Veil is a privacy-focused blockchain project with a simple mission - to offer the most private and user-friendly digital currency. With an experienced team of over 25 members, including top developers, we are implementing and improving upon thoroughly vetted privacy protocols, pushing the technical boundaries for privacy and anonymity.
Proof of stake must have a way of defining the next valid block in any blockchain. Selection by account balance would result in (undesirable) centralization, as the single richest member would have a permanent advantage. Instead, several different methods of selection have been devised. The Veil Project improves the state of privacy-focused cryptocurrencies by creating a secure, anonymous coin and by providing full-time privacy. Veil offers a user experience suited to the masses with self-funding to support long-term research and development by a dedicated team of researchers and blockchain developers. Proof-of-Work mining system, guarantees a fair distribution of the coin, avoids the necessity of an ICO or pre-mine, and adds security to the overall network. To promote fairness of mining, Proof-of-Work mining will utilize the ASIC-resistant X16RT hashing algorithm, an improved version of X16R introduced by the Ravencoin project.
Veil combines the world's most secure blockchain software, Bitcoin version 0.17.1, with the advanced, cryptography-based privacy protocol, Zerocoin.
Over a decade in operation, the Bitcoin core software has demonstrated itself to be the most secure and battle-tested blockchain software in existence.
The Zerocoin protocol is based on zero-knowledge proofs, a cryptographic method which allows a computation to be proven to have taken place, without knowledge of its inputs and outputs. In the case of a cryptocurrency, this computation would be a value transaction, in which the sender, receiver and amount transacted can remain anonymous.Support for the Dandelion protocol makes it nearly impossible to trace a transaction back to its source node on the network.Those familiar with Zerocoin-based networks know that the protocol involves a non-private transaction state known as Basecoin to account for the fact that zero-knowledge proof transactions happen between discrete coin denomination sizes. In such networks, like PIVX for example, anonymous discrete denomination coins enter a publicly visible "Basecoin" state, from which smaller anonymous denominations may then be recreated in a process called "minting", with any remaining Basecoins considered to be "change" in the coin's wallet.
Veil is an always-on private cryptocurrency. With most cryptocurrencies, privacy is merely an option in a user's wallet, meaning a user can choose to spend in a pseudonymous manner, or a more private fashion.
Technically speaking, the Veil Project, much like other Zerocoin focused projects, has two types of coins: basecoins and zerocoins. With most other projects, users must manually mint their basecoins into zerocoins, if they so choose. With Veil, basecoins are automatically minted into zerocoins above 10 basecoin. In other words, every time a user has at least 10 basecoins, they are automatically minted into zerocoins. The reason that two types of coins exist and every coin is not minted into a zerocoin, despite the fact they are the same currency (Veil), is because there is a computational cost to minting and spending zerocoins. Please note that the average user does not need to worry about this, as they will ultimately see one balance.
In Veil, basecoin transactions will be anonymized using RingCT and stealth addresses. RingCT is a method to anonymize the sender in a transaction by merging the sender's digital signature with random other signatures grabbed from the blockchain's history, creating a final, unique signature. Then using a range proof (commitment to a value that reveals nothing of the value but it being in a specific range) the amount transacted is hidden. Ultimately, the network does not know the sender or amount in a transaction but using a cryptographic key image, miners can confirm that the transaction is valid and no double-spend has occurred.
Now, every 10 basecoins auto-mints into 1 Zerocoin denomination, which to the user is simply 10 veil. This is the relationship Veil is creating between RingCT and Zerocoin logic. RingCT anonymizes the basecoins, while Zerocoin ensures the highest level of privacy for the sender.
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Website : https://veil-project.com/
Telegram : https://t.me/VEILProject
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Reddit : https://www.reddit.com/r/veil
