Cryptocurrency has been puffed as the next big thing. Privacy concerns have always been an issue until cryptocurrency came on board. Have they fared well in this area? Your guess is as good as mine. Many platforms offer what’s considered pseudo-privacy – a false impression of anonymity. This is coming on the heels of several blockchain-based projects claiming to offer exemplary privacy protection but falling short tremendously.
Many users of cryptocurrency have information regarding their transaction information visible on the public blockchain. This shouldn’t be the case. Hackers can be lurking around and use this to their advantage.
VEILS'S ACTION PLAN
While many cryptocurrencies make claims without doing anything differently, the Veil platform appears to use a distinct actionable plan to salvage the privacy situation in the cryptocurrency world.
While most of the cryptocurrency platforms depend on older versions of the blockchain software, the Veil platform uses one of the most advanced forms – Bitcoin version 0.17.1. This ensures the security of the assets of users that use the platform. While this bitcoin version isn’t exactly new, it’s has been confirmed to be the most resilient of the many versions in existence.
One of the strengths of the Veil platform is its use of the Zerocoin protocol. This protocol uses cryptography to ensure the confirmation of transactions without offering any exact route regarding the arrival at such a destination. Apparently, the process of a transaction is shrouded in mystery thanks to this protocol.
The use of the Dandelion protocol improves on the privacy protection of the Veil platform. Using the recently updated Dandelion++ protocol, transactions on the blockchain are shielded from identification using a privacy graph. The source node responsible for the sending of the cryptocurrency is never revealed.
To ensure privacy protection is never ending and doesn’t stutter intermittently, the Veil platform incorporates the RingCT. While technology might be ever-changing, the Veil platform intends to keep up. The RingCT might seem more than enough, but the platform has a dedicated research development team to ensure progress is guaranteed.
Another landmark attribute of the Veil platform is its recognition of the impact of users and rewarding their effort. By staking, users are afforded the opportunity of getting rewarded for their participation. To avoid losing the privacy enjoyed by users, zerocoin denomination is brought into the mix.
One of the reasons why many experts are intrigued by the Veil platform is its intertwining of the favorable attributes of the proof-of-work and proof-of-stake systems. With such a combination, energy is more efficiently used, peak decentralization is attained and transparency is at a maximum.
Though the Veil platform will have mining activities enabled, this will be done in a well-ordered manner. Its proof-of-work system ensures coins are disbursed properly and securely without any problems. The use of the ASIC-resistant X16RT hashing algorithm adds another layer of security which users are provided with on the platform.
Final thoughts
With the hugely anticipated attributes of the Veil platform, we can only wish the numerous claims are actualized.
For more insight about this incredible platform(veil) do click on the link 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/
AUTHOR'S DETAILS
Bitcointalk Username: Chika08
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2107609
Veil Address: bv1qs4dwgjczk2h6qqgpjdazf4zjvfpsr7yqf5h06r
Thank you very much for this information, the project looks great
Thanks for apppreciating veil.
My excitement was great when I came across this project. Nice job
Yes dearv@Chomsy..the project is great.
This is actually great..i love the fact it entails security which is actually needed in crypto world and the new version is amazing..looking forward for the best from this platform ..
Waoo....i really do love the concept and would be ready to invest. The project is unique. Please where can i get the tokens?
Thanks @makdon. Veil is listed on so many exchanges that i cant mention all here..i would appreciate you visit the twitter page at https://twitter.com/projectveil. They do announce every trading there. Thanks
From my own DYOR. This project seem good especially with its use case. Only if the team wont relent. My eyes already on the project.
Thanks @adaoramma, veil platform have up and doing able team with mind blowing features. You can aswell visit the telegram group, website, twitter and the aformentioned links to have more insight about veil.
The platform intention is actually cool!! But trust what is being stated would be actualised because we have seen a lot of promises which ended up being stories? I hope this would bring the renovation when it comes to security in this phase of fears we are in? Thanks I really to like the concept...I'm impressed. Expecting the best.
The project is already trading and another good news is the new released a new version 1.0.2.0 which ensures all users assets are save and secured. This is actually a dream come through. Thanks assured for your question and i do hope my answer didnt confuse you rather convinced you that veil is top notch.
I came across this project the first time on bitcointalk. Among the first 10 rated projects. What got my enticed more to the project is its partnership with Zerocoin and RingCt. These two projects are beasts when it comes to providing uncompromised privacy and security on the space. I hope the expectations are met.
Waoo...pretty good...shows you are actually following the project. The team are trying to build veil to that expected heights where users experience privacy and security...thanks once more..look out for more amazing features of veil..keep following them up..always visit website and social media so you wont miss out.