Cryptocurrency has been puffed as the next big thing. Privacy concerns have always been an issue until cryptocurrency came on board. Have they fared well in this area? Your guess is as good as mine. Many platforms offer what’s considered pseudo-privacy – a false impression of anonymity. This is coming on the heels of several blockchain-based projects claiming to offer exemplary privacy protection but falling short tremendously.
Many users of cryptocurrency have information regarding their transaction information visible on the public blockchain. This shouldn’t be the case. Hackers can be lurking around and use this to their advantage.
VEILS'S ACTION PLAN
While many cryptocurrencies make claims without doing anything differently, the Veil platform appears to use a distinct actionable plan to salvage the privacy situation in the cryptocurrency world.
While most of the cryptocurrency platforms depend on older versions of the blockchain software, the Veil platform uses one of the most advanced forms – Bitcoin version 0.17.1. This ensures the security of the assets of users that use the platform. While this bitcoin version isn’t exactly new, it’s has been confirmed to be the most resilient of the many versions in existence.
One of the strengths of the Veil platform is its use of the Zerocoin protocol. This protocol uses cryptography to ensure the confirmation of transactions without offering any exact route regarding the arrival at such a destination. Apparently, the process of a transaction is shrouded in mystery thanks to this protocol.
The use of the Dandelion protocol improves on the privacy protection of the Veil platform. Using the recently updated Dandelion++ protocol, transactions on the blockchain are shielded from identification using a privacy graph. The source node responsible for the sending of the cryptocurrency is never revealed.
To ensure privacy protection is never ending and doesn’t stutter intermittently, the Veil platform incorporates the RingCT. While technology might be ever-changing, the Veil platform intends to keep up. The RingCT might seem more than enough, but the platform has a dedicated research development team to ensure progress is guaranteed.
Another landmark attribute of the Veil platform is its recognition of the impact of users and rewarding their effort. By staking, users are afforded the opportunity of getting rewarded for their participation. To avoid losing the privacy enjoyed by users, zerocoin denomination is brought into the mix.
One of the reasons why many experts are intrigued by the Veil platform is its intertwining of the favorable attributes of the proof-of-work and proof-of-stake systems. With such a combination, energy is more efficiently used, peak decentralization is attained and transparency is at a maximum.
Though the Veil platform will have mining activities enabled, this will be done in a well-ordered manner. Its proof-of-work system ensures coins are disbursed properly and securely without any problems. The use of the ASIC-resistant X16RT hashing algorithm adds another layer of security which users are provided with on the platform.
Final thoughts
With the hugely anticipated attributes of the Veil platform, we can only wish the numerous claims are actualized.
For more insight about this incredible platform(veil) do click on the link below
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