One of the things which have affected the use case of blockchain is the significant security risk that is associated with operations on the digital ledger. This is coming as experts continue to laud its immutability. While several projects based on the technology have their heads screwed right, investors are still not confident about putting their money since their mouth isn’t there.
While you’d expect security measures should have improved with time, it appears not to be the case. And a lack of privacy might be considered a contributory factor to the undermining of security on the blockchain. On privacy, there has been little innovation. Platforms like Zerocoin came up with Zcoin as an anonymous token to ensure the confidentiality of transactions, but certain challenges made that a non-starter. So what is the way forward in improving the privacy of transactions on the blockchain?
Veil Platform
There are not many privacy projects on the blockchain since crypto enthusiasts and investors are yet to understand the importance of privacy in protecting their investment. The Veil platform isn’t just based on the blockchain, but the privacy vendor is lodged on the latest version of the digital ledger. This offers users an enabling environment for their secure and anonymous transactions to take place. It is akin to providing a chef with the tools and ingredients needed to make a decent meal.
To provide users with the anonymous transactions they crave especially as it secures their assets, Veil uses protocols like Zerocoin, RingCT, and Dandelion++ to deliver the privacy users need. But why Zerocoin, after all, their Zcoin attempt didn’t float? Apparently, Veil has a partnership with Zerocoin which requires the latter to deliver transactions with anonymity covered. Zerocoin has a history of doing just that, at least to an extent, but Veil doesn’t seem to have enough faith in the protocol especially for the future.
One of the ways through which Veil delivers on the privacy service expected of the blockchain based platform is its use of the Dandelion++ protocol. The protocol covers the identity of the source node which is one of the easiest ways that could break the anonymity of the sender of a crypto asset.
Unlike many blockchain-based platforms, Veil uses both networks – Proof-of-Work and Proof-of-Stake – in providing users with a worthy environment. The advantages are numerous including decentralization, energy efficiency, staking (and its accompanying reward) and mining. There are just so many benefits to this, and it is surprising no one actually thought of this earlier.
Veil appears to understand the importance of innovation and continuous effort towards ensuring privacy becomes as commonplace as water. As abstract as that sound, it is realizable. The anonymous token vendor has a team of researchers who are fully conscious of the importance of innovation in the business, and they put in their all in delivering results. The concept which is expected to be an ongoing project would become self-funding as results are reeled out. And this is laudable as such a thought process isn’t exactly popular among projects on the blockchain.
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