Privacy might not be getting the attention it deserves, but make no mistake, it is incredibly important. The security challenges making the rounds in the crypto space are beyond the palliative measures currently taken. Anonymity can protect investors from the harsh security realities of the virtual space, but only a small number of projects are seeing the opportunity.
The transparency of blockchain has been rubbed in our faces long enough. How about these armchair experts do something about its inherent security? After all, if investors keep losing their digital assets as is the case in recent times; transparency et al would come to naught.
VEIL PLATFORM
The cyberspace is filled with so many users, and a fraction of that number is looking to covet the resources of anyone. Finding their prey isn’t exactly difficult since privacy and anonymity are still considered a big deal in the 21st century. Veil is one of the few privacy platforms looking to tackle this menace using the preventive approach.
WHAT IS VEIL'S STRATEGY TOWARDS DELIVERING ON SUCH A LOFTY TARGET?
From the dictates of the Veil whitepaper, the blockchain-based platform uses several protocols like the Zerocoin, Dandelion and the RingCT to ensure anonymity becomes a regular practice which is much better than the VPN used by individuals in masking their location. While the Veil platform would be masking the source node of a sender using the Dandelion++ protocol, their gameplan is more about creating an anonymous token which would be untraceable. The Zerocoin protocol ensures the tokens are transacted without revealing the identities of the accounts involved. The limitations of the Zerocoin protocol including its maximum number of transaction clause have been rectified by the Veil platform.
Veil values the gains of the user, and it shows in the interactive nature of their platform. Contrary to what has become a norm in the crypto space – the money-driven mentality of many projects rather than being value-oriented – Veil is avoiding the bandwagon. Users are carried along, and the roadmap of milestones which is targeted at offering users more value is something that is unheard of within this space.
Having Proof-of-work and Proof-of-stake on a single platform is something rare but Veil appears to be exceptional at standing out. The benefits of these networks still go down to show Veil highly regards the user. With the PoW and PoS, users can enjoy decentralization, energy efficiency, mining, and staking within a single platform. And to ensure the mining experience is world-class, Veil uses the ASIC-resistant X16RT hashing algorithm to protect users and investors from external influence.
Summary
Regardless of how you feel about Veil, you just have to acknowledge their due diligence attitude. They have assessed the challenges that investors and possible users face, and without stopping there, they brainstormed on possible solutions, partnered with businesses that have the technology and delivered something close to an ideal. My only query with the Veil team is how they intend replacing Zerocoin as their official document says 2019 will see the breakdown of the collaboration between both enterprises.
To know more about veil, click on the link below.
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
