, an improved version of X16R (first presented by Ravencoin) is used.
The presence of a hybrid consensus mechanism PoW and PoS.

CONCLUSION

The security measures Veil is aiming to provide will boost the zeal of many people incorporating blockchain into their business and same time adopt the uses of cryptocurrency. In other for anyone to enjoy the services of Veil platform, he will have to use the Veil coin. This Veil coin will foster and make transaction faster because it was built on blockchain that has higher performance. The Veil platform will solve all the challenges of privacy in a decentralized ecosystem. The platform will make people execute a transaction without a trace and make every process anonymous.