What Is Veil (VEIL)?
Veil (VEIL) is a cryptocurrency project that seeks to facilitate the transition from physical to digital cash economies, making privacy as one of the most convenient choices. The need for a currency that can provide full-time privacy without compromising the strength of anonymity drove the creation of Veil. As stated on the website, the vision of Veil is to build the best privacy coin in the world.
To ensure long-term viability, the Veil network aims to provide funding for ongoing operations and ongoing research and development in the fields of cryptography and blockchain technologies. The Veil project attempts to improve the state of privacy-focused cryptocurrencies by developing a secure, highly anonymous coin that provides complete privacy.
Veil aims to offer a user-friendly wallet named RingCT, which can make full-time privacy a convenient option for users. RingCT is a protocol that doesn’t require any trusted setup and also hides the identity of the recipient, originator, and amount of the transaction. There are many other features that Veil aims to provide, such as:
RingCT Staking - RingCT staking aims to provide Veil users with a means to privately stake their VEIL with no complications in minting. VEIL is the native token of the platform. The Veil wallet allows users to stake their held VEIL using a shortened version of the Zerocoin protocol. Zerocoin protocol uses zero-knowledge cryptographic proofs to provide anonymous transactions.
Coin Consolidation - Consolidating user funds to the RingCT coin type simplifies the user experience, reduces wait times when switching between coin types, and provides anonymity to held coins.
Veil X Wallet9 - Veil X is a new Veil wallet Graphical User Interface (GUI) that focuses on a more streamlined user experience and more accessible functionality.
Veil Link Server - Veil Link Server (VLS) introduces new possibilities not previously available with Veil, such as Veil X's light wallet potential, hardware wallet optimization, and mobile wallet support.
By holding VEIL, users can contribute to overall network security and earn staking rewards. The project supports the fair launch. To combine security and fair distribution, Veil's blockchain is secured using proof-of-work and proof-of-stake. Further, through Veil Labs, an entity dedicated to research and development and partnerships with leading academic institutions, Veil aims to innovate the use of cryptography and blockchain technology.
History of Veil (VEIL)
The Veil project was founded in 2018 by James Burden, a crypto-privacy expert. Also, the core developers of the project are Paul de Lange, Jared, and WetOne.
The maximum supply of VEIL tokens is 300,000,000.
