We live in perilous times when transactions involving an investor’s wallet address can be accessed without any form of confidentiality surrounding such. This means anyone can view your transactions log on the blockchain including the assets in your wallet. This is highly risky. It’s like having some pet rats housed in a glass enclosure and a cat lives in that same apartment. If it’s a ferocious cat, soon or later it will get to the rats. If this is the case, why isn’t anything being done to remedy the situation? Perhaps, people rate transparency above the security risk that is glaring to anyone?
The Veil Platform
A lot of platforms have attempted to offer users the opportunity of concealing their transaction details and reducing the risks associated with the blockchain’s transparency. Unfortunately, previous privacy vendors have not been able to offer anything beyond a flimsy shield which any decent hacker can dislodge.
Veil comes into the privacy picture desperate to ensure users enjoy as much privacy as they need. And they seem to have it all figured out. The collaboration with innovative technologies like Zerocoin, Dandelion, and RingCT is a pointer that they mean business. To anyone unaware of how massive these protocols are, they are interesting technologies geared at offering users some privacy. Zerocoin uses cryptographic method to shroud the details of a transaction while confirming such took place. Dandelion protects the identity of a source node – a vital piece in the privacy venture. RingCT adds icing to the privacy cake by tying up all loose ends so no one is the wiser. Apparently, Veil relies on the power of several technologies to do its work, so what exactly is the privacy platform bringing to the table? Well, Veil provides the opportunity for harnessing all these technologies and refines them where possible such as the removal of the transaction limitation associated with the Zerocoin protocol.
The Veil network stands out for a lot of thing including its privacy offering and the effortless combination of the Proof-of-Work and Proof-of-Stake – ingenuity at its finest. Users enjoy the benefits of both worlds as decentralization, energy saving and an efficient mining system. Also, users get the opportunity to stake and get rewarded in Veil.
With the Veil platform, it is goodbye to file backups as the Veil wallet can be completely restored without compromises. As transaction logs have been found to take up a chunk of space with time, users can prune transactions they consider irrelevant and save more than enough space on their local storage.
The privacy platform’s intent to help users save their resources can be seen in bulletproofs technology which minimizes the risk with transfers while reducing fees along the way.
Conclusion.
Veil didn’t come to play. Raring to go and with a visionary long term strategy in their possession, this has the touch of a win-win situation. While we keep our fingers crossed regarding the launch of the platform, we can only believe something positive comes out of this.
To know more about this project, kindly do click on the link dropped down
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