WHAT YOU SHOULD KNOW
Blockchain is not only limited to a smart economy but in order to achieve the future promise by Ethereum and NEO through smart economies blockchain throughout the year, 2018 was cored to deliver an improve scalability. The end of it has not come since more project is beginning to adopt this and align with its focus. Value transfer and wealth storage mechanism is one the key functions of blockchain and through this people requires the use of anonymity which has led to the rise in privacy coin which has become a great pillar in cryptocurrencies. Due to the issue with scrambled scalability, the privacy aspect of blockchain has been side-line even though there have been a clear potential and demand for these privacy coins. Even though anonymity is the core foundational block of the blockchain, yet there is still more to be achieved within this space.
To establish a more or new generation privacy coin came together with the founder of PIVX and some of the most talented architects in blockchain to form a new blockchain project. This new project is called the VEIL project and this project seeks to deliver a friendlier privacy coin to the masses while integrating security of blockchain that is for privacy coins. The VEIL project is not a fund-raising one but rather has its core on research and development and also this particular project is self- funded by the founder, therefore does not make use of ICOs and IEOs. Thus, having one aim of delivering a more advanced privacy coin.
With privacy coin, their technologies are that of a complex one, which means that developing a novel infrastructure from the very beginning will lead to the use of an untested protocol. And in order to carry out their achievement, it is advisable to sit on the shoulder of another giant to carry this out.
Let look at some of the coins.
Zerocoin against zerocash
One has to know that the VEIL core technology uses the 0.17.1, version of bitcoin since bitcoin is the most secure coin known and VEIL integrate using the zerocoin protocol and the reason for using it is because, in the cryptographical circle, it happens that the zerocoin is one of the most cited in it academic circle rather than that of zerocash. The zerocoin after the time of been tested over and over stood against the eroding effect of time. Since it has been in the system for long it flaws has been amended but with the addition of the zkSNARKs seem of a novel approach, making it a bit of complex since just a few numbers of people are knowledgeable about it been tested and it been the limitations of a novel place on its security.
The dandelion protocol
This protocol is a layer of network specifically designed to maintain and ensure IP anonymity which happens to not be case in blockchain where there is a controller for many nodes or there is supper nodes which are connected a great number of nodes that can be map down t their IP addresses from it originating address through tracking their nodes receive first in transactions. Currently, TOR is what people rely on when it comes to the idea of keeping out IP address a more of anonymous. But this app can be congested. But with dandelion there, won't be the need TOR
Note that the zerocoin protocol uses two-coin state which is a basecoin and zerocoin. And since Bitcoin does not offer private transactions and it is transparent one can convert to zerocoin using the zero minting process which has a lot of people using base coin since the process of using minting is long.
The VEIL project by the addition of RintCT to it basecoin amends the caveat making all basecoin transactions a private one. This makes privacy the only innate state of the VEIL network. The VEIL network comes with a solution of making all network transaction an all-around private.
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/
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Veil Address: bv1qj7qkwd3qu29al7vd26g98uyfc0xex6mnucswh2
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