VEIL — THE ANONYMITY EVOLUTION
Throughout many centuries, the formats of currencies have transformed continuously into various forms. At the time of writing, in the 21st century, it is predicted that physical cash will not be seen as the favorite method of payment preferred by the majority of people but it is cryptocurrencies, an emerging type of digital cash, that will play the main role in most of the worldwide transactions. However, as it is the early age of the cryptocurrency industry or we can also say “blockchain industry”, there are some underlying problems that need to be tackled before mass adoption happens. One of them is the privacy issue. Although the current blockchains do not directly expose the identity of addresses owners, their identities could be leaked as it is possible to trace the flows of transactions on the public ledgers, to infer the identities with personal information on exchanges (you can blame KYC/ALM processes), and to get the identities by compromising multiple nodes. This is the reason why Veil Project was born.
WHAT IS VEIL PROJECT?
Veil is a community-driven project, created to function as an important medium of payment that ensures the absolute anonymity of the transactions. The project aims to help both the private and corporate users protect their important information about their assets, spending habits, or cash flows, etc. It can be regarded as an improvement of the first generation blockchain, requiring a lot of efforts from users to hide their true identities from a transparent distributed ledger.
UNDERLYING TECHNOLOGIES
The development of Veil Project involves using many different technologies for privacy and the most impressive among them are Zerocoin protocol, RingCT, Dandelion, and Bulletproofs. Zerocoin protocol and RingCT properly hide the original transaction of the coin, when they were minted. The transactions’ details and owners’ identities will be cryptographically changed so that the tracing movements of the assets is impossible. Although the transactions are untraceable, nodes still can verify them by using a cryptographic key image to check its validity and prevent double spending. In brief, every veil coin on the blockchain is known to exist, but their first appearance and movements. However, those two can not ensure privacy during the broadcast process so Dandelion is implemented to the wallet. Finally, Bulletproofs is a vital factor used to enhance scalability.
SPECIFICATIONS OF VEIL BLOCKCHAIN
- Max supply: 300,000,000 Veil
- Average block time: almost 60 seconds
- Block size: 2 MB
- Consensus algorithm: X16RT + PoS (1 year + distribution phase)/PoS (after distribution phase)
- Privacy protocols: Zerocoin Protocol + Ring CT
- Block reward schedule: 100 veil in the first year then gradually reduces to 20 veil until its hard cap is reached
DIFFERENT WAYS TO EARN VEIL
Veil supporters can now get veil by mining, staking or participating bounty program.
It is also listed on some exchanges:
- Vinex: https://vinex.network/market/BTC_VEIL
- Stex: https://app.stex.com/en/basic-trade/pair/BTC/VEIL/1D
- Graviex: https://coinmarketcap.com/exchanges/graviex/
PERSONAL THINKING
Veil is a promising project as it is supported by many professionals in the privacy and blockchain industry. Also, the built-in technologies are predicted to be the main factor that leads to the dominant in the anonymity cryptocurrency sector. This project is certainly one of the projects you don’t want to miss on its departure. This is just a personal analysis, not a piece of financial advice!
Website: https://veil-project.com/
Bitcointalk Ann: https://bitcointalk.org/index.php?topic=5065331.0
Discord: https://discordapp.com/invite/Ywyb9hs
