It’s no longer news that Veil Technology is working hard to institute a crypto coin with maximum security. Aside from this, the project also has the goal of reducing the costs of transactions with its native coin. All these are tenable because of the vast and viable protocols it uses to accomplish its mission.
Privatizing Transactions
Do you realize that you might have bought the idea of “privacy” completely? There’s no doubt that the blockchain technology is decentralized and secure. But beyond this lies the fact that projects on the platform may not be as secure as they claim. For instance, the Zerocoin protocol that promised optimum privacy for transactions couldn’t live up to expectations because it revealed certain parts of a transaction.
These issues were the reason why Veil opted for a more secure approach to transactions. It started by integrating the Zerocoin and RingCT protocols alongside the Dandelion protocol to maintain anonymity of a transaction and the involved parties.
The Bulletproofs Technology
It’s worthy of mention that this project is keen to have full-scale privacy and security of transactions conducted over its network. The Bulletproofs technology is another innovation that promises to increase the chances of the project in the niche.
Before now, transactions conducted on the Zerocoin protocol has huge spend sizes that usually amount to 20 kilobytes. Now that the Bulletproofs technology is here, it would reduce the size to 11.3 kilobytes. This is still huge considering the goal of the project to cut it down the more. Already, the Veil Labs is making efforts to bring down the sizes of transactions on the Zercoin protocol more than they are now.
Reducing the Costs of Transactions
Another important aspect to Veil Technology is the reduction of the costs of a transaction. The point here is that Zerocoin protocol powered transactions are costly, especially when the denominations are above 20.
To that end, this project created the Multi-Transaction Zerocoin Spending as a medium to reduce the inherent costs. By this formation, Zercoin denominations that cross the set mark of 20 will be split. This is a nice way to increase the speed and reduction of transactions on the network.
Another feature of Multi-Transaction Zerocoin Spending is the ability to enhance distribution of transactions across multiple blocks. Therefore, users are sure of quick order confirmation, swift transactions, and low costs.
The X16RT Mining Algorithm
One other feature that stands out in this project is the new mining algorithm. This is coming on the heels of the integration of the Bitcoin v0.17.1 blockchain software. This mining algorithm helps in facilitating the completion of individual block times within the 60 seconds (1 minute) timeframe.
The Team
CHECK INFORMATION ABOUT VEIL COIN (MARKETCAP AND EXCHANGE LISTINGS) BY CLICKING THE LINK BELOW
👉 https://coinmarketcap.com/currencies/veil/#markets
Final Words
Veil Technology is a project with a clear mission to bring innovation into the sphere of privacy-focused crypto coins. With distinct yet viable protocols, it has the drive to achieve a lot in the coming years.
FOR UPDATES AND FOLLOW UP OF THIS UNIQUE PROJECT, PLEASE VISIT THE FOLLOWING LINKS BELOW
👉 Website : https://veil-project.com
👉 Discord : https://discord.gg/Ywyb9hs
👉 VEIL Explorer : https://explorer.veil-project.com
👉 GitHub : https://github.com/Veil-Project/veil
👉 Telegram group : https://t.me/VEILProject
👉 Twitter : https://twitter.com/projectveil
WRITER'S INFO
Bitcointalk username : deodivine1
Bitcointalk profile : https://bitcointalk.org/index.php?action=profile;u=1390292
VEIL ADDRESS:
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