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Messages - Coltpython

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1
Mining / Re: X16RT mining algorithm - How veil came about it
« on: May 17, 2019, 02:51:50 PM »

In my previous post i mentioned mining as one of the methods/ ways  in which a user can earn passive income through veil
The other methods which i mentioned include
Trading and staking

mining is the process of running complicated calculations in the search for a specific number. Mining hardware, whether it’s an ASIC miner or a GPU  mining rig, has to run through many calculations before finding that number. In proof of work systems like Bitcoin, the first one to find that number gets a reward,

But today I'll be diving dip into what makes the XR16T hashing algorithm developed by  veil different from the rest, in order to mine cryptocurrencies using proof of work as its consensus mechanism, you need to meet the minimum requirements which includes either a (Graphic processing unit ) also known GPU miner , here the user employs the graphics card of his/her pc to do the job
ASICs known as application specific integrated circuit and popularly known and used among miners, it has been in use since the dawn of Bitcoin and its still being used by other popular cryptocurrencies adopting the proof of work consensus mechanism till date, however due to the centralization around it , see ASICs miners are designed from the scratch to perform calculations required by a specific cryptographic hash algorithm, hence they are very efficient, but they are expensive to procure and maintain in terms of cost of electricity required to run them and all but most especially the development of Newer versions of ASICs have made mining more centralized which ought not to be so
X16r hashing algorithm, developed by raven coin to provide an alternative to ASICs mining thereby breaking the centralization surrounding asics miners,The hashing algorithm used in X16R is the same 15 algorithms used in X15 model + SHA512. Except  x16r rotates through 16 different algorithms in random; hence the name R which stands for Random or Rotating This algorithm works in such a way that it constantly disrupts the algorithms chaining order. The order of the 16 different hashing algorithms will dynamically change based on the hash value of the previous block. Due to the dynamic change of the algorithm order building an ASIC for X16R is difficult,
Xr16t hashing algorithm was developed by veil to address the risks associated with Xr16, it has all the benefits of Xr16 but still confers more barrier against programmable field array

As you can see not only does this hashing algorithm help keep veil blockchain secure from hackers, it also helps improve its network.
You can learn more about it here
https://veil-project.com/specs/

An update!!
I have tried the Proof of stake programme using veil's wallet and i can attest to the fact that it is the simplest out there i have ever come accros, I'm 100% down for making money passively but the POS protocol offered by veil has completely blown me away, asides from the fact that its very very easy to set up, the rewards are also ok compared to other staking platforms out there

It does take a while to sync the Veil wallet. I believe that is the downside of the blockchain. It will make it easier if wallet syncing can be done faster.

2
Crypto Discussion / Re: VEIL PROJECT : ANOTHER MEGA PRIVACY COIN?
« on: May 15, 2019, 01:32:06 PM »
Did you all see the updates? Veil will no longer be using the Zerocoin protocol because it has vulnerabilities in terms anonymity. What is the impact of this now?

If that is so, then Veil needs to secure another privacy protocol asap to avoid investors dumping the tokens due to this fud


Well, it may not necessarily affect coin price as Veil users can still earn staking rewards, non-anonymously, in the interim while the Veil team continues to push out wallet updates over time

3
Coin Home / Re: [ANN] [PoW] [PoS] VEIL - Privacy without compromise
« on: May 15, 2019, 01:29:53 PM »
With the new updates that Zerocoin is no longer going to be utilized by Veil. What other privacy protocols out there do you guys think the Veil devs will employ?

4
Crypto Discussion / Re: VEIL PROJECT : ANOTHER MEGA PRIVACY COIN?
« on: May 14, 2019, 04:00:45 PM »
Did you all see the updates? Veil will no longer be using the Zerocoin protocol because it has vulnerabilities in terms anonymity. What is the impact of this now?

5
Crypto Discussion / Re: Moreno Vs Veil (A Side by Side Comparison)
« on: May 11, 2019, 04:01:59 PM »
Not to undermine Monero but, having the best underlying technology using both Zerocoin and RingCT technology, Veil has the potential to grow as the best privacy coin.

6
Mining / Re: X16RT mining algorithm - How veil came about it
« on: May 11, 2019, 03:41:54 PM »
Staking is my thing. You can stake your Veil anonymously and get rewarded anonymously. This is similar to mining just that now I don't have to set up mining equipment or tweak any settings.

7
Giveaways & Airdrops / Re: VEIL Launches Monthly Bounty Program
« on: May 11, 2019, 02:30:33 PM »
This is the bad part of the bounty program. Hunters are dumping their Veil coins. It is affecting the price of Veil negatively. Wise hunters know that holding this coin will be profitable in the long run than settling for the current price we are seeing today

8
Crypto Discussion / Re: VEIL PROJECT : ANOTHER MEGA PRIVACY COIN?
« on: May 11, 2019, 02:10:38 PM »
Veil signals now available on block folio. If you have the block folio app on your phone, you can view updates directly from the Veil developers

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Crypto Discussion / Re: VEIL PROJECT : ANOTHER MEGA PRIVACY COIN?
« on: May 09, 2019, 01:21:58 PM »
I do not care what others think. Veil may be just another privacy coin but it sure has much more features that make it succinctly unique from the others.

10
Crypto Discussion / Re: Moreno Vs Veil (A Side by Side Comparison)
« on: May 03, 2019, 10:26:35 PM »
I would also like to assure everyone here that when compared to other privacy coins out there, Veil delivers an unprecedented level of always-on privacy and anonymity. In short, whenever you make use of Veil, you never have to worry about accidentally making a non-private transaction

11
Crypto Discussion / Re: Moreno Vs Veil (A Side by Side Comparison)
« on: May 02, 2019, 04:47:06 PM »
What makes Veil special is that most other Zerocoin-based privacy coins have a transparent (public) “Basecoin” layer. What this means is that a user can inadvertently make a non-private transaction. But with Veil, the Basecoin layer is well secured with RingCT. This ensures continuous full-time privacy for its users

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