If we talk about the Veil platform, then the direction of our thinking will go directly to the terms privacy and anonymity. Both of these terms have been perfectly attached to Veil because they form the main characteristics of this platform. Despite not having a very high track record of operations, Veil managed to create a path that could make it easier for him to go a long way which would later bring this platform to the competitive world of . With the concept of privacy and anonymity in it, this is a good opportunity for a newly developed platform such as Veil to find its place in the market.
One that contributed to forming the main characteristic of Veil is a technology called Zerocoin. This technology is also responsible for creating Zerocoin digital coins which also have high privacy and anonymity. Zerocoin is actually a form of protocol that specifically functions in terms of network privacy. This protocol was first created in 2013 by a professor from Johns Hopkins University named Matthew D. Green. Matthew created this protocol after getting a great inspiration for the protocol applied by the world’s number one digital platform, . applies the most reliable protocol that is able to provide layered protection in terms of security. The protocol used by was later developed by Matthew, assisted by two postgraduate students, Ian Miers and Christina Garman, as a goal to improve anonymity in every component included in the network of a digital platform that applies this protocol. The privacy system has been questioned so far because it interacts directly with the network and the network has great access to be traced by various parties who have more understanding about it. This is a form of transparency which is the innate nature of technology that many users complain about.
Zerocoin was officially used first by a platform called Zcoin in September 2016 launched by Poramin Insom and his team. Poramin is a master of information security master at Johns Hopkins University. The Zerocoin protocol is then a solution that is run through third-party coin mixing services to hide data recorded transactions using digital currencies. Zerocoin then became a protocol that succeeded in making each transaction data anonymous or not known further information by eliminating coins and recreating them to eliminate them. Zcoin finally succeeded in publishing an academic paper that they funded to replace the consensus proof of work (PoW) protocol with an Merkle Tree proof algorithm to create a coin system that was more just and equitable for all miners.
However, zerocoin’s trip was not too smooth at first because in April 2018, zerocoin showed its first obstacle, namely weakness in cryptography which made it vulnerable to attacks on coins. This attack will be bad because it will eliminate all coins that have been mined by miners and can steal coins that are owned by users. As a solution and anticipatory action, Zcoin then proposed a new type of protocol called Lelantus that eliminated the function of trusted regulatory needs and anonymized all information related to transactions carried out using the zerocoin protocol. The new mechanism was created by the PIVX platform which also applies the zerocoin protocol but uses a different consensus protocol, namely Proof of Stake (PoS). This protocol will work directly in the procedure for creating new coins and validating transactions.
In Veil’s hands, they created concepts that were far different than those applied by those platforms. Veil made a very brave decision to combine the two protocols, Proof of Work and Proof of Stake, to produce more perfect functionality. The combination of the two is expected to combine the functions and benefits of each consensus that will make this platform richer in benefits.
Veil is specifically designed to increase the level of privacy which is currently a necessity for users who use transaction services through digital platforms. The anonymity generated by zerocoin will show a good role in hiding every data generated from a transaction. Zerocoin is currently undergoing further developments planned to create a new protocol called zerocash. This protocol is predicted to be a ‘fiat’ version of zerocoin. However, the potential will be known with certainty after this protocol is completely completed. If it shows greater opportunities, it is not impossible that Veil will change its course or even expand its scope by applying this zerocash protocol on its platform so that fiat currency transactions will take place privately.
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Published at Mon, 22 Apr 2019 09:25:18 +0000
