UNDERSTANDING HOW VEIL IS DIFFERENT
Believing in the revolutionary goal of blockchain comes with the attainment of what these beliefs sought after and of this is PRIVACY, which is one of the pillars of the crypto space.
Today's world is such that people willingly pass on their most private information for convenience but let not also forget those that are well conscious of their privacy and does not follow the trend. One has to know that in terms of blockchain and cryptocurrency privacy is much more needed.
Research into private cryptographical interactions has been primarily fixed on zero-coin protocols which have a layer of advancement. Dash, monero, zerocash are well-known cryptocurrencies which are to serve as the solutions to this problem.
This coin in competing to hold the crown of privacy are Dash and monero which are with the highest market cap but after the great audience of members and a community of users they attracted, their success somehow hinges even though they both have an effective protocol to deliver effective privacy solution but one can say there is nothing like a perfect privacy coin.
MONERO- it has a unique and great infrastructure that infuses ring signatures and crypto note where it also provides defect privacy for all transactions done without a mixer. And let not forget that this platform secures and ensures that all trade and transactions amount is hidden. Even though all this has been said one can not forget the negative side of monero where transactions that are heavy therefore requires a great number of time waiting for it to be processed. And another issue is that since it hides the transaction value it hinders supply audit and this can also lead to excess coin mining which could be unnoticed.
DASH-the dash masternode has various roles, it functions as a mixture on the behalf of its users but one has to know that since the mixer works on the behalf of users, user’s information’s are acquired easily and also transaction links are not broken which is dangerous.
ZCASH- it has a cryptographical mechanism and utilizes a zkSNARKS with an advanced nature which due to it novelty is still in the experimental stage. This technology allows transactions anonymity and also breaks transaction links which shows its more scalable than the competition battle-tested RSA Factoring but because of its advanced nature, only a few people can address the system advancement. And because of transaction anonymity, emission of an excess coin can go unnoticed which is the same case in MONERO
ZCOIN- using the zerocoin protocol which utilizes the battle-tested RSA Factoring and also has the benefit of being the most tested or research technology. The transaction here is done through zcoin or by using the basecoin protocol. On Zcoin where they provide anonymous cryptocurrencies, there is visibility on Basecoin in all it networks transactions volumes. This shows there is no perfect coin.
Looking at them all, one can say they all have their good and bad sides. Dash by integrating masternodes for mixing is one of the most scalable networks while Monero in the attempt to of skipping Dash caveat led to it having a very slow transaction thus provides not a mean to audit supply.
In aiming to act and build upon the existing privacy coin the VEIL project therefore along with MONERO RingCT mechanism for all basecoin integrates a Zerocoin as well.
In pursuit of the best privacy coin, the veil lab and team consisting of blockchain architect and developers aim to deliver a more practical privacy coin which is the VEIL. It utilizes the Zerocoin protocol and does not put the network at any risk since it not dabbled with experiments. The existence of the Veil lab is to ensure that all existing applications caveat using the Zerocoin protocol are solved and addressed. All coins within the VEIL network and community will also have their privacy feature making users be able to do transactions anonymously with Basecoin since they can avoid minting VEIL from Basecoin. To ensure minting isn’t seen as a burden which is the goal of VEIL, it allows the VEIL lab to allow users to do the transaction in multi-blocks. This addresses the current currency problem with mint allowing zerocoin transaction in a fixed denomination.
Having the final milestone of delivering privacy coin users experience and shows that the masses are ready to adopt willingly. If crypto users and enthusiast are the concern or not about this privacy issue, when there is scalability and it is easy to use by the masses then this protocol serves as a convenient means of transactions.
Most blockchain project mainly overlooks the issue of addressing the users experience which is a key factor. But the VEIL project takes all into consideration and brings about a more user-friendly project which is for the masses which is what blockchain today currently needs.
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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