It’s no news that VEIL is coming up strongly in the crypto-sphere as a privacy coin with enough throughput. Boasting maximum security, it aims at offering continuous privacy to transactions fostered over its network. In addition to this, it also empowers users to earn token rewards. Hence, this project is worth its onion as it has the interest of its users at the core of each of its formulations.
The Role of the dual Consensus Mechanism
One of the highlights is the two consensus mechanisms that aid the network in its operations. These are the Proof-of-Stake (PoS) and Proof-of-Work (PoW), and each has specific delegations. For instance, PoW ensures an even distribution of coins. It also enhances security, which facilitates the mining process.
On its part, PoS is charged with the responsibility of ensuring complete decentralization throughout the ecosystem. Sequel to this, it promotes the always-on privacy status of VEIL by facilitating an earning/reward mechanism (staking) through crypto coins in the Zerocoin denomination.
Thus, these two play a crucial role in the success of the project. Hence, VEIL takes advantage of them to ensure a hitch-free distribution of its coins through a process known as “staking”.
The Reward Process
Staking on VEIL is permissible after the initial mining process. It’s worth mentioning that these activities, which would be hinged on the PoS consensus enable user and token holders to earn token rewards. Interestingly, the combination of privacy features such as RingCT is in place to ensure a smooth transitioning of the rewards in an anonymous atmosphere.
How to Stake
Are you considering taking part in the activity with the aim of earning rewards? The first step towards that is to download the staking wallet and follow subsequent instructions. Below is a breakdown of the process:
Download the VEIL wallet from the designated platform and proceed to the process of creating an account. At that stage, ensure that you take advantage of the detailed steps to complete your wallet registration.
A QR Code would be shown on your device’s screen. Take note of the code and making an initial deposit of VEIL into the wallet. The essence of doing this is to increase your chances of earning rewards in the end. At the completion of this stage, you can now click on the toggle at the bottom left-hand side of the screen, which shows “Staking”. Proceed to enter your password, which unlocks your wallet to participate in staking on VEIL. If this is successful, the wallet would embark on an automated minting of VEIL from a basecoin to the Zerocoin standard.
How the Automation Works
You may be wondering about the process of converting a basecoin-based VEIL into that of Zerocoin. The fact is that the moment you make a deposit of 10 or more of the coin, there would be an automated minting that converts the same number to become a Zerocoin VEIL at the same value. Besides, the transaction itself is secure, as stealth addresses and the RingCT technology are available to ensure an anonymous transaction from the Basecoin layer.
VEIL is on Coinmarketcap
You can visit the link below to check out exchanges where VEIL is listed :
https://coinmarketcap.com/currencies/veil/#markets
Stake on VEIL
Cryptocurrency users always look out for potential projects with an impressive structure. VEIL has what it takes to become one of the most efficient privacy coins. The staking process, which rewards users, is a commendable gesture because it would drive more investors to the coin.
Ensure you visit the links below to get more information about this top privacy coin project
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 INFORMATION
Bitcointalk username : deodivine1
Bitcointalk profile : https://bitcointalk.org/index.php?action=profile;u=1390292
VEIL ADDRESS:
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