The main reason cryptocurrency was developed is to help people maintain a decent degree of privacy while carrying out certain online transactions. That was the case for Bitcoin, it was first developed and harnessed in the dark web before it was brought forth to the main web. But one cannot say with certainty that cryptocurrency is entirely private since addresses of people who transact on it can easily be tracked and most times indestructible too.
For this reason Moreno come forth with the idea of creating a time off address which immediately gets destroyed once transactions between both parties have been completed. But sadly, the transaction history can still be revealed most times, and stored up data can sometimes drag scalability, which becomes a very huge problem.
The veil project
Veil was designed after carefully studying the flaws of other privacy coins, it came forth with very rigid policies that will help consolidate on the efforts of Monero and Zcoin, two very popular privacy coin in the space.
Veil employs a technique by zerocoin (Zcoin) called the zero knowledge proofs, this helps to conceal every details of transactions carried out between the sender and receiver.
In veil, it is impossible to trace transactions back to their sources, this is made possible by Dandelion protocol. The transactions on veil are also reduced to the barest minimum, in order to enhance more scalability to a very large extent, this is what is lacking in most other privacy coins.
Some important features of the Veil platform
High level of security: Veil like I stated earlier, was birthed after taking into acknowledgement the flaws of other privacy coins. It perfects it's privacy quest by putting together the zerocoin protocol and Ring CT to ensure that details of transactions between senders and receivers are kept within the network, thereby keeping both parties anonymous.
Good financial strength: the team behind the veil project are well grounded financially, and for this reason, they never held an ICO or any form of token sale whatsoever. Since finance is necessary for the smooth running of any project, it suffices today that veil will conquer a lot of milestones as far as achieving the project's is concerned.
Scalability: scalability is one feat very difficult to achieve for most privacy coins, take Monero for instance, even though it succeeded in creating the kind of tx address that breaks the link between senders and receivers of transactions, the transaction history of such transactions can be retrieved anytime it's needed via stored up date, and this stored up data creates a serious problem for a scalability. But that problem has been well handled on veil, such that scalability will no longer be an issue.
Conclusion
Judging by the experience of her team members, not to mention how financially robust they are, I have no doubt that veil will do exceedingly well in the privacy sector of blockchain. The project was carefully thought out and came to being after the flaws of its competitors were put into consideration. So to be more precised, it is safe to say that Veil is a near perfect platform. Feel free to do your own research about the project, and you will be glad you did
Useful links
Website: https://veil-project.com
BitcoinTalk Ann Thread: https://bitcointalk.org/index.php?topic=5065331
GitHub: https://github.com/Veil-Project
Discord: https://discord.veil-project.com or https://discord.gg//Ywyb9hs
Telegram Group: https://t.me/VEILProject
Reddit: https://www.reddit.com/r/Veil
Twitter: https://twitter.com/projectveil
Facebook: https://www.facebook.com/projectveil
Authored by Jigawagawa
Bitcointalk Profile url: https://bitcointalk.org/index.php?action=profile;u=2433128;sa=summary
Veil Address:
bv1q0k5vun8t8ac7rgh728nydrvq4trpakly7k8c93