Perhaps the period when cryptocurrency was considered a cash cow is behind us, but investors remain pumped about the future of their investment. Large volumes of trades are still the routine on exchange platforms. Only recently, one of the biggest exchange platforms, Binance was hacked, and a significant amount of investor funds was lost. While Binance was able to survive this misfortune due to its financial capacity, many other platforms would have buckled under the challenge. Funny enough, problems like this would have been avoided if sufficient privacy involved. But are there any privacy platforms that are capable of offering the service exchange sites like Binance would require? I am not sure. This is where the problem truly lies.
Veil’s Game Plan
With not many platforms doing enough to address the privacy concerns in the crypto-space, Veil has thrown its hat in the ring. And this is a great move for the sector as the privacy platform has made some incredible decisions are bound to be applauded even by the most rigid critic.
Veil understands the importance of security during transactions on the blockchain, and one of the ways the privacy platform intends to gird its loins for the task ahead is by operating on the latest blockchain software. As with most updates, the bitcoin version 0.17.1, which the Veil platform is currently operating on, offers users a more secure digital environment.
Many innovative projects have failed to survive the turbulent digital terrain for egotistical reasons and/or greed. Thankfully, Veil isn’t plying that road as the platform is partnering with lots of innovative protocols like Dandelion++ protocol, RingCT, and the Zerocoin protocol. The Dandelion protocol is probably one of the integral components responsible for the functionality of the Veil platform considering it masks the identity of transactions through innovative ways. One good thing about the Dandelion++ is it shields the identity of the source node of a transaction which Veil uses in providing the investors and users with the privacy they seek. Consider the RingCT as a privacy sensor that ensures that investors and users of the Veil platform don’t suffer from privacy protection failure halfway through a transaction. It is definitely a great addition to the setup.
One of the reasons why the Zerocoin protocol isn’t a stand-alone project is the multi-transaction Zerocoin spends which puts a peg on the number of transactions possible for a user. Veil handles this challenge by putting patches (multiple-block transactions) in place, and this removes the stumbling blocks which users would usually encounter.
Veiling isn't just about privacy but the ease of doing business and security in general. Its distinct Proof-of-Work mining system saves investors from the shenanigans that come with an initial coin offering, and the introduction of the ASIC-resistant X16RT hashing algorithm makes this possible.
Final Thoughts
I have my reservations about Veil platform making public their decision to part ways with the Zerocoin protocol. While the decision might be justified, making such public doesn’t just seem right. But everyone likes a communicating partner regardless of the loquaciousness of such a partner, right?
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