One of the major ideas behind blockchain technology is to establish a socio-economy that is decentralized and anonymous in other to be free from the whims and unnecessary censorship of the government and other reputable global institutions always prying into all form of human transactions. Unfortunately, bitcoin which happen to be the pioneer cryptocurrency hasn't been able to provide the much-needed anonymity/ privacy the crypto community craves for. The growing use of bitcoin elaborated its shortcomings in terms of privacy and anonymity. This shortcoming brought about numerous privacy coins into the crypto eco-system but unfortunately majority of them have failed to provide a framework (blockchain) that will facilitate 100 percent anonymity and while some offer privacy to an extent, they do not offer the requisite anonymity needed to provide a complete product for the perpetuation of private and anonymous transactions.
The veil project is the much-awaited solution the blockchain community has continuously been yearning for. Veil seeks to provide 100 percent anonymity/privacy by implementing a much improved technical architecture which gives room for a zerocoin and a basecoin layer. Most of the contemporary privacy coins in the market lack full privacy for their basecoin layer and since the basecoin layer refers to the public layer of the blockchain, this ultimately leads to certain forms of transactions losing their anonymity as a result of this questioning the privacy of such anonymous blockchain. In order to mitigate this issues and render top-notch privacy for users of the Veil coin, the Veil project implements a RingCT technology which maintains the confidentiality of the basecoin layer, with this guaranteeing 100 percent anonymity.
Asides from concerns regarding the privacy and anonymity of numerous anonymous blockchains, decentralization has also proven to be a significant question of doubt. Decentralization is one feature that guards the integrity of blockchain technology and distinguishes blockchain and cryptocurrency products from other fintech solutions the world has embraced in recent time. The immutability as well as inability to manipulate records on the ledger remains one of blockchain most prominent features but unfortunately the decentralization of privacy coins have been continuously threatened. The threat to the decentralization of the blockchain often arises from the mining process, and this threat has in time past wrecked havoc on two privacy coins namely electroneum and verge, and this resulted in hackers carting away with a substantial amount of the XVG. The Veil blockhain uses a variant of the X16R hashing algorithm which safeguards the Veil blockchain from the threat proposed by the emergence of dedicated ASICs.With its tailor-made option called X16RT explicitly designed for the Veil blockchain, the danger to decentralization associated with the expected release of the Field-Programmable Gate Array (FPGA) code behind the X16R hashing algorithm does not apply to the veil platform due to modifications made on the x16RT variant.
In conclusion, asides from threat to privacy and decentralization, the risk associated with blockchain technology will most likely continue to grow with the growing adoption and implementation of blockchain technology across the diverse fields of life. And to mitigate this risk, the Veil project pays cogent attention to further research and development through the veil lab, so as to remain at the top of the game when it comes to facilitating and sustaining truly anonymous/ private transactions via blockchain.
To learn more about Veil check out the following channels
Website- https://veil-project.com/
ANN Thread- https://bitcointalk.org/index.php?topic=5065331.0
Telegram- https://t.me/VEILProject
Discord- https://discord.veil-project.com/
Authors details
Btt name: GospelCrypto2
BTT profile link: https://bitcointalk.org/index.php?action=profile;u=2572968
Veil wallet address: bv1qnpz73zzvjt2rgw3rmlpkfgn4v27pdcwf3qwhez