There's no secret that privacy in cryptocurrencies these days is an important topic. As times has progressed and the need for privacy is on the rise; no company or individual would like to publish all their details in ‘public’ Blockchains that can be read arbitrarily by their own governments, foreign administrations, family members, coworkers or business competitors without limitation.
Blockchain, the platform on which Bitcoin and cryptocurrency in its entirety was built on, has been the center of research and experiments on different privacy approaches. But these approaches are yet to be perfected, or have they?
Bitcoin was initially developed as a privacy-maintaining cryptocurrency so long as real world identities could not be linked to Bitcoin addresses. Because of the blockchain's public character, however, it became soon clear that certain addresses and transactions could be used in the identification of individuals. Moreover, whenever transactions are broadcasted, the nodes could leak IP addresses of the parties involved.
Also, persons that are dependent on exchange platforms like Coinbase are subject to their identities being revealed by these platforms. For example, IRS once demanded for the transaction of Coinbase by turning over certain data concerning crypto-currency transactions.
In response to the erosion of privacy on the blockchain technology platform, a lot of innovators sought to create privacy encoded cryptocurrencies that are geared towards privacy protection. So far, there have been a lot of projects as regards this but even amongst these projects; VEIL is one that stands out.
Veil Project
Veil project is a cryptocurrency project set up under the Zerocoin protocol. As is well known, Zerocoin blockchain technologies are different from the systems that we know. Zerocoin technology's main purpose is to ensure full confidentiality of the crypto transactions. The sender or receiver is therefore unknown and cannot be traced.
The project is a brainchild of James Burden and it was birthed the first quarter of 2018. James Burden as at the time of inception of Veil Project was not a new name in the cryptocurrency world as he had unrivalled records in founding and leading successful cryptocurrency projects. Some of the top characteristics that make the Veil project stand out among other privacy-oriented cryptocurrency projects include;
Basic Advantages of the Veil Project
With the infrastructural build of the Veil system, it has succeeded in protecting the balance sheet of transactions; keeping all separate payment confidential and totally out of reach to third parties As a result of this, the speed of transactions is reduced, making it faster than even the fastest pseudo-anonymous cryptocurrency projects – e.g Ethereum.
Also, the veil project is built in such a way that the high-quality hashing methods are achieved, and a more efficient method of the mining and distribution of coins is also ensured. This, I believe is as a result of the increase in the reliability of the system infrastructure itself in distributing its coins among involved parties.
Token Information
Conclusion
In a brief summary, the Veil project is without a doubt the solution to the problems of the security and dynamism of cryptocurrency and blockchain issues in relation to privacy. With the continuous analyses and implementation of users' experience, the Veil project will become one of the most advanced and active anonymous infrastructures in the cryptocurrency community that ever existed in the blockchain.
WEBSITE: https://veil-project.com/
TELEGRAM: https://t.me/VEILProject
DISCORD:https://discordapp.com/invite/Ywyb9hs
ANN THREAD:https://bitcointalk.org/index.php?topic=5065331.0
FACEBOOK:https://www.facebook.com/projectveil/
TWITTER: https://twitter.com/projectveil
REDDIT: https://www.reddit.com/r/Veil/
GITHUB: https://github.com/Veil-Project
Writer's bitcointalk username: Leema
Writer's bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1863050;sa=summary
Basecoin address: bv1q2h60xklca3qse6t0u06yt7g0pkur0tlqfyemt0