We live in a world today where the value for our privacy is decreasing day-by-day. It is worth noting point that many elite Institutions and governments are trying to control over us. They deploy all the spying tools that they can, in order to know what we do? How much wealth we have? The income source? Our financial transaction details? Our friends and family circle? Etc. You may wonder why and how they know everything about us? Right! It's the internet and the methods we use to perform our activities. There are numerous tools available to catch our info through IP address, site cookies and with other techniques. The present financial ecosystem only wants to control us like a slave.
But technology doesn't stand still, it continuously evolving and developing. Thanks to a bright mind who has created a revolutionary piece of technology called Bitcoin (core technology - Blockchain). His primary intention was to give a new self oriented financial ecosystem which is completely decentralized and gives power authority into everyone's hand. Thus, people can perform financial transactions anonymously. Here the goal was to provide financial freedom from the present outdated financial model.
The world has just witnessed a revolutionary piece of technology, the blockchain. It's the disruptive technology in the history of mankind. It enables complete value and wealth transfer mechanism transparently and securely. But many of us wants this to happen anonymously, that's when the concept of privacy coins arises. Privacy coins are the wonderful derivative of blockchain technology. It has every priorities of blockchain but everything works very anonymously.
About privacy coins
Privacy coins are the fundamental pillars of crypto industry. Privacy coins follow the core vision of cryptocurrency. They protect our privacy, hides every transaction details and everything is completely untraceable. Today many people are very conscious about privacy and they want to transfer information anonymously. Bitcoin is the base of every cryptocurrency, it uses Dandelion protocol to hide IP address but we can track the node IP address, which is a drawback to it. Progressive research and developments have created many privacy coins today but none of them are perfect. Top privacy coins like Monero and Dash have highest marketcap and provides effective privacy solutions to their community. But without being said both have certain challenges which can't be unnoticed.
Rise of a perfect privacy coin
Project Veil is a privacy blockchain project led by the founder of PIVX and a team of blockchain developers. It's aim is to provide user-friendly privacy focused solutions without compromising any privacy security. The project has put privacy security above all other aspects. It is worth to note that this is a self funded project and the team doesn't hold any ICO or IEO to raise funds. It needs gut and the Veil team has it.
Principle of operation
The Veil project is based on Bitcoin's core technology version 0.17.1 with Zerocoin privacy protocol. One thing to note here that the Veil project has adopted Zerocoin protocol over Zerocash because it's ultimate advantages. Today many bright minds are admitting that Zerocash technology is very risky and yet unproven. Thus it may have many flaws but we haven't discovered them yet. But Zerocoin protocol is very powerful and given positive results time to time whenever it has tested. It has based on highly secured cryptographic protocols and adoption of this tech proves competitiveness of Veil project.
It is worth to note that the Veil project utilizes Dandelion protocol which is a network layer allows to maintain IP address anonymity. Presently we need to rely on TOR network to hide IP addresses, but relying on TOR is very hurdle and there is no guarantee of anonymity in transactions. Thus, Dandelion protocol provides IP address anonymity without the need of TOR network.
As we earlier said, the Veil uses Zerocoin protocol for privacy. Zerocoin protocol has two main components namely Zerocoin and Basecoin. Basecoin does not offer private transactions, they can be converted into Zerocoin by minting process. However it's a very long process that's why most of the people transfer Basecoin for performing transactions. But, it is worth to note that Veil makes Basecoin transactions also to be private, this is very advantageous. In order to achieve this Veil adds RingCT to Basecoin transactions. Thus, it eliminates the necessity of minting Zerocoin from Basecoin to achieve complete private transactions. The Veil makes everything simple and provides every transaction to be private.
To ensure complete decentralization Veil utilizes hybrid consensus mechanism of PoS and PoW. Thus, it allow users to stake coins and become a node.
Roadmap
Final conclusion
It is worth to note that projects like Veil are achieving the vision of Satoshi Nakamoto. Veil is a one of the fundamental pillars of Blockchain technology. It offers complete anonymous transactions and it removes every complexity that is existing with other privacy coins. Every user irrespective of his state of blockchain knowledge can perform complete private transactions, even he performed it accidently. Veil project poses many advantages over other existing privacy coins in the market today. It is worth paying attention that Veil project is fully self funded, it doesn't hosted any ICO or IEO. This gives a solid confidence about the team.
Learn more about VEIL:
Website: https://veil-project.com
ANN thread: https://bitcointalk.org/index.php?topic=5065331.0
Telegram: https://t.me/VEILProject
Facebook: https://www.facebook.com/projectveil/
Twitter: https://twitter.com/projectveil
Discord: https://discord.veil-project.com
LinkedIn: https://www.linkedin.com/company/project-veil/
Reddit: https://www.reddit.com/r/veil
GitHub: https://github.com/Veil-Project
About Author:
Bitcointalk username: Abhijeetcg
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1676105;sa=summary
Veil address: 0x96e95a1F40cf5a50178053740ADE18046815362d
