Project Name: Veil
Coin Ticker: VEIL
Market Cap: $2,438,606 (as of 10th February 2020)
Exchanges: Vinex, STEX, Crex24, Probit, TXbit, Bisq, Graviex, Bitmart, ChainRift & reflextrader
Mining Algorithm: Mainnet — X16RT, testnet — ProgPow + Randomx + SHA256D
Block time: 60s
Original code base: BTC 0.17.1
Founder’s reward or analog: 10% foundation, 30% operational budget
The Veil team is listed here: https://veil-project.com/team/
Key Developers include:
Blondfrogs, known for their work on Ravencoin, ZelCore and PIVX.
Mimir, an anonymous and well-respected Developer with years of cryptocurrency experience.
How does the project protect users?
Currently Veil uses a combination of RingCT, stealth addresses and Dandelion. RingCT will soon be extended to protect the addresses and balance of users participating in Proof of Stake.
Explain the Anonymity Sets (per txn):
We have a default ring size of 11, which is the current anonymity set per transaction for RingCT. With Supersonic this will reach a ring size of over 50,000.
Privacy By Default:
Private transactions can currently be switched on/off, however once RingCT staking hits mainnet this won’t be an option any longer.
Anonymous Transactions (%):
Currently most transactions are only partly anonymous, however they will be 100% anonymous soon, with RingCT staking.
What makes your wallet easy to use?
The wallet was initially created with simplicity in mind, however the nature of the privacy mechanisms Veil created a more complicated wallet experience than they had initially envisioned. Many processes can be automated, though we are working hard to improve and simplify the UX with the upcoming RingCT update mentioned above.
What are you doing to make the wallet more user friendly?
Two new versions of wallet are being worked on for a better user experience. One version will be a lite wallet, and feature only the more essential components and settings to not overwhelm inexperienced users.
What OSs does it support: Linux, Windows, MacOS
GUI Wallet: Yes, the wallet uses a Qt-based GUI.
Mobile Wallet: No
Why is privacy important to your project team?
We are careening toward the digital dystopia of a cashless society, one where we are stripped of our freedoms from external control.
The push to digital is in favor of surveillance and the value derived from us as people, taking advantage of our tendency to choose convenience over privacy. When we transact through a third party intermediary we pay more than once — first with our dollar, then repeatedly with our data.
According to Visa, each year $17 trillion in consumer payments are still made in physical cash or checks. When they’re forced to go digital, Veil will be there to serve consumer needs.
Privacy is the very reason we are here.
What makes your project stand out above other projects?
Aside from our stellar team and many years of combined experience, it’s our commitment to our vision. We’re on a mission to empower people with an encrypted equivalent of the cash economy, where privacy is the most convenient choice.
Think of Veil as a digital ecosystem where you can earn, trade, and spend privately, securely, and conveniently; one where the consumer experience is friction-less and businesses benefit from less liability.
What do you have in the works for future development?
We are developing an entirely new protocol based on Supersonic zk-snarks. This will be the first fully trust-less privacy by default protocol that doesn’t sacrifice on scalability or anonymity set per TX.
What is the path to mass adoption of your project?
Everything we have planned, and from herein, every decision we make, will be thought-out with our core objectives in mind:
- Reliable network of miners and stakers
- Truly private and decentralized exchange
- Stable and convenient merchant acceptance
- Growth of community through additional utility
We understand the needs of our strategic partners and have some really innovative plans to bring value to their users and customers.
Any additional final thoughts you want to include?
If you share our vision of an open, secure, and decentralized surveillance-free digital economy, you should definitely subscribe to our podcast. Loads of interesting discussion around the work we do is coming to our show ‘Lifting The Veil.’