VEIL AND THE WORLD OF PRIVACY IN CRYPTOCURRENCIES
There's no secret that privacy in cryptocurrencies these days is an important topic. As times has progressed and the need for privacy is on the rise; no company or individual would like to publish all their details in ‘public’ Blockchains that can be read arbitrarily by their own governments, foreign administrations, family members, coworkers or business competitors without limitation.
Blockchain, the platform on which Bitcoin and cryptocurrency in its entirety was built on, has been the center of research and experiments on different privacy approaches. But these approaches are yet to be perfected, or have they?
Bitcoin was initially developed as a privacy-maintaining cryptocurrency so long as real world identities could not be linked to Bitcoin addresses. Because of the blockchain's public character, however, it became soon clear that certain addresses and transactions could be used in the identification of individuals. Moreover, whenever transactions are broadcasted, the nodes could leak IP addresses of the parties involved.
Also, persons that are dependent on exchange platforms like Coinbase are subject to their identities being revealed by these platforms. For example, IRS once demanded for the transaction of Coinbase by turning over certain data concerning crypto-currency transactions.
In response to the erosion of privacy on the blockchain technology platform, a lot of innovators sought to create privacy encoded cryptocurrencies that are geared towards privacy protection. So far, there have been a lot of projects as regards this but even amongst these projects; VEIL is one that stands out.
Veil Project
Veil project is a cryptocurrency project set up under the Zerocoin protocol. As is well known, Zerocoin blockchain technologies are different from the systems that we know. Zerocoin technology's main purpose is to ensure full confidentiality of the crypto transactions. The sender or receiver is therefore unknown and cannot be traced.
The project is a brainchild of James Burden and it was birthed the first quarter of 2018. James Burden as at the time of inception of Veil Project was not a new name in the cryptocurrency world as he had unrivalled records in founding and leading successful cryptocurrency projects. Some of the top characteristics that make the Veil project stand out among other privacy-oriented cryptocurrency projects include;
Basic Advantages of the Veil Project
With the infrastructural build of the Veil system, it has succeeded in protecting the balance sheet of transactions; keeping all separate payment confidential and totally out of reach to third parties As a result of this, the speed of transactions is reduced, making it faster than even the fastest pseudo-anonymous cryptocurrency projects – e.g Ethereum.
Also, the veil project is built in such a way that the high-quality hashing methods are achieved, and a more efficient method of the mining and distribution of coins is also ensured. This, I believe is as a result of the increase in the reliability of the system infrastructure itself in distributing its coins among involved parties.
Token Information
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Conclusion
In a brief summary, the Veil project is without a doubt the solution to the problems of the security and dynamism of cryptocurrency and blockchain issues in relation to privacy. With the continuous analyses and implementation of users' experience, the Veil project will become one of the most advanced and active anonymous infrastructures in the cryptocurrency community that ever existed in the blockchain.
WEBSITE: https://veil-project.com/
TELEGRAM: https://t.me/VEILProject
DISCORD:https://discordapp.com/invite/Ywyb9hs
ANN THREAD:https://bitcointalk.org/index.php?topic=5065331.0
FACEBOOK:https://www.facebook.com/projectveil/
TWITTER: https://twitter.com/projectveil
REDDIT: https://www.reddit.com/r/Veil/
GITHUB: https://github.com/Veil-Project
Writer's bitcointalk username: Leema
Writer's bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1863050;sa=summary
Basecoin address: bv1q2h60xklca3qse6t0u06yt7g0pkur0tlqfyemt0
Veil is an incredible project. They are bringing out amazing features often. Last I got is changing zerocoin to another better feature. The project is just dope! Last they updated third node
The proof is the fact that the development progressing because the team is really experienced in that field. Also to point out the truth that veil is really doing well in maintaining the volume of their coin so that can be an additional point.
What actually caught my attention about the veil privacy coin was the "complete privacy without compromise" statement.
It's actually exciting that the privacy of users on it's network would be securely protected against third party intrusion.
That's some good news in cryptosphere.....considering that it would affect mainstream adoption positively.
Now with Privacy coins, a big draw is the fact that your transactions are anonymous and hidden, but there is no point in going with a privacy coin.
Now one coin I believe meets the criteria for really excelling is Veil Coin. It is allows its holders to earn rewards through staking today, and in the future, anonymously. It is also one of the fastest growing altcoins, so the community adoption certainly appears to be there, as a form of currency all around the world.
The main feature of veil is the VEIL coin. This platform use this coin as opposed to tokens because it doesn't need any fundraising programs to build its community. Even without all the supports that other platforms have, it still functions well beyond them and find it easy to spread this Innovation even though it didn't rise through the same program like others.
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Having both features on Veil makes the network more secure, have better privacy feature, better opportunities for miners and holders by mining and staking veil, and better potential for the coin to compete to the next generation of privacy coins.