Transactions using digital currencies that have been carried out are transparent. This is supported by the role of technology which gives broad access to users to know every detail of information about a transaction that has occurred. Users can also find out all the transaction history that belongs to other users that have ever occurred on the digital platform. This open access makes technology capable of supporting the transparency function of a good process. The operation that takes place can also be known by the user through the access provided. The longer this function develops, new things arise which are considered to be an obstacle even though this has not reached an alarming stage.
When we carry out social interactions with other people through digital media, we certainly want that the interactions that we make are only known by limited circles, in this case there are 2 or more people who interact. This is considered as a right that every individual deserves. Privacy is something that is desired and must be kept confidential. This is done to avoid any kind of bad possibility that can occur through any pathway by utilizing digital media. This is what makes the value of privacy very important. Each individual also of course needs a special personal space for interaction with certain people.
This privacy concept is now applied on a digital platform called Veil. This platform does prioritize tightly wrapped functionality using the principle of privacy. This platform can perform its functions as a digital platform in general, namely to manage digital transactions using . However, what distinguishes this platform from other digital platforms is that Veil strongly supports all forms of confidentiality of data and processes related to its users. The privacy concept promoted by Veil is to make every information about a transaction anonymous. That way, no information will direct a user to the transaction. Veil will close all access to transaction data so that no single transaction executed on this platform can be tracked.
Veil’s focus on the value of privacy is quite interesting because the current digital platforms generally prioritize data and process transparency. But Veil chose to close the data and process information safely. This is what makes Veil an advantage compared to digital platforms in general and by continuing to prioritize this concept, it is not impossible if Veil will become a leading platform of privacy specialists. Veil is supported by anonymous coin functions which also have high privacy values. To obtain this coin, users can mine Veil coins through the Proof of Work consensus system or start a purchase transaction in the centralized or decentralized market. Users can also get Veil coins through the “staking” process in their digital . Users can also choose the “Bounty” option where they will get Veil’s anonymous coins after fulfilling their duties.
Anonymous Veil coin is a zerocoin based privacy coin. Zerocoin is a technology that supports the anonymity of this coin. In general, every digital coin that uses the basis of zerocoin technology has a transparent basecoin layer. That is, this coin has a public identity so that users can only carry out public transactions. The advantage that Veil’s anonymous coin has is the zerocoin protection layer that lasts all the time. This will help secure user transactions carried out publicly. RingCT support as a protective technology will increase coin anonymity and privacy will be maintained. Digital wallets used to secure Veil’s digital assets are designed by integrating them with Improvement Proposals 39 & 44 (BIP39 / 44). This makes the zerocoin and basecoin seeds the same so that users do not need to make more than one seedling reserve.
Veil is a very independent platform. They showed a commitment to prioritizing independence in developing this platform and realizing all planned projects. This is indicated by the funding sources that they use are from within themselves. Veil’s founder, James Burden, has donated 1 million USD for the purpose of building this platform. This they did to avoid having to enter into the ICO and pre-mine periods. That way, the distribution of can be done simultaneously in one time and not separated according to certain categories. Veil supports the system in terms of distribution of and does not differentiate prospective buyers based on certain backgrounds.
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/
Published at Thu, 11 Apr 2019 03:17:57 +0000
