Blockchain and it's corresponding technologies have since its inception, been experiencing constant upgrade and various technological advancements. These upgrades have come in diverse areas, ranging from flexibility, platforms' standards interoperability, speed of transactions, security, platform user interface, etc. However, absolute privacy is still an issue with most cryptocurrencies since transaction carried out with them are often very traceable, and this is because the privacy on these platforms is most times surface level. In the digital world, privacy is not guaranteed as there are so many anomalies that could lead to a user's privacy been compromised. When it comes to cryptocurrencies, features supporting high-level security and privacy should not be undermined, and steps to protect the users' digital assets cannot be overemphasized.
One of tools Veil is employing is an innovative next generation technologies called ZEROCOIN PROTOCOL!
ZEROCOIN PROTOCOL AND THE VEIL PLATFORM
The Veil platform has the support of the Zerocoin protocol which places high priority on privacy. The Zerocoin protocol is based on zero-knowledge proofs, a cryptographic method which allows a computation to be proven to have taken place, without knowledge of its inputs and outputs. In the case of a cryptocurrency, this computation would be a value transaction, in which the sender, receiver and amount transacted can remain anonymous. Zerocoin protocol ensures the security of all transactions on the platform. It's newly implemented security features are not available with other rivals. This will allow the platform to secure the credit and debit card transactions whilst a high degree of transaction anonymity is being maintained.
One very fundamental attribute of investors, most especially the bigger ones, (or whales as they are fondly called in the cryptosphere) is that they get really scared as they acquire huge amounts of coins in their wallet. They usually have this fear, more like phobia, as though they know there are eyes watching and aiming to get to them to steal their coins. However, all of this only get better with platforms like Veil that stand as an anonymous system where these big sharks can disguise and keep making more money from investments. For these guys, anonymity and security of their investments is of paramount concern.
The Veil Project has the aim of making great features of security available for the investors in it to be covered and always have anonymity in all their dealings. This is an advanced network that brings security advantage to users such that no matter how much crypto coin is held by a particular investor, it wouldn't pose a threat to them because they will always be covered as long as veil stands. This platform being a zerocoin platform speaks a lot for itself as one that takes the security of users very seriously more than anything else seeing the havoc that is being caused by hackers in other weak systems. The advantage it has comes from the security infrastructures deployed and the way it makes users conduct anonymous transactions only.
The Veil network employs certain other revolutionary innovations to make their aim of anonymity and security come to fruition. It makes use of a dual consensus mechanism. To ensure decentralization, Veil utilizes a hybrid Proof-of-Work cum Proof-of-Stake consensus. The addition of hash power adds security to the network and ensures coins are distributed across the community. Additionally, the system’s evolution of the X16R hashing algorithm (proposed by Ravencoin), in the form of X16RT, is more resistant to ASIC development.
IN CONCLUSION:
To most cryptocurrencies, privacy is not really a big deal, they put little or no emphasis on the privacy of their user. A user is supposed to have unsolicited privacy as this is key for his privacy. Most users would not necessarily want the next person, even their family and friends, to know how much crypto they transact and chose to invest in cryptocurrencies, but some of the cryptocurrency platforms, for some reason, don't seem give enough thought to this, forgetting that the less anonymous they make the platform users and their transactions, the less secure these users feel when using their platforms. Veil has put in place Zerocoin protocol and other innovative technologies to give users true anonymity and sense of security without sentiment and compromise.
For more information about the Veil project, please don’t hesitate to click on the links below:
Website:
https://veil-project.com/
Facebook:
https://www.facebook.com/projectveil/
Reddit:
https://www.reddit.com/r/Veil/
Discord: https://discord.veil-project.com/
Telegram: https://t.me/VEILProject
Linkedin: https://www.linkedin.com/company/project-veil/
Twitter: https://twitter.com/projectveil
Ann Thread: https://bitcointalk.org/index.php?topic=5065331.0
Author's bitcointalk username: levi001
bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2472222;sa=summary
Veil Address: bv1q7jepghdpstnvgprk52zfzwygs65hq5g4ptj0u7
