VEIL – Privacy without Compromise

INTRODUCTION

One of the main reasons behind the introduction of cryptocurrencies was Anonymity and privacy but as the crypto ecosystem evolves, the privacy of users in this ecosystem continues to worsen. As it stands now, bitcoin transactions are no longer anonymous as the open ledger presents the most transparent payment history of any financial system to date. Although there are no identity details directly attached to these crypto wallets, there are still ways users can take to ensure their privacy.

In trying to solve the flaws bitcoin in terms of privacy, a different class of cryptocurrencies were introduced into the crypto ecosystem called privacy coins. A privacy coin is a class of cryptocurrency that focuses on the privacy and anonymity of its users. Just like any cryptocurrency like Bitcoin, privacy coin uses the same blockchain technology but it goes a step beyond how information about transactions are handled and obscure this information.

To help understand how privacy coins are different from other cryptocurrencies in relation to how transactions are recorded, Bitcoin for example record all its transactions on an open public ledger showing the wallet address of the sender, the receiver wallet address and the amount of Bitcoin for the transaction. Privacy coins, on the other hand, obfuscate information about senders and receivers during transactions using diverse methods. Privacy coins, unlike Bitcoin, hide information about wallet transactions. Example of these privacy coins is Monero, Dash and Zcash.
But in as much that privacy coins like Monero, Dash, and Zcash provide anonymity and privacy to its users, there is no perfect privacy coin considering the flaws seen in the network of these coins. The current privacy coin has its own pros and cons which somehow affect the whole idea of privacy coin. Due to this drawback seen in already existing privacy coins, a new privacy coin project led by the founder of PIVX and some visionary talented blockchain architects decided to launch a new generation privacy coin called Veil.

The main reason for the development of this Veil project was to provide the crypto ecosystem with a private cryptocurrency which provides the full level and experience of anonymity and anonymity level which will surpass any privacy coin available in the crypto space.

HOW IS VEIL DIFFERENT

The core of the Veil blockchain technology is based on Bitcoin version 0.17.1 and Zerocoin protocol. Zerocoin protocol is currently the most cited in the cryptography ecosystem. This protocol uses two coins known as Basecoin and Zerocoin with each providing a specific purpose to improve privacy and anonymity. In order to improve the Zerocoin protocol used in the core of Veil blockchain, Veil combines RingCT technology with Zerocoin which will help provide full level privacy and anonymity on the Veil network. This Blockchain network also includes Bullerproofs technology which will ensure minimal transaction sizes.
Another thing that makes the Veil Network different is the integration of proof-of-work (PoW) and Proof-of-Stake (PoS) consensus algorithm systems. The Proof-of-Stake system ensures that there is maximum decentralization, energy efficiency and also provide a system for Veil holders to earn rewards through Staking of their Veil coin.
The veil is a project that focuses on improving the state of privacy by creating a secure, anonymous coin that will provide full-time privacy and offers user experience suited to the masses.

CONCLUSION

With the aim of becoming the best privacy coin, the veil lab and team consisting of blockchain architect and developers aim to deliver a more practical privacy coin. It utilizes the Zerocoin protocol and does not put the network at any risk since it not dabbled with experiments. The existence of the Veil lab is to ensure that all existing applications caveat using the Zerocoin protocol are solved and addressed. All coins within the VEIL network and community will also have their privacy feature making users be able to do transactions anonymously with Basecoin since they can avoid minting VEIL from Basecoin. To ensure minting isn’t seen as a burden which is the goal of the VEIL, it allows the VEIL lab to allow, users, to do the transaction in multi-blocks. This addresses the current currency problem with mint allowing zerocoin transaction in a fixed denomination.
Having the final milestone of delivering privacy coin users experience and shows that the masses are ready to adopt willingly. If crypto users and enthusiast are the concern or not about this privacy issue, when there is scalability and it is easy to use by the masses then this protocol serves as a convenient means of transactions.
Most blockchain project mainly overlooks the issue of addressing the user experience which is a key factor. But the VEIL project takes all into consideration and brings about a more user-friendly project which is for the masses which is what blockchain today currently needs.