Introduction

In the recent years the world has witnessed a revolutionary technology called Blockchain. It was created to provide an alternative financial solution to every person around the world. Thus, people get freedom from the existing cruel financial model. They will not be under control of any authority or institution, they can make any financial transaction with their own free mind. Blockchain provides power in the hand of every person, they have full control over their financial portfolio management. Blockchain provides highest level of security, reliability, trust and transparent.

Public Blockchain provides complete transparency in every transaction and they are publicly available for everyone. But this completely ruins our financial privacy. But technology doesn't stand still, it will develop progressively. Thus, the concept of private Blockchain and privacy coin arises. In this article we will discuss all about privacy coins.

Need for privacy

Privacy is a fundamental right of every human being. It may be in personal matters, financial matters or in any other aspects of life. People wants to maintain privacy in these fields and most importantly in every financial matters. They don't want reveal their financial statements and wealth records. They wanted to have full privacy in every financial transactions they make. But somehow they need to comprise their privacy in this matter due to the presence of Banks and government interference. That's where the importance of privacy Blockchain powered cryptocurrencies arises. Today there are many privacy coins providing effective services to users. But everything is not so sweet as it seems, because effective utilization of privacy coins comes with many complexities. Such as, privacy coins like Monero, Zcash and Dash have their own set of algorithms and technology behind it in order to make fully private transactions. Such as, Monero uses Ring signature, RingCTand stealth addresses. Zcash uses zk-snarks & zk-starks and Dash uses trusted Masternodes. Users need to have these conceptual knowledge in order to make completely private transactions. Otherwise they end up doing publicly visible transactions. This shows that there needs to be a perfect solution for every person to make use of privacy coins.

About Veil project

Veil is a true privacy coin which is aiming to provide perfect privacy Blockchain based solution to everyone. Veil comes with always on privacy technology with which every transactions made will be automatically become private. Veil committed to provide privacy solution without compromising any privacy. Thus, in order to make private transactions users doesn't require much technical knowledge, Veil makes everything so simple that anyone can make completely private transactions.

How Veil works?

Veil has adopted Bitcoin's core technology 0.17.1 integrated with Zerocoin protocol. Zerocoin protocol is a proven technology in maintaining privacy during every transaction. The Zerocoin protocol has two distinct variables such as Basecoin and Zerocoin. Here is the main twist, Basecoin doesn't offer private transactions, instead you need to mint Zerocoin from Basecoin to make fully private transactions. This process is complex and takes time, that's why many people use only Basecoin for performing transactions and compromise their privacy. People become tired with these complexities but they are forced to learn these complex processes in order to make fully confidential transactions because of unavailability of other options. But now thanks to a team of highly experienced professionals who are committed to provide a simple and user-friendly privacy focused solution by creating a project called Veil.

Veil adds RingCT technology with every Basecoin transactions. Thus, every transaction made through Veil we be automatically become private. In this way Veil removes every complexity associated in making private transactions. Veil provides simple privacy focused solution for mass audience. It also implemented Dandelion protocol which helps to maintain IP address anonymity. Thus, Veil doesn't require any third party service like TOR network to hide IP addresses. In order to achieve network scalability Veil uses Bulletproof mechanism, where data size of transactions is reduced and this also helps to reduce cost associated with each transaction.

Veil uses hybrid consensus algorithms of PoS and PoW. It is worth to note that every transaction bets will be set to Zerocoin value, in order to maintain always on privacy. To attain maximum transaction speed with low cost, every transactions will be automatically adjusted to Zerocoin value. The values of Zerocoin protocol will starts from 10 and increases to 100, 1000, 10,000 coins and so on. Veil uses Deterministic Seeds to recover complete wallet at a single stretch,thus there is no need to backup and store files on the systems.

Final conclusion

By summing up all the features, we can say that Veil is here to revolutionize the privacy crypto market. Veil provides privacy focused solution to mass audience. Everyone can get benefits from Veil privacy solution and can easily perform the private transaction. For this they don't need to practice any complex operations like other privacy coins. So let's feel blessed that projects like Veil are here to make Sathoshi's vision come true.

Finally I would suggest you to visit official website of the project for more details. This project needs much public attention and I wish all the best for this great project.

Learn more about VEIL:
Website: https://veil-project.com
ANN thread: https://bitcointalk.org/index.php?topic=5065331.0
Telegram: https://t.me/VEILProject
Facebook: https://www.facebook.com/projectveil/
Twitter: https://twitter.com/projectveil
Discord: https://discord.veil-project.com
LinkedIn: https://www.linkedin.com/company/project-veil/
Reddit: https://www.reddit.com/r/veil
GitHub: https://github.com/Veil-Project

About Author:
Bitcointalk username: Abhijeetcg
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1676105;sa=summary
Veil address: bv1q9rausk3vmzjr63x4kqnp7kw6f6tdmkxglwuxap