Blockchain has left a great impression on so many people, and what is not to like? The immutability of the digital ledger has been praised as the next best thing after the Internet, and you can’t argue with that. But is the associated security risk being swept under the carpet? Perhaps! After all, the loss of investors’ funds keeps happening even with platforms expected to know better. It is time for the privacy of transactions to be taken into consideration. However, blockchain wouldn’t be going that way anytime soon, so who will bell the cat?
The Veil Platform
Veil is one of the many cryptocurrency projects that have stepped up in readiness of carrying out the herculean task of providing the much-needed privacy for transactions carried on the blockchain.
How does this Newbie intend to achieve such a mean feat?
Having gone through the project's whitepaper, I believe Veil has a lot up its sleeve. Investors will find its clearly outlined coin allocation of tremendous interest. The project intends to provide a significant percentage to the development of innovation that ensures the platform outlives its users which is important for the privacy service it is expected to render to users.
Another of the platform’s Trojan horse is the use of reliable protocols such as the Dandelion++, Zerocoin, and RingCT towards delivering a privacy laden platform. While I have raised eyebrows regarding the decision to discontinue the use of the Zerocoin protocol, I understand their stance. My only worry is that the vacuum created when the platform ends it collaboration with the Zerocoin protocol could spell doom for users as the protocol isn't exactly useless, but maybe they intend to create something much better than the Zerocoin protocol. Who knows?
Some of the attributes of the Veil platform which I am positive would be beneficial to users include transaction pruning and the deterministic seed. While the former gives a user the opportunity to erase transaction information they have no use for from their local disc storage of their wallet, the latter provides an easy way to restore their entire waller without worrying about if a backup was made or not.
I believe one of the chinks in the armor of the Zerocoin protocol is the limit it places on the number of transactions. While the Veil platform patches this problem with the multi-block transactions, you can’t help but wonder if this is the sole reason for the privacy platform’s attempt at severing ties with Zerocoin.
To ensure users get immersed in the Veil platform and probably, become active participants, users are encouraged to stake and get rewarded in Veil. The entire staking process is shrouded in privacy by having figures in Zerocoin denominations.
Apparently, everything has been figured out by the Veil platform, and it is great considering hackers and pilfers are lurking around in the digital virtual space looking to take the investment of investors for themselves. Hopefully, the Veil platform will get started on providing users with the privacy they need.
Website: https://veil-project.com/
Reddit: https://www.reddit.com/r/veil
ANN Thread: https://bitcointalk.org/index.php?topic=5065331.0
Telegram: https://t.me/VEILProject
Discord: https://discord.veil-project.com/
Linkedln: https://www.linkedin.com/company/project-veil/
AUTHOR'S DETAILS
Bitcointalk Username: Chika08
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2107609
Veil Address: bv1qs4dwgjczk2h6qqgpjdazf4zjvfpsr7yqf5h06r