It goes without saying that privacy of ones data is becoming a big deal these days.
The blockchain technology is growing exponentially and that is without doubt but the growth could be much more if some of bottlenecks that seems to be limiting the continuous growth of the blockchain technology are solved.
One of such bottlenecks is the security issue.
The present blockchain structure makes it possible for transaction to be traced to the sender .
The transaction history of users seems to be available to anyone at a click away. I believe this issue could be a turn off to potential investors ,which in turn decreases adoption rate of the blockchain technology.
As users would not be happy to know that their transactions are available to just anyone who is interested in knowing their movements.
The tracebility of transactions provides a leeway for hackers to obtain information about which wallet to compromise. The big players in cryptosphere has been at the receiving end of this malicious acts.
These transaction data when enters into the wrong hands could be used to harm users or even taint their reputations.
Some projects have tried to solve this privacy concern of the blockchain ,even though they did their best but the issue still lingers as the privacy solutions provided by these projects does not quarantee 100% untraceability of transactions on the blockchain.
Zcoin was the first privacy coin , zcoin's commitment to provide a solution to the privacy issues as related to transactions on the blockchain introduced minting and zero knowledge proofs .
The minting and zero knowledge proofs is a process whereby the original coins are discarded by burning or minting, then are sent to an address and the new coins minted are subsequently redeemed , which clears off any trace of transaction history.
Monero came in with it's own model of making transactions untraceable .
What the the monero model does is to mix individual transactions with other users transaction in order to conceal the identity of the wallet addresses and making it difficult to Know the owners of the wallet addresses through the ring signature technology.
This model has not been 100% effective in bringing untraceability as transactions can still be traced to the sender.
Technology has made it possible and given the third party the right to monitor and use users transaction history.
I think for the continuous growth and mainstream adoption of the blockchain technology, users should have the right to own their data as well as choosing who sees same.
Introducing Veil, the first zero based crypto with always on privacy.
Why Veil you may ask?
Veil would provide a one stop solution by combining cutting edge technologies with the aim to imoroving upon the solutions provided by other privacy coins.
It would combine the world's most secure blockchain software, bitcoin version 0.17.1 together with the advanced cryptography based privacy protocol zerocoin and the dandelion protocol.
With this combination, the untraceability of transactions on the blockchain is guaranteed....which could build users trust while fostering mainstream adoption.
Veil seeks to add RingCT privacy from Partici to it's basecoin transactions ..this is to ensure that all transactions on the veil network is annonymous as ever .
Veil would adopt bullet proof technology to ensure minimal transactions on the veil's network.
The Dandelion technology, the IP address of a user carrying out than action on the network is concealed.
Dandelion adds additional layer of secrecy.
To ensure full transaction annonymity on veil network, the veil project would leverage off the expertise and experience of well regarded blockchain developer Presstab Leads and other developers like Random . Zebra, Maller Mary etc .
With the veil privacy coins, the activities of hackers would be reduced drastically.
As it stands , the veil privacy coins have an edge over other privacy coins considerin the level of solution being proposed .
With veil privacy coin ,privacy of transactions are guaranteed,asno one would be able to view, monitor or trace transactions to the sender as obtains in the present blockchain structure.
This will inadvertently build trust among users , increase use participation which would accelerate the blockchain adoption.
Complete uncompromized privacy is possible with the veil privacy coin.
For more information
Website https://veil-project.com/
Reddit https://www.reddit.com/r/veil
ANN Threadhttps://bitcointalk.org/index.php?topic=5065331.0
Telegram https://t.me/VEILProject
Discord https://discord.veil-project.com/
Linkedlnhttps://www.linkedin.com/company/project-veil/see
Author's Bitcointalk Profile:
https://bitcointalk.org/index.php?action=profile;u=2170547
Wallet address: bv1qfcklnghkmkk69ghtmz6mtnj2jgv6dvt5m979at
I believe that veil privacy coin have an edge over other privacy coins considering the technologies they tend combining for a full privacy of transactions on the blockchain.
One of the major problems users are facing on the Crypto space is lack of privacy on their transactions but with the concept Veil has for people being the first zerocoin based coin with uncomprised privacy, am definitely sure more people will get to utilize the platform.
The major purpose for blockchain technology is ensuring privacy and fungibility. Veil to ensure 101% anonymity and fungibility of transactions through its blockchain.
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https://steemit.com/blockchain/@nnedaddy1/veil-aims-to-providing-complete-privacy-without-compromise-through-the-combination-of-cutting-edge-technologies
Veil platform will revolutionize the blockchain industry and make it more private and anonymous. Users can perform transactions without worrying about prying eyes.