Introduction
In an attempt to bring prediction market protocol built on Ethereum; Veil was created to surpass Augur, Ox, and Ethereum. Veil is the privacy coin of all the privacy coin that make Augur’s platform accessible to mainstream users through easy use of interfaces for faster and cheaper transaction. Today, Veil has been launched on mainnet, driving massive momentum for its Rep token though it's not available to users in the United States, Cuba, Syria, North Korea or any area with restrictive crypto trading laws.
Facts about Veil
In Jan 15, veil was launched following the idea of its founder James Burden who is also the founder of PivX. It was developed as the better version of PivX with a mixture of Monero tech to develop the best privacy coin. Monero at the time, as well as today, has decent privacy, but not as good as it can be, so both technologies were merged to form a best-in-class anonymity technology and a cryptocurrcy that provides uncompromising, always-on privacy.
Veil concieves a future where millions of people create and trade in millions of market and this prediction is based on four categories:
Crypto derivatives – When in needs a bitcoin ETF, Veil makes it possible to “buy leveraged long or short exposure to popular cryptoassets.”
Ethereum network hedging – Veil also has crypto miners in their sights and have launched a feed to “track the 24-hour rolling hashrate on Ethereum.”
Grin markets – Grin is a private Mimblewimble cryptocurrency whose mainnet launches on the same day that Veil goes live on the Ethereum mainnet.
Academy Awards markets – This one is a reflection of the movie buffs that make up the Veil team. Given their affection for award shows, they might want to think about a market for who ends up hosting the Oscars.
Some benefits of Veil
Here is some benefit of using Veil over Augur:
Placing bets without paying gas fees and instant settlement for users whose feature is supported.
Veil purchases the shares from users and then redeems those shares directly from Augur without any sort of delay yet on a flat rate of 1%.
Veil makes it betting easy, it makes sporting a user interface much faster and easier to bet on a limited number of topics.
Veil enables zercoin that transfers visible coins, minting another coin, dividing it into different denominations, and then received by the receiver with no direct contact from the sender because it would come into your wallet in form of a different coin in different denominations but with the same value.
Veil also supports Zerocash-A technology that aims to ensure privacy for users in the bitcoin network. It is the initial version of ZeroCash protocol, the technology that is now used by ZCash.
It also supports Ring Confidential Transactions-a Ring signature algorithm implemented in Monero. With ringCT, only the sender and receiver know the value being transferred. All the rest see only the already multiplied values so they can check that there’s no cheating, but they don’t know the value, so they can’t tell the exact amounts involved.
Bulletproof. Privacy wise, one could say Veil is in the same level as Monero and ZCash but with no exposure.
