During the advent of Bitcoin, the world was expectant of a blockchain technology that was dependable in terms of security and privacy, a truly decentralized system, which is the goal of every block chain. However, bitcoin failed to live up to the expectation of the people and they neglected their duty of the satisfaction in their security and privacy service, which is human inborn right. Although they tried to use the dandelion layer in hiding the IP addresses of users involved in a transaction, to some extent, however a more persistent hacker would easily discover the node of the IP address.
The world is searching for a true decentralized system with an invincible firewall and transaction IP, untraceable and untrackable.
VEIL LAB.
Based on the defects of Bitcoin, Veil lab was created to gift humanity the long awaited block chain system that provides anonymity and security in the process of performing transactions. Veil labs also provides a platform that is easy to use and is user friendly which most often is usually ignored by most. The veil labs considers the pros and cons of various privacy coins and builds on the coins which led to veil lab integrating the zerocoin protocol along with the ringCT mechanism into its base coins.
The Zerocoin and the RingCT.
The RingCT alters the code but preserves the structure of the value of funds involved in transactions thereby preventing third parties from getting to know the number of coins used in transactions. It makes use of full time privacy as it makes use of sophisticated mixing. Bullwtproofs have also been adopted as it reduces the transaction sizes in a noticeable way.
The zerocoin is what we are quite familiar with given we are cryptousers. Some networks such as the PIVX are zerocoin-based such that coins can easily be converted from their base coins state to zerocoin which are newly minted coins with a nonexistent transaction history. Even though zerocoin is a very great privacy function, its use was not fully implemented by the pioneer projects. This has prompted veil to take it up and use it in a way that incentivizes its use. Veil labs aims to first apply the RingCT to the basecoins, allowing all coins within the veil network to have a privacy feature which also allows users to transact anonymously with their base coins even if they avoid minting Veil from base coins. The goal of Veil is to create a platform that allows minting to be enjoyable by all. One of the ways is by allowing users to make multi-block transactions which takes into considerations the currency problem of minting and then transacting zerocoins in a fixed value.
Conclusively, veil lab has come to build a future bright enough to show us the way into a true decentralization and anonymity in transactions coupled with an always-on privacy policy through the use of the ringCT and the zerocoin technologies.
How To Purchase Veil
You can buy Veil coin from the exchanges listed below.
Team
Roadmap
VEIL USEFUL LINKS
- Website: https://veil-project.com
- Discord: https://discord.veil-project.com
- Facebook: https://www.facebook.com/projectveil/
- Twitter: https://twitter.com/projectveil
- Telegram: https://t.me/VEILProject
- Bitcointalk Forum: https://bitcointalk.org/index.php?topic=5065331.0
- Github: https://github.com/Veil-Project/veil
- Reddit: https://www.reddit.com/r/veil
Author's Details
Bitcointalk username: invbeejay
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1900615