27 Apr 2019

Veil Project - The First Zerocoin-Based Cryptocurrency With "Always-On" Privacy ( Description)


Veil integrates the best anonymity technology in its class, to become the first cryptocurrency to provide uncompromising privacy that will always be active.

Zerocoin protocol and RingCT technology

First, we must know about Zerocoin, then what is Zerocoin? 
A technology that aims to ensure privacy for users on the bitcoin network. This is the initial version of the ZeroCash protocol, the technology currently used by ZCash.

How Zerocoin protocol works?

Source : zerocoin.org

The picture above shows an example of how the Mint transaction works. (In this case, the example is in the headscarf)From wallet A, it allows non-anonymous Veils (Basecoin) to be converted to (RingCT) Veils (in different denominations but at the same value) then will be accepted in the form (Veil / RingCT) depending on which wallet is used. (sv1 or bv1).

The Zerocoin protocol will transfer visible coins, by printing other coins, and dividing them into different denominations, then received by recipients without direct contact from the sender because it will enter your wallet in the form of coins that differ in different denominations BUT with the same value.

What is CT Ring?

Secret Ring Transaction is a Ring signature algorithm that has been implemented in Monero. With this ringCT, only the sender and recipient know the value to be transferred. others can only see the value that has been multiplied, so they can check that there is no fraud that will occur, but they cannot know what the amount is, so they cannot tell the exact number involved.

Overview for its Underlying Technology :
Bulletproof. Privacy-wise, I could say Veil is at the same level as Monero and ZCash but with no exposure.

Hybrid Consensus PoS/PoW

Source : Blockgeeks

Proof of Stakes (PoS)

The concept states that one can mine or validate a block transaction according to how many coins he has held/has.

In this way, all Veil holders will benefit in the form of prizes through the risking process in the form of Zerocoin Veil.

PoS difficulty: 9000670.043959823 (at the time of writing).

Proof of Work (PoW)

Is an original consensus algorithm in the Blockchain network where miners will compete with each other to complete transactions on the network, and get rewards.

With the X16RT hashing algorithm, only NVIDIA and AMD processors are allowed to mine hoods and provide 51% security against attacks.

PoW difficulty: 5373.591054736813 (at the time of writing).

Veil mining software and pools


Mining Software


Mining Pool





Overview of its Hybrid Consensus: 

It has both features on Veils that make networks safer, have better privacy features, and better opportunities for miners, as well as holders by mining and risking headscarves, with better potential for coins to compete with the next generation of privacy coins.

What is a Veil?

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.

Let's talk about their technical differences that make Veils unique (Author's opinion):

PRIVACY ALWAYS

Starting from raising to mining prizes, everything is anonymous. Transactions are visible, that happens, and that is just the definition of a system without trust.

ANONYM INCOME

Pair your Veil anonymously and get prizes anonymously. This is the same as mine.

USERS

Ease of use, user-friendly interface, easy recovery / backup, storage-friendly, and privacy coins will not be annoying when buying your first privacy coin.

FAIR LAUNCHES

Non ICO projects with seed funds are only 1 million USD and are still developing projects with this class. Although it is almost impossible, I will not mention that Veil CEO is also the CEO of PivX that makes these things happen.

SUSTAINING SELF

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 basic technology using Zerocoin and RingCT technology, Hijab has the potential to grow as the best privacy coin. Also with the team leading the development for this project, a community that also helps the team and gets a prize, you will definitely say it yourself later.

TOKEN INFORMATION

Until now, there have only been 10,000,000 Veils in circulation, the total supply is 300 Million which is expected to be mined after 20 years. With current supply, this will be a rarity that can provide higher demand and value.

TEAM

The most important thing about every success in a project is a solid and best team. Team Veil is made up of dedicated people with a focused mission and it is an entity of Research & Development projects with the aim of pushing technical boundaries for privacy and anonymity without sacrificing scalability and performance.

I can't introduce them 1 by 1 you can check further here: https://veil-project.com/team/. I prefer to state what I like about the team and that is the experience and field of specialization that is important for the development of Veil Projects.

The founder of the Veil itself is James Burden he is also the founder of PivX, I can say that he is developing Veil as a better version of PivX with a mixture of Monero technology to develop the best privacy coins.
Sketch image of Veil Founder : James Burden
Monero at that time, as well as today, has decent privacy, but it's not that good, which is why we started PIVX, and by combining the two technologies, we got Veil. - James Burden
Overview for TEAM:

Veil Teams are not new in space, especially in coin privacy, some of them are specialists at RavenCoin (specialist X16RT hashing algorithms), PivX core members, Crypto Evangelists, and many others. 

I believe that they can provide improvements and development towards the Veil Project. This is the best thing to follow more about this 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/

Additional Links

Websitehttps://veil-project.com/

Facebookhttps://www.facebook.com/projectveil/

Twitter https://twitter.com/projectveil

Telegramhttps://t.me/VEILProject

Bitcointalkhttps://bitcointalk.org/index.php?topic=5065331.0

Githubhttps://github.com/Veil-Project/veil


Author By bangdik123
Bitcointalk : https://bitcointalk.org/index.php?action=profile;u=1081239

Veil Address : bv1qg8u92jdqxu0qree020jgz7e87k86dnwh7pk043

No comments:
Write comments

Interested for our works and services?
Get more of our update !