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Despite the unstable market situation, cryptocurrencies are steadily making their way to the public. Not only people now know what cryptocurrencies are, they are also starting to use them for a wide variety of real-life applications.
However, with adoption come regulations. Most big cryptocurrencies are already being regulated in one country or another. I’m not going to delve into the moral part of the matter, however I do believe that we all have the right to keep our possessions private, if we chose to do so. Here’s where Veil can help.
1 What is Veil?
Veil is a very promising cryptocurrency that combines the latest and most efficient privacy protocols and technologies to ensure the privacy of their users. While anonymous transactions are not something new, Veil has features that Monero
, Dash and other similar coins don’t have.
Fairly new, Veil had a fair start: it had no ICO and no premine. It is being developed by Veil Labs – a team of 23 specialists and 3 advisers, partnered with several academic institutions. Their main focus is to work on the technological basis that allows cryptocurrencies to have better anonymity, performance and scalability.
Veil is the cryptocurrency that enjoys the innovations introduced by Veil Labs, as well as the means to found the project – a share of every emitted Veil token goes to Veil Labs. Funds that go to Veil Labs will not stake, meaning those funds will not disadvantage those staking in the network.
So far, Veil combines the best security features from Monero, Zerocoin and others, together with a very user-friendly experience and features such as transaction pruning and seed recovery. Plus, it already has some unique advantages over similar coins. Here’s what Veil has got so far:
- Veil is based on the most secure blockchain software, the Bitcoin version 0.17.1
- Veil’s cryptography-based privacy protocol is Zerocoin (zero-knowledge proofs), allowing Veil transactions to be anonymous.
- Veil employs the Dandelion protocol to ensure enhanced P2P network privacy.
- Thanks to RingCT, all components of Veil transactions will remain anonymous at any time.
- Veil employs Bulletproof technology to reduce transaction size.
- POS and POW mining, as well as node hosting (WIP).
- ASIC-resistant X16RT hashing algorithm to make POW mining GPU-oriented.
In the near future, Veil should also enjoy the following features:
- Transaction pruning to dramatically reduce the space on hard drives.
- Node mining for those users who decide to host the entire node on their servers.
- Delegated Proof of Stake (DPOS) to further enhance decentralization, transaction speed and solve some of the problems caused by POS and POW.
- Elastic blocks.
- Stealth address support for Zerocoin transactions.
Veil User Experience
Ideally, a cryptocurrency is a tool that is meant to be used by people in the real world. As a tool, it should be easy to understand and to use for the average Joe.
Here’s what Veil has got to offer:
- User-friendly wallets for Windows, Linux and MacOS. Android and iOS wallets are WIP.
- Paper wallet generators for both online and offline usage.
- Multi-transaction Zerocoin spends, which means that the amount a user can spend in a single transaction is not limited.
- No need to backup wallet files – the Veil wallet supports a single BIP-0039/BIP-0044 deterministic seed to restore the wallet.
- Small wallet size thanks to transaction pruning (as mentioned earlier)
- Integration with hardware wallets such as Ledger and Trezor (WIP)
- Easy staking right from the wallet interface.
2 Useful links with important stuff to read
3 Best mining hardware for Veil (x16rt)
Wallet Installation and Setup
- Download latest wallet version: https://github.com/Veil-Project/veil/releases (i’m using windows 10 with 64, and i used veil-1.0.2-win64.zip)
- Extract the archive and go to “bin” folder, then start “veil-qt.exe“, this will take time for a full synchronization.. however you can click on HIDE button (bottom right)
- Now we will have to generate a mining address, to do that go to “settings” -> “Advanced Settings” -> “Console” and write “getnewminingaddress“. This will generate a new address that is meant for mining only.
- We will use the address in the next steps
4 How to Mine Veil
A POW (Proof-of-Work) Mining
How to mine Veil x16rt with Nvidia GPU Mining Rig
- Download precompiled miners for 1stMiningPool: T-Rex or CryptoDredge latest versions
- Extract the file you have just downloaded in a new folder
- Edit .bat with your wallet address then save, close it and use it to start mining
MSI GTX 1080 Ti Gaming X 11GB
- Hashrate: 28 – 35 Mh/s
- Clocks +150/+0
- Power Limit 65
- Power Draw 150w
- full review
How to mine Veil x16rt with AMD GPU Mining Rig
B POS (Proof-of-Stake) Mining
- Download and run the wallet from the official Veil website.
- After installing it, you will be able to enable staking from your wallet interface.
You can donate Veil here 🙂 thank you!: bv1qy7lsvd5340jgtmv4p307rkp5n9fa9pc6qcy9tg
Veil is a very promising project that might be of great help for those of us who look to have better privacy and safety. So far, Veil Labs has been doing things the right way. They are not rushing things. Instead, they are building a solid foundation to be able to further research and develop cryptography and blockchain technologies.
From the perspective of a GPU miner, Veil can be pretty interesting because it is ASIC resistant, for now anyway. Plus, it’s always a good idea to invest your hashing power in coins that have a future and Veil seems to have the potential to become the next big thing, or at least to have a long life.
Thank you for reading. As always, your comments, suggestions and questions are welcome.
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Disclaimer: This is not financial advise, I am not a financial advisor, this is for educational purposes only. If you want to invest in cryptocurrency please do your own research and invest at your own risk, 1stMiningRig is never liable for any decisions you make. 1stMiningRig may receive donations or sponsorships in association with certain content creation. 1stMiningRig may receive compensation when affiliate/referral links are used.