Why Blockchain Must Maintain Your Privacy

[Collinberg]

I remember when I first discovered Blockchain Technology in 2015 and I was instantly attracted to the prospect of sending funds from one part of the world to another without exposing my personal details to anybody or any third party services and for a couple of years,. I have been enjoying the ultimate privacy that Blockchain provides.

Recently there has been talks of Cryptocurrency regulation but while it is all well and good, I think that Cryptocurrencies would not really be "Cryptocurrencies" if that were to happen because it would have lost one of it's most fundamental features which is decentralisation and Anonymity.

Even though Regulations has not been fully implemented yet, we are now gradually losing our privacy without us even knowing it's happening, take to example the BLOCKCHAIN WALLET which is one of the trusted wallets to transact Bitcoin, Bitcoin Cash, Ethereum and Stellar, they used to be one of the blockchain wallets that used to preach about privacy but recently they have added KYC to the platform and even started rewarding people $25 to do the KYC, this is a blatant slap to the fundamentals of Blockchain technology.

But all hope is not lost because as some big giants in the blockchain world are moving towards centralisation, other Blockchain services are cropping up to continue the lagacy of Satoshi Nakamoto and one of such projects is the Veil Project, the motto of the Veil Project is "Privacy Without Compromise" and that is what caught my eyes and made me take a closer look at it.

Veil's aim is a trustless blockchain platform that takes privacy to a whole new level, it is so private that when you make transactions in the veil Ecosystem, even your IP cannot be traced, I think we need more projects like Veil in a time like this when the big dogs are so focused on invading our privacy, if you want to check out Veil, just visit- https://veil-project.com/

So what is your opinion? Is Veil the future of Cryptocurrency?

[backfirst77]

Because to avoid the theft of data that we upload when registering or verifying data while conducting online activities. So that maintaining privacy will make us safer and more comfortable in utilizing a system or platform that uses blockchain. And it will always make our privacy safe and secure.

[jet]

privacy is important, if it is stolen, we are doom. I think, there are lot of project that offers decentralized sending of funds, anyway, this is what backchain has promise to everyone. We will keep this way to hide our self from thefts and all other bad element that might use our identity for their personal gain.

[ZionRTZ]

This is the second topic already that I've seen about veil. First one is here https://www.altcoinstalks.com/index.php?topic=106539.msg649315#msg649315

I'm not sure if you guys are part of Veil's marketing campaign but I think the proper place to post topics on specific altcoins is here https://www.altcoinstalks.com/index.php?board=16.0

[aiviaa485]

Bank - Centralized - Privacy.
Cryptocurrency - Decentralized - Privacy.

If we compare with Bank and Crypto, both of them also have privacy and are equally needed.
So , we don't need to argue with PRIVACY because Privacy is the main character in cryptocurrency.

[LogiC]

Ive bump as well into veil project. It is not the only zerocin present out there but they are the one first implemented a totally anonymous zerocin that integrate both POW and POS consensus. Actually it is hard to maintain both but they did it. Hope eth can do both as well.

[Collinberg]

Do you recall the very recent Report about the alledged hack of Coinbene Cryptocurrency exchange where all the ERC-20 tokens in their hot wallet was stolen and liquidated in Idex and in other to keep the exchange afloat and avoid panic, the owners of Coinbene replenished their coffers with Maximine tokens? Have you wondered for a second that if blockchain technology is so anonymous, how were those transactions traced?

Cryptocurrencies are built on a public ledger network that can be viewed by anybody, imagine your wallet balance can be viewed by anybody, all your transactions can be viewed by anybody  and this poses a security risk, imagine if your bank account and bank transaction records become public knowledge, that would automatically make you a target if you have huge funds in there.

For example in the case of Coinbene hot wallet, if the hacker had not been able to see the amount of funds contained in the wallet, they would not have been able to target it, infact they would not even know the wallets to even target, this reason alone is why many people has fallen victims to Cryptocurrency hacks.

This is why Privacy Coins are needed in a time like this because these are Cryptocurrencies that can enable you to enjoy blockchain technology without the associated security risk and recently I discovered a privacy coin called Veil which  takes privacy coins to a whole new level my taking the already existing technology and making improvements on them to make the protocol airtight.

One thing that fascinated me about Veil is the fact that there was no ICO or Pre-mine but the main net has already been launched and is working as advertised. If you are interested in privacy coin like me, I would encourage you to check out Veil and tell me what you think about it.

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[masterrex]

Do you recall the very recent Report about the alledged hack of Coinbene Cryptocurrency exchange where all the ERC-20 tokens in their hot wallet was stolen and liquidated in Idex and in other to keep the exchange afloat and avoid panic, the owners of Coinbene replenished their coffers with Maximine tokens? Have you wondered for a second that if blockchain technology is so anonymous, how were those transactions traced?

Cryptocurrencies are built on a public ledger network that can be viewed by anybody, imagine your wallet balance can be viewed by anybody, all your transactions can be viewed by anybody  and this poses a security risk, imagine if your bank account and bank transaction records become public knowledge, that would automatically make you a target if you have huge funds in there.

For example in the case of Coinbene hot wallet, if the hacker had not been able to see the amount of funds contained in the wallet, they would not have been able to target it, infact they would not even know the wallets to even target, this reason alone is why many people has fallen victims to Cryptocurrency hacks.

