Veil.Update the privacy protocol.

rafaelyar (43)in #blockchain • 5 years ago

Anonymity, confidentiality and privacy of users ' actions in the network are the basic principles that each user wants to get when working in the blockchain network. But almost all the projects have a problem with that. Periodic burglary of large crypto purses and theft of large digital assets-instantly negatively affect the entire crypto industry as a whole. And all this because of the lack of anonymity and security of users in the network.
Hackers specifically track those crypto purses, which are receiving large sums and hack them.
And what will happen if hackers and attackers will not see what amounts are transferred between users (the sum of transactions), will not see the participants of transactions, all transactions will pass nonlinear. These functions will fully safeguard – storage, mining and any operations with crypto coin. And this coin is Veil.

"Privacy without compromises-the motto of Veil"

This project is noteworthy because it found a vulnerability in its protocol and immediately reported it to its users. This step led to small financial losses, but the project showed itself only with the best side.
The Veil Labs team has made every effort to avoid hacking wallets and at the moment they almost agree on the use of a new protocol that can provide its users with anonymity and confidentiality of their actions On the network.
The currently used security algorithm is included in the-Protocol Zerocoin, RingCT and CT. The sharing of different protocols has led to difficulties in using Veil Wallet, but the future confidentiality protocol will be aimed at Avoiding such difficulties.

Requirements for the future protocol used in Veil:

• Ensuring full anonymity of users ' actions in the network.
• Private transactions only.
• Mining by X16RT algorithm
• Application of the DandelionI protocol
• Quick check of the transaction
• Use of the BULLETPROOFS protocol (to reduce transaction size)
Veil Labs already presents what result it wants to achieve, it will be similar to working with the algorithm Zerocash.

What is Zcash?

Zcash uses the principle of proof with zero knowledge (zero-knowledge proof)-ZK-SNARKs. This principle allows 2 transaction participants to exchange information without revealing their identity. Bitcoin-Blockchain contains records about the participants of the transaction and their number, but Zcash shows only the fact of the transaction without disclosing information about those who were the participant of the transaction without disclosing their data.
When using the Zerocash protocol, users hide both the senders and recipients of the transaction, and the amount of transactions, resulting in the operation becoming confidential and anonymous.
Zcash allows you to Exchange Bitcoin in Zerocoin, so that the information about the origin of payment will be hidden, providing a high level of anonymity. This protocol allows the owners of cryptographic coins to split or merge Zerocoin and return them back to Bitcoin.
All the basic anonymity technologies used in VEIL will be competently tuned for future work on the new protocol. Let me remind you that using an existing protocol is a temporary solution and the development team has already started to replace it with a more advanced one that meets the more serious requirements of anonymity.

You can participate in the Veil project by opening links:

Wallet: https://veil-project.com/get-started/
Maining: https://veil-project.com/mining/
Blockchain VEIL: https://explorer.veil-project.com/
Bounty program: https://veil-project.com/bounties/