The proliferation of digital assets has grown from the early crypto coin, Bitcoin to a spark of many alternative coins (altcoins) in the market. Considering the competitive nature of the crypto-sphere, it’s imperative to have a firm hold of events that transpire therein.
Veil Technology is a project that takes advantage of the blockchain technology to create an enabling environment for the growing numbers of privacy coins. Aside from creating one itself, it also has features that promise to solve underlying problems in the current number of coins in that category.
Striving for Immutability
At the core of this project’s goals is the quest to introduce secure transactions that would not be visible to third parties. The success of this is based on the use of the Proof-of-Stake and Hybrid Proof-of-Work consensus mechanisms. Beyond that, the project also makes use of RingCT and Zercoin protocols to boost its immutable nature.
Zerocoin Protocol and the Future
This protocol offered better security features than the RingCT. Along the line, it was discovered that it was not fully secure as many thought. This is tenable because it reveals the status of many transactions while securing a few.
Although this project uses it alongside the RingCT technology for maximum security, it has plans to replace the Zerocoin protocol in future. For now, it has been recording massive success in keeping the sender, receiver, and value of a transaction anonymous.
The Role of the Dandelion Protocol
The first thing that would strike every discerning eye is the diversification of security features that make this project unique. Sequel to other privacy apparatus on its platform, Veil Technology also has support for the Dandelion Protocol.
The need for this became imperative because of the threats posed by hackers who may want to trace the source of a transaction on the network. On that note, Dandelion has the responsibility of cutting down the tracing of transactions to the source node on the platform.
Support for Developers
It’s a fact that limited access to funds is one of the reasons why many projects remain in the pipeline. In the same regard, developers who have a roadmap for some viable projects tend to find it hard to source funds because many investors could be skeptical about the project.
Veil Technology understands the impact such initiatives would make in the crypto-sphere. That is the reason why it has plans to empower blockchain developers who worth their onions in the target field.
On that note, it has a self-funding feature that provides funds for viable projects on the blockchain technology. Developers can now tender their proposal and on approval, get the required funds to kick-off the phases for the initiative. It’s worth mentioning that the offer is open to a dedicated team of researchers and developers that can achieve set goals.
VEIL coin is on coinmarketcap and currently trading on exchanges like VINEX, STEX, GRAVIEX 👉 https://coinmarketcap.com/currencies/veil/#markets
Final Thoughts
This project is one-of-a-kind. It comes at a time when the current sets of privacy-focused coins are embroiled in security threats. Hopefully, Veil Technology will be a model for the future generation of privacy coins.
FOR DETAILED INSIGHT AND UPDATES ON VEIL, VISIT THE LINKS BELOW
Website : https://veil-project.com
Discord: https://discord.gg/Ywyb9hs
VEIL Explorer: https://explorer.veil-project.com
GitHub: https://github.com/Veil-Project/veil
Telegram community : https://t.me/VEILProject
Twitter: https://twitter.com/projectveil
WRITER'S INFO
Bitcointalk username : deodivine1
Bitcointalk profile : https://bitcointalk.org/index.php?action=profile;u=1390292
VEIL ADDRESS:
bv1qm7l3cdyr6x3ug65rk63lxz8jn5rq5fag9pzuyt