VEIL – Privacy without Compromise

tissuesurgeon (34)in #blockchain • 5 years ago

WHAT YOU NEED TO KNOW ABOUT VEIL

VEIL is one of the highly developed project and privacy coin with main focus on both security and privacy. Because it focuses on privacy and security, it allows all crypto transactions to become invincible and make sure it cannot be followed or traced. The VEIL project uses the zerocoin protocol, this protocol can help prevent countries, organizations, companies and others from monitoring all transactions.

One advantage of this project is that it is currently listed on many exchange platforms and programs. This allows people to have the advantage of downloading the VEIL WALLET onto their computers or mobile phones. There is a passive income such as mining and that of proof of stake to be generated from this opportunity system. VEIL allows people to generate a passive income anonymously and also protect you from all dangers that come from outside.one's country, where one is or when they do the transaction and how they do the transfer or the amount of encryption, one does not know anyone.

Blockchain is a place where privacy and anonymity become a case of contradictions when it comes against the actual transparency of blockchain itself, to me, embarking on a financial transaction requires privacy and anonymity. When it comes to the issue of security, privacy and anonymity can never be overlooked.
The VEIL project brings about anonymity in all crypto transactions on blockchain and also help implement a constant or what we call a total zero identity. One should not be worried about his or her public address or transaction history when using the VEIL cryptocurrency. this is because all this is kept from the public on the network of blockchain and also all transaction detail is fairly done on both the sender and the receivers end.
By hiding all transactions and financial history, the VEIL allows all sensitive information regarding one’s wallet and activities to be kept and secured from the reach of other participants or a third party also operating on the VEIL network.

The VEIL project uses an algorithm, which is the Zerocoin algorithm technique and the RingCT algorithm. The zerocoin algorithm technique helps by making sure all users identity and transactions done on the VEIL is kept from the public chain on blockchain.
The RingCT algorithm helps by hiding the transaction amount of cryptocurrency sent to one another on the blockchain network. But on the receiver and the sender's end, the actual amount is made visible. This brings about great strength in the security and privacy of its users. VEIL brings about the solution to the issue of hacking and attacking peoples account wallet.

On VEIL there’s also the proof of stake consensus algorithm which runs along with side proof of work consensus algorithm. With the miners who cannot pay or afford the energy requirement using the proof of work can also do their mining using their cryptocurrencies when it comes to staking to obtain their proof of work. This is all done because VEIL has adopted this method of consensus.
Another includes preventing those with deep crypto wallets from disrupting the whole process of this consensus or from grabbing all the rewards for themselves.