VEIL – Privacy without Compromise

tissuesurgeon (34)in #cryptocurrency • 5 years ago (edited)

INTRODUCTION

The project VEIL is one of the highly and well-developed privacy coin which focuses mainly on security and privacy. With the help of this particular coin, all crypto transactions become invincible, cannot be followed and can’t be traced. To be the best the VEIL project uses the zerocoin protocol which is a protocol that prevents states, companies, organization and others from monitoring transactions. In using this, one can do his or her own crypto transfer and transaction in his or her own desired and still does not have to account to anyone.

Currently, the VEIL project is being listed on many exchange program and can take advantage of this by downloading the VEIL WALLET on to his or her computer or phone. Passive income such as Mining and Proof of Stake can be generated from this opportunity system. By allowing you to generate an anonymous income passively, the VEIL project also protects you from all dangers that come from outside. Thus, being in the case of one’s country, how when to do a money transfer or the amount of encryption, one does not know anyone.

SUMMARY OF WHAT VEIL IS

Even though when it comes to Blockchain where privacy and anonymity are seen as a case of contradiction against the actual transparency of blockchain, one can say embarking on financial transactions also requires anonymity and privacy. The issue of anonymity and privacy cannot be overlooked when it comes to increasing security measures on the blockchain.
With VEIL, its cryptocurrency will execute and implement a constant and total zero identity by also bringing about anonymity in crypto transactions on the blockchain. In using the VEIL cryptocurrency, should it be your public address or your transaction history, then one should not be worried since all this are kept hidden from the public on the blockchain network. All transaction details are done on both the receiver and the senders' end.
Because the financial history of transactions done is all hidden on VEIL, their sensitive details and information in regards to the wallet activities of the user involved are kept and secured from the reach of a third party or any other people operating and doing the transaction on the VEIL network. By using the zerocoin algorithm technique, the VEIL blockchain protocol make sure all users identity and their transactions are kept from the public chain on the blockchain.
The VEIL project also by the use of the RingCT algorithm brings privacy to transactions done by hiding the amount of cryptocurrency one sender sent to the other on the blockchain network. It helps by making visible the actual amount sent only between the sender and the receiver and not to any other parties on the blockchain network. This helps in strengthening the privacy and security of users.

The issue of hacking and attacking the user’s wallet is best curbed when using VEIL.
Some of the features of VEIL includes; running a proof of stake consensus algorithm along with side proof of work consensus algorithm. On Veil where a method of consensus has been adopted, all miner that cannot afford the energy requirement using their proof of work consensus can do their mining using their cryptocurrencies in staking to obtain proof of stake consensus.
It also ensures that those with great and deep ‘crypto wallet’ does not disrupt this whole process of consensus or grab all the reward for only themselves. Base on node capabilities in solving all calculations needed invalidating all transactions, it uses proof of work consensus which ensures earning rewards and validating records. On VEIL there is nothing like relying on ICO funds before realizing its developmental goals.