PRELUDE
In the beginning, Blockchain based cryptocurrencies like Bitcoin were created. People became really interested because they(bitcoin and other cryptocurrencies) were offering real solutions to real problems associated with fiat currency (government issued currency).
Crypto came offering two things people crave for when making transactions; Freedom and Privacy or anonymity.
Blockchain(the underlying technology for most cryptocurrencies like Bitcoin), gives users access to track their coins and that makes it almost impossible for malicious users to steal coins or forge them.
THE PROBLEM
By the way, researchers found out that by being able to link a wallet address with a user’s identity, Bitcoin exposes user’s financial data. This is possible because Bitcoin hasn’t really implemented the privacy or anonymity feature that Blockchain based cryptocurrencies should have.
However, privacy-focused cryptocurrencies attempted solving this Bitcoin privacy issue. Crypto like Monero(first privacy coin) with its RingCT technology (that provides ‘full-time privacy’ by using ring signatures) and Zcoin/Zcash based on the Zerocoin protocol (that provides superior anonymity) has only provided a one-sided solution to our problem. Monero offers us the jug(privacy) without liquor or water while Zcoin gives us the liquor(superior anonymity) without a jug to contain it.
THE SOLUTION
Veil Technologies saw this problem and initiated the Veil-Project to utilize the opportunity created by Monero and Zcoin to create the first secure, anonymous and full privacy coin.
Veil technology stack includes a very intimidating combo of Bitcoin version 0.17.1, Zerocoin Protocol, RingCT, Dandelion, and Bulletproofs. Let’s briefly explore these tools and understand why they’re essential to the veil-project;
THE TECHNOLOGY
BITCOIN VERSION 0.17.1
Veil builds on existing Bitcoin core software. Obviously, Bitcoin core software is the most secure, popular and tested blockchain software on the market. The latest update released on 25th December 2018, comes with various bugfixes and performance upgrades.
ZEROCOIN PROTOCOL
Zerocoin fixes the Bitcoin anonymity issue by implementing a protocol based on zero-knowledge proofs. Zero-knowledge proofs ensure that after a transaction has been completed, the sender, receiver and amount remain anonymous.
RingCT
Every Privacy-focused cryptocurrency has two types of coins: Basecoin and Zerocoin. To convert Basecoin to Zerocoin, users would have to mint manually but Veil does that automatically. RingCT anonymizes Basecoin transactions.
DANDELION PROTOCOL
Dandelion is a network layer that makes it virtually impossible to track the source node of a transaction.
BULLETPROOFS
Bulletproofs technology increases the privacy of veil currency transactions and reduces the size significantly.
THE FUTURE
Bitcoin has come under great scrutiny because of its security flaw and the veil technologies are not just solving this problem by providing full privacy and anonymity to crypto transactions but are also providing amazing user experience by integrating bulletproofs that implements transaction pruning thereby reducing the transaction data size. In short, at launch, the veil transaction size would be at 11.3Kb. The Veil labs are totally focused on improving privacy, anonymity and user experience which is good not just for the veil-project but the general crypto and blockchain ecosystem.
For more information visit:
Website: https://veil-project.com/
Reddit: https://www.reddit.com/r/veil
ANN Thread: https://bitcointalk.org/index.php?topic=5065331.0
Telegram: https://t.me/VEILProject
Discord: https://discord.veil-project.com/
Linkedln: https://www.linkedin.com/company/project-veil/
Author
Bitcointalk User Profile: https://bitcointalk.org/index.php?action=profile;u=2528525
Bitcointalk Username: Ucheman
VEIL WALLET: bv1qjjvghawc6tdry8j6ren624ztep7ks0gdn6mgat