Everyone involved in the crypto money circles first learns how they provide a free environment. Elements such as anonymity, speed, irrevocability (!) Attract attention first and the person finds himself in an incredibly different economic environment. This is the first period in which people are generally covered with superficial information.
Then, it is discovered that almost all types of crypto assets, especially Bitcoin, are far from true anonymity. Of course, for this to happen, one must be open to learning. Otherwise, without dealing with the technical part of the business, you cannot just come to this point.
This is where we come across a protocol that will satisfy people who want privacy from crypto assets: Zerocoin.
Zerocoin is not very different from Bitcoin. The difference is that the records that are made while sending and receiving are eliminated with the help of minting. That is, the procedure is essentially the same as that of Bitcoin. However, when sending Bitcoin, the public ledger section where the transmission is processed is destroyed by minting the Zcoins to Zerocoin. Thus, total anonymity is ensured.
Why did I tell you about the Zerocoin protocol? Because the Veil project, which is the subject of the article, is a project based on Zerocoin protocol.
What makes Veil different when there is already a product like Zcoin? Now let's talk about this point.
Veil's Differences
In fact, for the Veil project, it would not be wrong to say that it is a combination that brings together the most advanced crypto software in the world to provide the most advanced privacy. Bitcoin 0.17.1 version, which is the most reliable blockchain software available, is combined with Zerocoin protocol and the result is reinforced with RingCT technology.
• The code base of the Veil project is Bitcoin, which has proven its reliability for ten years. Bitcoin development means the development of the project in parallel.
• Zerocoin is an upgraded version of a project, that is Monero, the ancestor of privacy-based coins. It is unclear in what circumstances the privacy of Monero would dissolve. Zerocoin provides an alternative solution for this equivocacy.
• Although it provides full privacy, Zerocoin also has a problem of its own. The problem is that all submissions are not anonymous, only anonymity occurs in certain transmissions. The solution to this problem is improved RingCT technology.
• Zerocoin has also another positive side called zero-knowledge proof. In short, the zero-knowledge proof is a calculation of without knowing input and output. I guess it was pretty clear by the definition.
• With the help of Dandelion protocol, the transaction in the network is almost completely impossible to trace, while the Bulletproof technology ensures that the smallest transaction is ensured.
Final Words
It is easy to argue that it is a privacy coin. The technical details on the paper may indicate this. But there are also facts. Do you think that the team of the Veil project brought together many different technologies because they wanted it? The answer is of course not. The reason they do so is that they should want to put in a confidentiality coin that will provide complete privacy. Not at random times. Anytime and seamless privacy. When you see the effectiveness and helpfulness of his team, you will also understand how deep the project is. Thank you for taking the time and reading.
For more details, please visit the project links or watch the video below
DISCLAIMER
This article is not meant to give commercial or any other kind of advice. It is just an informative text at all.
Always DYOR
Veil Basecoin Address: bv1qrz5gyk2l0wgm9w2ztyw43tzft60tdsv0drdqd4
Steem Account: @hopelivescr
Edit: User has verified authorship.
Veil is one of those projects combining the power of blockchain with privacy.
I believe that this team will achieve a truly successful and confidential crypto
İt looks so unique and different project. For future it will be perfect The team is working on pivx project
I think privacy is the most important value in our modern world and the key issue for all projects and platforms on the internet. And Veil seems like realized that. It is possible to attract so many people because of that.
The user-friendly platform will provide benefits to the crypto community, from advanced wallet interfaces to storage space savings.
Good idea feature of Veil is a sentence. The veil network will work in the hybrid proof-of-work (pow) and Proof-of-Stack (POS) system.
Veil has a huge impact to change all the crypto world with a brand new privacy coin.
Privacy is one of the most important things for us in our lifes. I think Veil can handle it their innovative solutions.
The project has a very solid foundation, so I recommend that it be carefully monitored.
Combining efficient privacy technologies such as Zerocoin, RingCt protocols and Bitcoin's Dandelion protocol etc, Veil is capable of surpassing other existing privacy coins.