VEIL: Privacy That Can Not Be Compromise

livingstone9 (31)in #ico • 5 years ago (edited)

Hello readers today i have brought to you an integrating best-in-class anonymity technologies to become the first cryptocurrency that provides uncompromising called VEIL, that is always-on privacy.

Some little Hint about this project was conceived in early 2018 by James Burden, a recognized industry expert in crypto-privacy and holding a track record of founding and leading successful cryptocurrency projects like PIVX. The motivation for the project was recognition of the need for a currency that provided full-time privacy without compromising strength of anonymity.

Video Intro:

Veil’s Hybrid Mechanism

The system is one of the factors that propel the success of every crypto project. In its case, Veil Technology, in its bid to bring revolution and full-scale privacy to crypto coins, opted for a hybrid consensus mechanism.

Featuring the productive Proof-of-Stake (PoS) and Proof-of-Work (PoW) consensus mechanisms, the project aims at providing full-scale security and boosting mining activities on its network. The PoS consensus, in particular, triggers a reward mechanism that tips participants with the Veil coin after staking in the mining pool. On its part, the PoW consensus mechanism makes use of the ASIC-Resistant X16RT hashing algorithm to secure the platform. It also ensures an even distribution of coins.

. ZeroCoin Protocol
. Ring Confidential Transactions (RingCT)
. BulletProofs
. X16RT Mining Algo

There’s no doubt that the goal of this project is to institute a crypto coin that will be more secure than competing coins. For this reason, it utilizes Zerocoin, a cryptography-based privacy protocol. Furthermore, it takes advantage of the maximum security offered by the Bitcoin v0.17.1 to provide optimum security of the platform and the underlying digital assets.

Coming over to the functionalities of these privacy components of the project, it’s important to note that Veil Technology has an eye for details. That’s why it went for the best cryptographic privacy technologies that can help in the actualization of its goals.

The Zerocoin has similarity to the Zero-Knowledge Succinct Non-Interactive of Knowledge (zk-SNARKS) technology. This is because of its ability to cover the details of the transacting parties (sender and receiver), and the transaction itself. On its part, the Bitcoin v0.17.1 blockchain software protects the platform against external attacks. It also has a tendency to resist attacks from quantum computers.

By what am seen is that Veil has one of the best practices in privacy technology available with great currency specifications for transactions.

Veil Technology

The technology stack includes a combination of the Zerocoin protocol, RingCT, Dandelion, and Bulletproofs. Let’s briefly dive in to understand how Veil incorporates these.

<> Anti-Asic mining algo
<> Bitcoin Core Base
<> 60 second block-times

Letss talk of one or two of this veil technology

Bitcoin Core 0.17.1: The Veil project uses Bitcoin Core 0.17.1 software, the most advanced software. This software is the most up-to-date software in the current system. And security vulnerabilities have been minimized and firewalls have been maximized.

Zerocoin protocol: This protocol is the most secure protocol for the anonymous processing of money. Thanks to this protocol, you can perform all of your operations anonymously and untraceable. With this system, which is the common preference of all known security coins, you can be sure that your digital assets are in safe hands.

WHAT MAKES ZEROCOIN PRIVATE?

They major advocates of the Zerocoin protocol. i will briefly explain how this process works.

There is the process of minting basecoins into zerocoins and then the process of spending zerocoins.

Zerocoin Minting. The minting process begins by burning basecoins and generating a serial number which represents the value of those basecoins — let’s say 10 basecoins are minted into 1 Zerocoin denomination of veil. In this case, 10 basecoins are burned and there is a serial number created representing those 10 basecoins as 1 Zerocoin denomination. The user then takes this serial number and cryptographically commits it to the blockchain.

A common way to visualize this cryptographic commitment of the serial number is by pretending the serial number is a message placed in a locked box. You put the lockbox up publicly for the network to see (this is committing it to the blockchain). Your lockbox looks like everyone else’s and no one knows whose box belongs to who. Only each individual owner can open their own lockbox if they have the proper private key. The network merely knows that there are a bunch of lockboxes representing burned coins.

Zerocoin Spending. Next, you want to send someone veil, hence, you want to spend zerocoins. To gain access to your lockbox, you must prove that you have the key to open it. Cryptographically, in terms of the blockchain, this proving process is done through zero-knowledge proofs where you can prove to the network that you opened a box. You do not show the contents of the box, or even which box was yours. In essence, the Zerocoin mint and spending action allows the network to confirm that the person who spent the zerocoins must be the same person who minted them, and the serial number is marked as used.

Be for i will drop my pan, Veil Technology takes advantage of the Dandelion Protocol to remove the traces of a transaction. This works in unison with the Zerocoin protocol to make it hard to trace the source of a transaction within the network.

If your a Miner place to look for mining VEIL?

VEIL uses the new modified algorithm X16rt and can be mined at the pools
Veilmine - https://veilmine.com/
Suprnova - https://veil.suprnova.cc

Not a Miner?

VEIL is trading at these exchanges
Vinex: https://vinex.network/market/BTC_VEIL
STEX: https://app.stex.com/en/basic-trade/pair/BTC/VEIL/1D
Graviex: https://graviex.net/markets/veilbtc

The Teams of this great project