With the recurrent security challenges discussed around crypto groups, more people are worried about its impact on their assets within this virtual space. And you can’t possibly blame them. Most crypto-assets enjoy any form of patronage due to the hype surrounding blockchain and when a breach occurs, confidence is eroded, leaving asset prices slumping. In a nutshell, security preventive approaches are not given the necessary attention which shouldn’t be the case. Privacy is one of the ways through which many crypto platforms can tackle security concerns before they metamorphose into something scarier.
The Veil Platform
Privacy platforms are not as popular as the exchange platforms in the crypto space. This might not come as a surprise to you since you are probably wondering: What do I stand to lose if my transaction details are visible to everyone? Well to a shortsighted person, everything looks bland and nothing can possibly happen. But a hacker sees opportunity. The first thing a hacker does is to find out what a wallet has what, and he uses that information to harvest possible preys. Yes, now you know why privacy is important.
Veil provides users the opportunity to protect their transaction information from the prying eyes of intruders. The privacy platform leverages on the latest installment of the blockchain platform to provide some sort of secure environment for users to go about their transactions without any interference.
Apparently, Veil understands that the latest blockchain update isn’t enough to provide users with the privacy they need. With this in mind, the platform engages the use of Dandelion++, Zerocoin, and RingCT to guarantee users with the privacy they need. While each of these protocols has that unique attribute they bring to the privacy table, the Zerocoin is particularly dicey as Veil intends to end the use of the protocol very soon. One of the inefficiencies of the protocol is its pegging of possible transaction to a definite number. While Veil has found a way around this problem through its several block transactions which ensure users are not held back from making transactions due to the Zerocoin problem, the consensus is the protocol would be discarded soon enough.
It is not every day you see a platform that combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) effectively as the Veil does. Frankly, the PoS add tremendously to the usefulness of the platform as users are afforded the luxury of a decentralized network, fewer energy losses and the opportunity to get rewarded for staking. Who wouldn’t want that? I know I do. The PoW provides the privacy platform with the security and environment needed to ensure users are captivated by the mining opportunity offered. Veil intends to guarantee the safety of their mining service using the ASIC- resistant X16RT hashing algorithm.
Final Thoughts
The Veil strategy smells rosy from a distance, but you can't help but wonder if it is not all a pipedream. The project has all the feel of a properly done research but whether it stands the test of time is a different kettle of fish.
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
