Every living soul on earth deserves and will like to have an exclusive and unfettered right to privacy in whatever he or she does. The right to privacy is one of the hallmarks of freedom and indeed privacy goes a long way in showing that one’s dignity, feelings, and opinions are well respected and guaranteed. In the financial circles – organized or otherwise, privacy is very much important especially if some substantial amount of money is involved.
No one would love to announce his multi-billion or million dollar business dealings to the public before or after the transactions…..it’s probably only a mentally unstable or insecurity conscious person that would probably do otherwise. Within the traditional financial institutions, privacy is maintained to a certain level, at least to outsiders or non-workers of the said financial institution.
However, one’s financial activities in these traditional financial institutions can still be tampered with by the employees of these financial institutions because their customers carry out their financial activities through them hence they (financial institution employees) keep the records of the transactions…..so one’s privacy to his financial records is still at risk. Close to a decade now, the financial landscape has been reshaped and has witnessed tremendous transformations through fintech innovations.
A very big thanks to the digital and internet tech. The cryptocurrency innovation, an offshoot of fintech technology has really redefined the way financial transactions are carried out. One of the intentions behind cryptocurrency development is to solidify financial freedom from government-controlled financial bodies and also equally enhance one’s freedom and rights to embark on trustless anonymous and privacy-oriented financial transactions.
Privacy and anonymity are very paramount when embarking on financial transactions; although privacy and anonymity can be viewed as a contradiction to the transparent provisions of the blockchain technology. On the other hand, to increase the security measures on Blockchain networks the issue of privacy and anonymity can never be overlooked or underestimated.
Supporting users’ privacy in most of the blockchain network’s transactions is not total i.e there are some traits that can be utilized to unearth users transaction history and identities on contemporary blockchain networks that allow privacy to some degree. With this in mind and to further cement anonymity and privacy in crypto transactions, Veil cryptocurrency is set to implementing total and constant zero-identity and anonymous crypto transactions on its blockchain.
When transacting using Veil cryptocurrency, your transaction history and public addresses are hidden from the public chain of the blockchain network; and this transaction detail encapsulation is done at both the crypto sender’s and receiver’s end.
By hiding the financial history of the transacting parties, sensitive information regarding the wallet’s activities of those involved in the transaction process is secured and kept out of reach from other people transacting or operating on the Veil’s blockchain protocol, and to achieve this, Veil protocol employs the Zerocoin algorithm technique which ensures that users transaction history and identities are kept away from the public chain.
Another technique imbibed by the Veil cryptocurrency in achieving its privacy transactions is the use of the RingCT algorithm which helps to hide the actual amount of cryptocurrency Sender “A” sends to Receiver “B” on its blockchain network. By making the actual amount being sent visible to only the transacting parties concerned, strengthens the security and privacy of users because no one else on the blockchain network that has nothing to do with the transaction can actually see the actual amount being transferred.
Hence the issue of nursing the ambition of attacking users wallet’s that normally transfers substantial amount of cryptocurrency is reduced to the barest minimum.
Features of Veil
Veil runs side by side proof of stake consensus algorithm alongside proof of work consensus algorithm. With this method of consensus adopted by Veil, miners who cannot afford the energy requirements of proof of work can mine using their cryptocurrency to stake as it is obtained in proof of stake consensus.
On the other hand, proof of work will ensure that those with deep “cryptocurrency wallet” would not hijack the whole consensus process and corner all the rewards accrued from it to themselves alone. Proof of Work ensures that the right to validate records and earn a reward is fairly carried out based on the node’s capability to solve calculations needed to validate the transaction.
Contrary to other Blockchain networks that seek outside support to maintain their privacy crypto transaction solution, Veil cryptocurrency has an in-house research and development team that is committed to developing the right privacy and anonymity crypto transaction formula without altering the high-performance indices of its blockchain network.
Veil cryptocurrency operates on self-help and reliable sourcing of finances for their project development, marketing and research, etc, hence it does not rely on ICO funds to realize its project development goals.
For more Information on Veil cryptocurrency, feel free to visit the links listed below: