One of the challenges the digital system is facing is lacking of privacy and anonymity. The internet are prone to attack because user's privacy are not covered and cyber criminals can easily get access to someone information and data and probably scam or frauds them. The innovation of blockchain technology has the capacity and features to protect the user's privacy and make their activities anonymous. In order to make this come into reality, some team of expertise has come together to build an infrastructure that will provides more internet privacy; they termed the platform ‘Veil’. In this article, am going to brief you guys more light about Veil.
VEIL
The veil platform could be termed as a blockchain based security platform with a aim to maximize user's privacy and anonymity. Since the world is migrating from the centralized system to a decentralized system (blockchain), there is need for an infrastructure that will suit this technology and improve its security levels which is the main aims of Veil project.
There is an adage that says “before a thief could rob you, he must have seen what you have in the room”. What am trying to say here is that, for any hacker to penetrate an account, he must have access some vitals information about the targeted system. This is why much privacy is needed in the crypto system and that is why Veil came into existence. So in a nutshell, Veil will develop a decentralized security infrastructure that will booster their needed privacy.
Most of the blockchain based project needs enough privacy but the area of cryptocurrency wallet and exchange are at most needed. With the Veil infrastructure, people will be able to make transaction without the consent of third party.
WHY VEIL PROJECT VERY IMPORTANT
The entire sectors of the world were incorporating blockchain into their system and they are adopting the uses of cryptocurrency as means of payment. The security of this new development is paramount and it must not be take for granted because this type of technology are vulnerable to attack from cyber criminals. So with the help of Veil infrastructure, the ecosystem will be more secure especially the financial sector.
MEASURES TO IMPROVE PRIVACY BY VEIL
In order for Veil to improve the user’s privacy in a decentralized ecosystem, they went on to incorporates different stakes starting from Zerocoin convention, RingCT, Dandelion, and Bulletproofs. This means this platform has a very powerful structure. Imaging a platform combining about four different algorithm to achieve just a single aim. Let me quickly talk about these algorithms:
ZEROCOIN PROTOCOL
Veil was built on a decentralized blockchain that have similar features with Zerocoin and same time operating in same chain. So the veil coin was built on Zerocoin blockchain and it has a very high efficiency and smarter throughput. The users and investors of this platform can physically mint their basecoins into zerocoins, on the off likelihood that they therefore choose yet with Veil. So the basecoins are normally composed into Zerocoins more than ten basecoin.
RINGCT
RingCT anonymizes the basecoins, though Zerocoin ensures the premier raised amount of security for the sender. At the highest point of the day, at whatever point a customer has no yet ten basecoins, they're normally fixed into zerocoins. In Veil, basecoin trades are anonymized using RingCT and disguising addresses. Around then using a spread evidence the complete dead is roofed up. Finally, the framework doesn't comprehend the sender or aggregate in partner degree trade anyway using a cryptographic key picture, excavators will confirm that the exchange is considerable and no twofold pay went on. So on a ground investigation, every ten basecoins auto-mints into one Zerocoin bunch, that to the broker is basically ten cover.
DANDELION
Cover has actualised herb into its wallet. RingCT partner degreed Zerocoin are wonderful systems for ensuring customer insurance once a trade is conveyed, anyway not from the beginning of an impart. Cover tend to encased herb that makes the essential logical order address of partner degree trade grave to settle on a choice.
IN CONCLUSION
The security measures Veil is aiming to provide will boost the zeal of many people incorporating blockchain into their business and same time adopt the uses of cryptocurrency. In other for anyone to enjoy the services of Veil platform, he will have to use the Veil coin. This Veil coin will foster and make transaction faster because it was built on blockchain that has higher performance. The Veil platform will solve all the challenges of privacy in a decentralized ecosystem. The platform will make people execute a transaction without a trace and make every process anonymous.
Apart from buying on exchange and staking, veil can also be mined.
Current Veil Project Mining Stats per discord
Global Network Blocks: 68007
Global Network Diff: 6037697.210730073
Global Network Hash: 211.69 GH/s (Reported)
Global Network Hash: 219.93 GH/s (All Pools)
pool hashes:
https://veil.coinblockers.com/: 1.38 GH/s (0.63%)
http://bsod.pw/: 17.29 GH/s (7.86%)
https://veilmine.com/: 18.24 GH/s (8.29%)
https://veil.suprnova.cc/: 183.02 GH/s (83.22%)
Remember this is a promotional post, please visit any of the official links below for more:
Website: https://veil-project.com
ANN Thread: https://bitcointalk.org/index.php?topic=5065331.0
Linkedln: https://www.linkedin.com/company/project-veil/
Reddit: https://www.reddit.com/r/veil
Telegram: https://t.me/VEILProject
Discord: https://discord.veil-project.com/
Writer’s Info
Bitcointalk Username: Olamidey
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1168937
Veil Address: bv1q4n7gnkad8w5mzzf6efcpkqrzuj56ycwrhtht0v