This is why Privacy Coins are needed in a time like this because these are Cryptocurrencies that can enable you to enjoy blockchain technology without the associated security risk and recently I discovered a privacy coin called Veil which  takes privacy coins to a whole new level my taking the already existing technology and making improvements on them to make the protocol airtight.

One thing that fascinated me about Veil is the fact that there was no ICO or Pre-mine but the main net has already been launched and is working as advertised. If you are interested in privacy coin like me, I would encourage you to check out Veil and tell me what you think about it.

.

Well as i know according to my IT engineer friend no system is 100 percent secure in the internet all has vulnerabilities thats why in order protect funds from hacking just use offline wallets or cold wallets.

[Jereh]

I believe that this privacy issue is the reason why done potential invest9rs are finding it hard coming into the market.

[Collinberg]

It is ironic that blockchain was created for the sole purpose of convenience, fairness and Anonymity( and not in that order) but with all the numerous blockchain project popping up everyday, many of them has been straying from the fundamentals of blockchain technology and some of them even go as far as bribing users to provide the or personal information and I won't mention names(Cough Cough Blockchain wallet)... so imagine my joy when I stumbled upon a project that is solely focused on protecting our privacy.

The Veil Project is a privacy coin with the motto, “privacy without compromise.” It was created to grant users the ability to remain incognito while engaging in transactions on the blockchain. Before we delve into the specifics of Veil, we will first cover the privacy protocol it uses, known as the Zerocoin protocol.

The protocol was devised back in 2013 by John Hopkins University professor Matthew D. Green and his graduate students Ian Miers and Christina Garman. The aim was to create an extension for Bitcoin which offers optional anonymity in the Bitcoin network.

The process involves converting public Bitcoins into anonymous Zerocoins and back again. The public token is referred to as a Basecoin, while the anonymous coin is known as a Zerocoin. For Veil, the public token is called Basecoin Veil and the anonymous coin is dubbed Zerocoin Veil.

However, rather than use the word ‘public,’ Veil use ‘on-chain’ because their Basecoin transactions are also made anonymous. Veil want to give users the functional ability to convert crypto into Zerocoins and then spend them at a later date entirely anonymously.

But, in Bitcoin for example, to ensure the monetary supply can be audited, the creation of a Zerocoin cannot be fully anonymous. This is because of a process known as ‘minting,’ which refers to when a Zerocoin is created. However, to mint a Zerocoin, a Bitcoin (public token) has to be taken out of the total supply to be ‘burnt.’

Ring Confidential Transactions (RingCTs) are also used by Veil to further increase anonymity. RingCTs are added to Basecoin transactions to bring as much anonymity as the technology currently allows for.

Alongside this, Bulletproofs technology has also been adopted to help reduce transaction sizes. Eventually, the Veil network will implement a Proof-of-Stake (PoS) consensus algorithm to ensure maximum decentralisation and energy efficiency. But, for at least its first year, the Veil network will be using a hybrid approach with Proof-of-Work (PoW) mining. However, since it is a hybrid approach, it will also have PoS benefits.

[Jereh]

Ever since the creation of bitcoin ,the blockchain technology has grown exponentially.
Unfortunately , the adoption rate is never encouraging and this could be attributed to the security challenges that seems  to be threatening the continuous growth of the blockchain technology.
Security issues in this context is the traceability of users transaction history.
This issue has become a concern to potential institutional investors who would want to invest into cryptocurrency but are reluctant due to the issue of transaction history being viewable by just anyone .

Hackers seem to be having a field day stealing users funds because they can trace transactions to senders and so are in the position to know what wallet has good amount of funds or not.
I do not think I would be wrong if I say that the structure of the blockchain is indirectly egging hackers on.
 the world is going digital and as such people should be given the right over their transactions data on the blockchain.
The current structure of the blockchain today makes it easy for people to view ,monitor anothers transactions history .

In the quest to solve this issue, some projects came up with technologies , unfortunately these technologies didn't provide a holistic solution to the issues.
This is where veil project comes into the mix.

Veil is committed to providing a hollistic solution by improving upon the solution of other projects by combining cutting edge technologies such as the Dandelion technology, bullet proof technology , version 0.17.1  together with the advanced cryptography based privacy protocol zerocoin etc.
https://veil-project.com/

[Annalise]

Yes I think that privacy on the blockchain is a necessity.
I also agree with you that this issue of transactions being viewable by anyone needs to be addressed and urgently too.
It's so not cool that others can view and monitor my financial transactioon the blockchain.
Hopefully, this project veil gets it right.

[dragononcrypto]

I have merged these three recent topics, all promoting Veil Project, to your original topic here about the project. Please don't continue to create new topics advertising this project, they will only be merge to this topic and you will receive -K. Feel free to create new topics discussing blockchain privacy, if it's not blatant advertising. Thanks!

[Chomzzy]

The security challenges of the blockchain could be said to be one of the reasons why mainstream adoption is still the topic of discussion in groups.
I can't imagine other people having the power to view ttransactions I make on the blockchain.

[Lektai]

So i just came across this project while doing my research and i noticed something unique about it, asides from the fact that it poses to offer but security and anonymity was something that strucked me, and increased my inquisitiveness about the project, so after doing a ton of research i get to realize that this project which already has its own wallet runs the two consensus algorithm without any back lashes, I wouldn't want to bore you with stories, do yourself a favor and check them out by searching "veil project"