The scourges of hacks on cryptocurrency exchanges are the major reason why many decentralized projects are coming up in the crypto-sphere. In the same regard, there is palpable tension with the threats posed by Quantum Computers, which remains one of the biggest downsides to trading on crypto coins.
Despite the disparate attacks on decentralized platforms, many other projects are coming up to solve the underlying problems. This started with Monero (XMR), which was the pioneer privacy coin to the recent elevation of the Tronix Token (TRX) to the status of a privacy coin.
Now, Veil Technology is already here to offer foolproof status to digital assets. What’s more? It promises always-on privacy, which is the center attraction to this unique project.
Before the Veil
It’s pertinent to discover the inherent problems that facilitated the coming of the Veil Project. Privacy is an issue in the crypto-sphere, and this is the reason why many decentralized projects are keen to solve the problem.
The major privacy tool in the crypto-sphere is RingCT technology. Monero (XMR) started its operations as a privacy-focused coin on this foundation. It, however, proved to be inefficient and doesn’t measure up to the current cryptographic methods. Zcoin could have lived up to the expectations of a privacy coin if its Zerocoin protocol didn’t reveal certain transactions.
Veil Lives up to its Name
The unique features of this coin lie in the name. The name “Veil” has to do with masking or covering the identity of specific items. Taking a cue from this, the Veil Project reformulates this to fit into the sought-after privacy status in crypto coins.
There’s no doubt that the project is living up to expectations because it has the right framework to bring full-scale privacy to the crypto-sphere.
What makes Veil Technology different from other Privacy-Focused Coins?
In the light of the quest by many crypto coins to enhance private transactions, Veil opted for something different from the status quo in the crypto-sphere. Going by its features, it creates a secure anonymous coin that provides full-scale security to the transacting parties.
Uncompromising Privacy
Veil Technology is not just a decentralized project on the crypto-sphere. It integrates state-of-the-art technologies to deliver always-on privacy to its users. Furthermore, it is built on a solid foundation – the blockchain technology. To that end, Veil Technology is instituting a new standard that will be a basis for upcoming privacy-focused cryptocurrencies.
Veil took the notch higher by integrating the RingCT and Zerocoin protocols. Although these have diverse functionalities and may have their downsides, Veil’s decision to make use of both is a welcome development. In the event that one fails along the line, the other can pick up the race pending the recuperation of the other. The duo is the project's anonymous tools aimed at providing always-on privacy that cannot face disruption during transactions.
It also makes use of the Proof-of-Stake (PoS) and Proof-of-Work (PoW) consensus mechanisms to boost mining activities and secure the platform. This is just as it allows coin holders to place anonymous stakes.
It’s worth mentioning that Veil Technology doesn't run an Initial Coin Offering/Pre-Mine. It rather makes use of the Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanisms to ensure an even distribution of coins during the launch.
Veiling Transactions
The idea behind Veil Technology is to ensure privacy without compromise. Taking premise on the Distributed Ledger Technology (DLT) and integrating the best privacy-focused algorithms, Veil’s prospects tend to attain greater heights in the future.
To know more about VEIL project check the links 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/
Linkedin: https://www.linkedin.com/company/project-veil/
Bitcointalk User Profile: https://bitcointalk.org/index.php?action=profile;u=1820069
Bitcointalk Username: Lynkels
VEIL WALLET: bv1qw67twyqhm78jkq2l8rujx0yvyawjqudq24fr5d