How Veil Defies Norm To Deliver Uncompromised Privacy Through A Cutting-edge Technology

akeyboardwarrior (31)in #cryptocurency • 6 years ago

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Cryptocurency was developed as an asset with unique cryptographic architecture to securely and obscurely carry out transactions. Even bitcoin, the mother of all cryptocurrencies started as a currency in the dark web before surface web adoption. But is cryptocurrency entirely private? No! Addresses can be traced and usually indestructible. So, the idea of developing a coin with a one - time address to conceal transactions details and history emerged.

Moreno developed a technology that can create a one time address that breaks the link between the users and recepient but that doesn't mean that transactions histories can't be revealed to trusted parties by retrieving the stored data. This stored data can be huge and most times drags scalability which is a problem.

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Veil uses several stringent privacy technologies to improve coin privacy and build further on the developments of Monero and Zcoin. Veil employs zero knowledge proofs through Zerocoin protocol to hide all forms of transaction details between the sender and receiver.

By Dandelion protocol, transactions under veil network can't be traced back to its source. And by Bulletproof technology, Veil ensures that transaction sizes are reduced to barest minimum in bid to increase scalability a multiple folds which other privacy coins competing with Veil hardly offer.

Core Veil Features

“Virtual Currencies may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.”– Ben Bernanke (14th Chairman of the Federal Reserve, the Central Bank System of the United States)

I can't agree any less with what Ben Bernanke said because these are the hallmark of qualities Veil technology reflects.

On Security and Privacy, Veil employs the Zerocoin protocol and Ring CT to ensure that details of transaction between the sender and receiver is concealed within the network which keeps the value of transaction anonymous.

The veil platform operates on a fully funded budget right from the conceit of idea to present development. There is no premine or ICO and even with out these, there is ample resources to sustain research and future development. This is essential to keep veil relevant in the scheme of cryptocurrency and blockchain advancements since technology is forever transient.

Members of Cryptocurrency ecosystem can also earn passive income anonymously by subscribing to Veil network by simply staking some amount of Veil coins. Despite the fact that staking rewards are subject to various factors which influence value, I still find veil staking very rewarding because If you have 13,000 veil coins, you can get 50 veils everyday simply by leaving your wallet open. Sounds good to me.

Scalability is also one issue most cryptocurrency projects especially the privacy coins can't achieve, for example, Moreno developed a technology that can create a one time address that breaks the link between the users and recepient but that doesn't mean that transactions histories can't be revealed to trusted parties by retrieving the stored data. This stored data can be huge and most times drags scalability which is a problem. But how did Veil solve this?

By Dandelion protocol, transactions under veil network can't be traced back to its source due to its discrete denomination sizes And by Bulletproof technology, Veil ensures that transaction sizes are reduced to barest minimum to further improve scalability.

Final Thought

I have no doubt that Veil technology will make its mark in the privacy coin sector because it has the prerequisite to deliver a secure, scalable, rewarding and privacy coin. Through sustained self funding, developments on this project is expected to improve because it has an intelligent team with robust knowledge and experience on cryptocurrency and blockchain technology with keen interest in Research and Development. Kindly note this article expresses my understanding and view on the project. You can go through the resource materials listed below to garner a more elaborate view on veil technology.