Throughout 2018, most of the blockchain space was focused on increasing scalability so that the smart economy of the future promised by Ethereum and NEO could be realized. This bandwagon still hasn't ended its journey; instead, more projects begin to align themselves with one of these focuses.

Smart economy is not the only thing the blockchain can be provide!

One of the main functions of the blockchain is to allow the storage of wealth with a value transfer mechanism. Many want to have this mechanism with anonymity, and for that reason it is formed that is called the privacy coin, which is some of the most prominent cryptocurrency. Apart from the obvious demand and potential for coin privacy, the aspect of blockchain technology has been ruled out because of the struggle for scalability. Anonymity is one of the fundamental aspects sought through blockchain technology, but there are still many problems that must be done to improve this space.

The new blockchain project led by the founders of PIVX and some of the most talented blockchain architects aims to build privacy coins with a new generation. He is referred to as the Veil Project is a development that offers coin-friendly privacy delivery to the masses while continuing the blockchain's security conditions which are the default for privacy coins. To achieve this, the Veil Project focuses on research and development rather than fundraising. This project is self-funded by the founder and does not involve ICO or IEO. This ensures the team will be more focused: providing the most advanced privacy coins.

Technology Above All Else

The technology for coin privacy is very complex by developing new infrastructure from the start will lead to the use of untested protocols. Thus, it would be very beneficial to stand on the shoulders of the giants and continue their achievements.

Zerocoin is not Zerocash

Bitcoin is the safest blockchain now. Veil core technology is based on Bitcoin version 0.17.1, and integrates the Zerocoin privacy protocol. The reason why this project uses the Zerocoin Protocol rather than Zerocash is because Zerocoin is one of the most widely cited in cryptographic academics. This has been tested and challenged repeatedly, and has survived the effects of eroding the sand of time. Meanwhile, founder Zcash acknowledged that the protocol was "new technology, risky, [and] still unproven."

Zerocoin RSA cryptography has been tested since the 1970s, and it has given enough time for industry leaders to find and change their shortcomings. Meanwhile, the implementation of Zcash zkSNARKs is a new approach that is only known by a handful of industry leaders to the level of ability to test it. This new protocol will limit its security. Thus, Veil integration of proven and proven technology (the Zerocoin protocol) ensures that the network does not witness unexpected challenges on the phone.

Dandelion protocol

In a blockchain, many node or supernode controllers that are connected to a large number of nodes have the potential to map the IP address of the origin address by tracking which node will receive the transaction first. The Dandelion protocol is a network layer designed to ensure IP anonymity is maintained.

At the present, so that the transaction source (IP address) is anonymous, the user must rely on TOR. However, the use of TOR is often congested and, with the growth of blockchain adoption, dependence on TOR is a serious obstacle, this is because it relies on external tools for anonymity, which really powerful networks should be able to maintain this anonymity internally. This is even more important for any privacy coins, with the Dandelion Protocol acting as a network layer that allows IP anonymity without the need to use TOR.

Privacy for basecoin transactions

The Zerocoin protocol uses two coin statuses: Basecoin and Zerocoin.

Basecoin is transparent and does not offer private transactions. This can be converted to zerocoin through a process called "Zerocoin minting". However, because printing is a very long process and because the percentage of people only transfers basecoin to and from the exchange, many Zerocoin Protocol coin transactions are actually not private.

Veil will correct this error by making the Basecoin transaction private too. By adding RingCT to Basecoin transactions, Veil will encourage networks where all transactions are private. As such, there is no need for users to participate in network privacy; privacy will be the default and the only state of the network that is run.

The decision to convert a Basecoin transaction into a private exchange is important. Most users of blockchain technology are still in the beginner stage. The tokens they get through exchanges are basecoin and because of the fixed denomination required for personal Zerocoin transactions, most users choose to base transactions. At the same time, most users consider Zerocoin Protocol to be entirely possible as a personal transaction, without their knowledge, the privacy aspect only appears when zerococo is printed from basecoin they have bought on the stock. So, instead of fighting the tide and encouraging mass education of the masses who adopted the network, Veil chose an easier solution to make network transactions private: RingCT was added to the Basecoin movement and made transactions private.

Major Innovation

While Veil collects and enhances some of the leading blockchain technologies with network layers into its network, there has been a lot of progress made by the network, one of which is through the development of new technologies.

Networks that utilize multiple consensus mechanisms. To ensure decentralization, the Headscarf uses Proof-of-Work / Proof-of-Stake consensus. Addition of hash strength adds security to the network and ensures coins are distributed throughout the community. In addition, the system evolution of the X16R hashing algorithm (proposed by Ravencoin), in the form of X16RT, is more resistant to the development of ASIC.

As stated above, the network uses a duel consensus mechanism. Thus, users can also risk tokens and become nodes. This project takes a unique view on decentralization that is embedded in reality. Not all members of the Crypto room are in tune with mining - in fact, most don't. Thus, it provides a way to get gift blocks by risking opening the network to nodes that are more active in securing the network because risking is a much more friendly process for the masses. An added benefit is that PoS consensus will add energy efficiency factors to the blockchain.

As indicated by the use of PoS and privacy for Basecoin transactions, the Veil Project is pinned to provide privacy solutions for the masses. Privacy coins require an increase in user experience, which means an increase to the Zercoin Protocol is very important for the project. Transactions using Zerocoin privately can now be done in predetermined values and thus limit the use of privacy coins for payments that are outside the range of denominations. Thus Basecoin transactions are a must; therefore, for the most part, denomination requirements largely cancel the value of coin privacy. To overcome this, the Veil Project is the first to provide Zerocoin multi-transaction spending.

This solution cleverly allows users to package multi-block transactions to make any payment without involving themselves in denominational boundaries.

Veil is a coin of privacy from all privacy coins. They help with the problem of anonymity/security, while at the same time using a mixture of hybrid consensus algorithms and the underlying technology.

They aim to provide the best privacy for its users, with the best security, and profitability around the community and cryptocurrency that is stable/accessible to the world. To remain at the forefront of the industry.

Veil Technology is a project that leads to the root of what makes blockchain technology so valuable: a technological breakthrough. Instead of reinventing the wheel, the project recognized the success of its predecessors (including Nakamoto himself), and added development to the achievement of existing cryptographic breakthroughs.

Thus, Veil Project removes the hype factor that is regularly associated with the development of the current blockchain and, instead of hosting the IEO, they only focus on developing and increasing the use and infrastructure of coin privacy.

Reference :
https://veil-project.com/

http://zerocoin.org/

https://lab.getmonero.org/pubs/MRL-0005.pdf

https://blockgeeks.com/guides/proof-of-work-vs-proof-of-stake/

Additional Links
Website : https://veil-project.com/
Facebook : https://www.facebook.com/projectveil/
Twitter : https://twitter.com/projectveil
Telegram : https://t.me/VEILProject
Bitcointalk : https://bitcointalk.org/index.php?topic=5065331.0
Github : https://github.com/Veil-Project/veil

Author By bangdik123