Many years ago, only a few people believed that digital assets were worth an investment. Regrets soon set in when incessant hacks that led to the loss of funds began to gain dominance in the sphere of things. To that end, different security measures have been developed to curtail the rising menace in the crypto-sphere. It seems that a reliable solution has been attained at last as the crypto community welcomes the launch of a new project – VEIL.
What is it all about?
As the name signifies, it is here to create an enabling ecosystem where transactions with digital currencies would thrive without threats to the information of users. The proposed set of solutions is largely feasible. Hence, Veil is a viable project that would get many investors to itself when it hits the ground running with its solutions.
Dual Security
No platform can work or achieve its goals without gaining the trust of expected users. Given the fact that it promises to solve inherent problems with privacy coins, Veil needs to leave up to expectations by implementing the right frameworks. This was the reason why it uses two privacy protocols.
This hybrid consensus mechanism that comprises Proof-of-Stake and Proof-of-Work utilize the X16RT mining algorithm to ensure completion of a transaction within a minute (60 seconds). This is not all there is to them because they merge to provide maximum security every time.
Non-Traceability
Before now, there was a nagging problem that bordered on the tendencies of tracing a transaction to its source node. This is just the idea behind the Dandelion protocol, which is in place to obfuscate the details of the sender. It also ensures that the source of a transaction is not available to anyone.
Earning Opportunity
There’s no gainsaying the fact that rewards/incentives go the extra mile to stimulate more actions from the target audience. Veil takes advantage of this to empower the coin’s users to earn token rewards by “staking”.
Defense against Multiple Spending
Multiple spending is an issue that is dominant in crypto coins, and only a few were able to beat it to the game. Given its fostering on the Zerocoin protocol, Veil opted to create a defense mechanism to reduce transaction costs and speed up the process as well.
The idea behind this multiple spending on transactions is to break them down any time more than 20 Zerocoin denominations are sent over the network. Doing so also brings about a reduction in the processing fee.
Cheaper Transactions
In addition to the workings of the double spending structure, Veil also implements a Bulletproof technology as a means to cut down on the size of a block. On the overage, it is able to reduce an initial block size of 20 kilobytes by 45%. Hence, a reduced block size also translates to lower fees.
VEIL IS ON COINMARKETCAP
Trade VEIL on the exchanges below
Click here 👉 https://coinmarketcap.com/currencies/veil/#markets
See preview of markets/exchanges :
Privacy is Assured
With the wide variety of solutions to the fragments in current structures of privacy coins, it’s obvious that Veil has something new to offer. If massive adoptions were implemented, the coin and its underlying architectures would certainly achieve the set purpose.
To know more about this mind-blowing project, visit the links below
Website : https://veil-project.com
Discord : https://discord.gg/Ywyb9hs
VEIL Explorer : https://explorer.veil-project.com
GitHub : https://github.com/Veil-Project/veil
Telegram group : https://t.me/VEILProject
Twitter : https://twitter.com/projectveil
WRITER'S INFORMATION
Bitcointalk username : deodivine1
Bitcointalk profile : https://bitcointalk.org/index.php?action=profile;u=1390292
VEIL ADDRESS:
bv1qm7l3cdyr6x3ug65rk63lxz8jn5rq5fag9pzuyt
I'm a fan of VEIL because aside the privacy and security features, it also focus on low transaction cost plus staking function. I read your article voraciously. Between stex and vinex, where do you think Veil has higher volume?
Thanks. VINEX has more volume comparatively, but you can trade on the listed exchanges.