One of the giant strides of blockchain is its immutability. No one can edit or erase what is on the public ledger, but everyone can see it. But if you don’t want everyone seeing it, what do you do? You seek some form of privacy, right? Sadly, the blockchain strives on transparency, not discretion, so you are stuck between using a privacy provider to hide what’s important and the inherent risk of making the details of your information visible to anyone. While privacy providers exist, you either have to pay a premium for their services or look out for those that offer cheap services and their associated privacy which is anything but private.
The Veil Platform
One of the few quality privacy networks that put the interest of users above theirs – a difficult attribute to find in the crypto space – is Veil. The blockchain-based platform is bent on ensuring users don’t have to watch their back after making transactions.
Veil uses both Proof-of-Work and Proof-of-Stake in ensuring users don’t struggle just to enjoy the privacy of their transactions. The PoS provides an environment where decentralization and energy saving are apparent gains. PoW is all for a just platform where users are treated fairly especially while mining.
The privacy which Veil offers depends on the use of an anonymous token to make transactions. While this isn’t exactly a new concept since Zcoin offered that (as well as the inherent flaw of only select transactions enjoying privacy), Veil uses Dandelion++ and RingCT in addition to the Zerocoin protocol used by Zcoin. While the Zerocoin protocol uses a cryptographic approach in ensuring transaction details are private, it has a limit to the number of transactions possible. Currently, Veil has patched that by its multi-block transactions. Also, the protocol works with distinct denominations which aren’t exactly a bad idea.
The Veil platform intends to go beyond offering users privacy as it gives users the opportunity to earn a reward for staking their Veil token. Anyone interested in getting returns for just keeping their tokens has to do so in Zerocoin denominations, and this is geared at ensuring privacy is not an issue during the staking process.
Due to security concerns, we are often caught up in the need to back up our wallets and all its content. But this practice might become obsolete as the Veil platform has unleashed a wallet with a single deterministic seed which enable users to restore their wallet and the transactions recorded.
Owners of a full node can earn a decent wage in transaction fees if they are ready to collaborate with the Veil platform.
Like every project on the blockchain, Veil has a roadmap with details concerning the disbursement of tokens to ensure the success of the project while carrying users/investors along throughout the process. The PoW ensures this is done meticulously without any blunders.
Conclusion
With the Veil platform is up and running, the process of providing users with the privacy they seek is in progress. Doubts are been replaced by renewed vigor, and more people are jumping on the Veil wagon hoping to change their luck. Whether it all pans out as expected, remains hidden behind the tint of privacy.
Website: https://veil-project.com/
ANN Thread: https://bitcointalk.org/index.php?topic=5065331.0
Telegram: https://t.me/VEILProject
Reddit: https://www.reddit.com/r/veil
Linkedln: https://www.linkedin.com/company/project-veil/
Discord: https://discord.veil-project.com/
Writers information
Bitcointalk Username: knowelsB
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2439436;sa=summary
Veil Address: bv1qdgu7vjak0qe9xz8xhjphcg0q7a7d69es0c4qqx
