INTRODUCTION
Satoshi Nakamoto developed Bitcoin with an idea of building a peer to peer Electronic cash system which would be used by millions of people around the world for everyday transactions, taking the power away from centralized banks who don’t have the best interests of their clients in mind. The fast growth of cryptocurrency is one of the major important transition to be recorded in the history of mankind, its emergence is one of the best for our economy.
The very road leading to this great technology called cryptocurrency has been laid for about 10 years ago when most firms became non-public by leaving exchanges. Its first public capital offering unexpectedly and actually decreased. Requirements in relation to what regulators needs for the public firm have increased due to the fact that these firms in various ways have increase speeding to meet the various requirements. Even with the successful nature of Bitcoin, it has strayed from its intended purpose and transactions made on the Bitcoin blockchain network are no longer anonymous as the open ledger presents the most transparent payment history of any financial system to date. Although there are no identity details directly attached to these crypto wallets, there are still ways users can take to ensure their privacy. Looking at the current state of the Bitcoin blockchain network, most transactions made on the network are public and people can easily view or see a particular transfer or transaction of individual members of this blockchain network. This changes everything about Bitcoin, thus violating the principle of providing anonymity and privacy when making transactions on the blockchain network. Due to this change in nature of the Bitcoin blockchain network, a team of crypto Enthusiasts decide to develop a crypto coin and a project that will provide total anonymity and privacy where transactions made on their blockchain network can’t be seen by anybody on this network. This project intends to provide a complete anonymous environment where users have complete confidentiality that their transaction details will not be seen by everybody. Veil is the name of the project which intends to provide the complete anonymous environment which will ensure privacy and anonymity.
The Veil project was conceived to provide the crypto ecosystem with a private cryptocurrency which will provide a full level and experience of anonymity which surpass any privacy coins available or ever developed into the crypto ecosystem. Veil blockchain network is based on the Bitcoin protocol algorithm version 0.17.1 and Zerocoin protocol which uses two coins known as Basecoin and Zerocoin with each providing a specific purpose to improve privacy and anonymity. The Zerocoin protocol used in the veil blockchain network is further combined with RingCT technology which helps provide full level privacy and anonymity on the Veil network. The main reason behind why the Veil team decide to use zerocoin protocol is because it is considered as one of the most cited in the academic circles of cryptography and this protocol has been tested from time to time and has shown to be a reliable protocol so far privacy is concern. This protocol ensures that the Veil network does not experience any form of challenges during any transactions made of the blockchain network.
How are transactions anonymous and private on the Veil Blockchain Network?
Anonymity and privacy are the main driving focus for the creation of the Veil Blockchain Network and the Veil Coin. In order to achieve these, the team behind the veil project decided to use Zerocoin protocol in conjunction with Bitcoin algorithm version 0.17.1. The zerocoin protocol uses two coins which are Basecoin and Zerocoin.
To further improve on the level of privacy and anonymity, the veil blockchain network has the RingCT protocol added to its Basecoin transactions which increases the privacy nature of all transactions made on the network.
Another key feature that makes the Veil Network different is the integration of proof-of-work (PoW) and Proof-of-Stake (PoS) consensus algorithm systems. The Proof-of-Stake system ensures that there is maximum decentralization, energy efficiency and also provide a system for Veil holders to earn rewards through Staking of their Veil coin.
The veil is a project that focuses on improving the state of privacy by creating a secure, anonymous coin that will provide full-time privacy and offers user experience suited to the masses.
This nature of the Veil Network cleverly makes it possible for users to pack multi-block transactions without thinking about how public the blockchain network is. This project will provide the crypto ecosystem with a private cryptocurrency which provides the full level and experience of anonymity and anonymity level which will surpass any privacy coin available in the crypto space.
For more information about this project, Visit the links below;
Website: https://veil-project.com/
Reddit: https://www.reddit.com/r/veil
ANN Thread: https://bitcointalk.org/index.php?topic=5065331.0
Telegram: https://t.me/VEILProject
Discord: https://discord.veil-project.com/
Linkedln: https://www.linkedin.com/company/project-veil
Created by
Veil Address: bv1qj7qkwd3qu29al7vd26g98uyfc0xex6mnucswh2
I just hope the Veil coin is the real deal. A lot of cryptocurrencies have presented similar idea of providing privacy but majority failed to do so. I will keep my eyes on this project to see if they can really bring privacy into the crypto space.
Thanks for acknowledging the transformation Veil is bring into the crypto Space.
Great write up mate. But i am sure you heard of this vulnerability of the zerocoin blockchain that recently occurred, How has the team prepared for this. Has there been any update of the veil wallet or a change of blockchain to increase its security. Please enlighten me on this!
Thanks
In order to understand everything about how secured the veil wallet is, you should visit their website . All the info you need regarding the security of the veil platform can be found there.