We are using cryptocurrencies based on what it could offer, what it could serve, how beneficial it is to us, and on how it differ to other cryptocurrencies that might serve better potential. We want the best, aren’t we? Here I would sum up what Veil(VEIL) — a privacy coin that is using Zerocoin Protocol and RingCT technology to ensure user anonymity.
Here I would lay down the basics on how Veil is working from it’s underlying technology, Hybrid consensus mechanism (PoS/PoW), the coin, how could you benefit from it and many more.
Veil is integrating best-in-class anonymity technologies, to become the first cryptocurrency that provides uncompromising, always-on privacy.
Underlying Technology
Zerocoin Protocol and RingCT technology
First, what is Zerocoin?
A technology that aims to ensure privacy for users in the bitcoin network. It is the initial version of ZeroCash protocol, the technology that is now used by ZCash.
How Zerocoin protocol works?
Image shown above is an example of how Mint transactions work. (In this case, example would be in Veil)
From wallet A, it allows a non-anonymous (Basecoin) Veil to be converted to (RingCT) Veil (in different denomination but on the same value) then would be received in form (Basecoin/RingCT) Veil depending on which wallet is used. (sv1 or bv1).
Zerocoin protocol is transferring visible coins, minting another coin, dividing it into different denominations, then received by the receiver with no direct contact from the sender because it would come into your wallet in form of a different coin in different denominations BUT with the same value.
What is Ring CT?
Ring Confidential Transactions is Ring signature algorithm implemented in Monero. With ringCT, only the sender and receiver know the value being transferred. All the rest see only the already multiplied values so they can check that there’s no cheating, but they don’t know the value, so they can’t tell the exact amounts involved.
Overview for it’s Underlying Technology :
Bulletproof. Privacy wise, I could say Veil is in the same level as Monero and ZCash but with no exposure.
Hybrid Consensus PoS/PoW
Proof of Stake (PoS)
The concept states that a person can mine or validate block transactions according to how many coins he or she holds.
In this way, all Veil holders would benefit in earning rewards thru the staking process in the form of Zerocoin Veil.
PoS Difficulty : 9000670.043959823 (at the time of writing)
Proof of Work (PoW)
Is the original consensus algorithm in a Blockchain network where miners compete against each other to complete transactions on the network and get rewarded.
With the X16RT hashing algorithm, only NVIDIA and AMD processors are allowed to mine Veil and provide security against 51% attacks.
PoW Difficulty : 5373.591054736813 (at the time of writing)
Veil mining software and pools
- Mainnet — https://explorer.veil-project.com/
- Testnet — https://testnet.veil-project.com/
Mining Software
Mining Pools
Source : https://veil-project.com/mining/
Overview for it’s Hybrid Consensus :
Having both features on Veil makes the network more secure, have better privacy feature, better opportunities for miners and holders by mining and staking veil, and better potential for the coin to compete to the next generation of privacy coins.
What is Veil?
Veil is the privacy coin of all the privacy coin. They aid the problem for anonymity/security at the same time using their mixture of hybrid consensus algorithm and underlying technology.
They are aiming to serve the best privacy for its users, best security, profitability around community and a stable/accessible cryptocurrency for the world. To stay at the forefront of the industry.
Let’s talk about their technical differentiation that make Veil unique (Author’s Opinion) :
ALWAYS-ON PRIVACY
From it’s staking up to mining rewards, everything is anonymous. Transactions are visible, it happened, it’s a mere definition of the trustless system.
ANONYMOUS EARNING
Stake your Veil anonymously and get rewarded anonymously. Same as mining.
USER-FOCUSED
Ease of use, user friendly interface, easy seed recovery/backup, storage space friendly, this privacy coin won’t be a pain in the ass when buying your first privacy coin.
FAIR LAUNCH
A non ICO project with only 1 million USD in seed fund and still continuing to develop a project with this class. Almost impossible though, I won’t mention that Veil CEO is also CEO of PivX that make these things happen.
SELF-SUSTAINING
Veil has self sustaining feature to provide and continue developments.
(Find out more of this by visiting this link : https://veil-project.com/technology/)
FUTURE-SAFE
Having the best underlying technology using both Zerocoin and RingCT technology, Veil has the potential to grow as the best privacy coin. Also with the team that leads the development for this project, the community whose also helping the team and getting rewarded, you tell by yourself.
TOKEN INFORMATION
As of the moment, there is only 10,000,000+ Veil circulating, total supply is 300 Million which is expected to be mined after 20 years. With the current supply this would scarce that could provide higher demand and value.
TEAM
Vital on every projects success is the team. Veil Team is made up of dedicated people with a focused mission and it is the project’s Research&Development entity with a goal to push the technical boundaries for privacy and anonymity without compromising scalability and performance.
I can’t introduce them 1 by 1 better than what you could see available on their website, here : https://veil-project.com/team/. I would rather state what I like about the team and that is the experience and field of specialties that is important for Veil-Projects development.
The founder of Veil itself James Burden is also the founder of PivX, I could say that he is developing Veil as the better version of PivX with a mixture of Monero tech to develop the best privacy coin.
Monero at the time, as well as today, has decent privacy, but not as good as it can be, which is why we started PIVX, and by merging both technologies, we get Veil. — James Burden
Overview for the TEAM : Veil Team is not new in the space, specially on privacy coins, some of them are specialist on RavenCoin (X16RT hashing algorithm specialist), PivX core members, Crypto Evangelists, and many to mention. I believe that they could deliver improvements and developments towards Veil-Project.
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/
To know more about Veil-Project, kindly visit these links below :
Website:
Discord:
Facebook:
Twitter:
Telegram:
Bitcointalk Forum:
Github:
Reddit:
Creator
aervin11
Basecoin Address (bv1): bv1q47sdc5e2y4cc3udtcpxycpgk9glmx4aht2qtq5
Warning : This is not a financial advice. This is my sole opinion about this project and you are always welcome to ask me anything about it.
