VEIL - UNDERSTANDING THE DYNAMICS OF A UNIQUE PRIVACY COIN
In the beginning, Blockchain based cryptocurrencies like Bitcoin were created. People became really interested because they(bitcoin and other cryptocurrencies) were offering real solutions to real problems associated with fiat currency (government issued currency). Crypto came offering two things people crave for when making transactions; Freedom and Privacy or anonymity. Blockchain(the underlying technology for most cryptocurrencies like Bitcoin), gives users access to track their coins and that makes it almost impossible for malicious users to steal coins or forge them. THE PROBLEM By the way, researchers found out that by being able to link a wallet address with a user’s identity, Bitcoin exposes user’s financial data. This is possible because Bitcoin hasn’t really implemented the privacy or anonymity feature that Blockchain based cryptocurrencies should have. However, privacy-focused cryptocurrencies attempted solving this Bitcoin privacy issue. Crypto like Monero(first privac...