Positive and Negative Impacts of Privacy-Based Technology Systems
Did you know that there are many suspects in corruption cases in Indonesia who fled to Singapore. And when they arrived in Singapore, the perpetrators of these crimes would not be able to be tried without the consent of the country. This is because Singapore initially did not have an “extradition agreement” with Indonesia. It was only around 2007 that this extradition treaty took place, but only allowed the examination of criminal offenses for a period of 15 years before 2007. An extradition treaty is an agreement between one country or more to arrest suspects of criminal offenses that run past the borders of a country’s tutorial. But in this case the Singapore government said that they did not protect criminal acts but only protected payment transaction data which was the privacy of each user.
Talking about privacy of payment transaction data, as well as Veil who is always committed to protecting the privacy data of its users. Veil is a cryptocurrency platform that not only protects user payment transaction data but also the number of digits generated from various investment processes.
As we know the comfort level of each person is different. For example, there are people who are not comfortable investing with their families, or there are also people who are not comfortable investing when seen by people he knows. Because this returns to human nature which is uncomfortable to show its wealth of wealth to the public. And it is also strengthened by various security reasons if many lists a person’s financial transactions that are known by irresponsible parties.
Talking about the layers of protection provided by Singapore banks for their customers, surely Singapore banks have layered security systems such as “Bank of Switzerland”. Similarly, the Veil platform has a layered security system. This is supported by 2 components of technology such as Zerocoin and Ring CT which provide a high level of privacy services that will not allow even the closest person to be able to access stored financial transaction data without user consent and the power of the Dandelion protocol that does not allow other people to track user data.
In addition to ensuring the security of user data, Veil also provides services to predict market conditions and peer to peer derivatives that are built on Augur, Ox, and Ethereum.
The very unique thing about Veil is that Veil besides storing user data safely, but also displays profile data in an anonymous form not in other people’s names or data. But even though it’s anonymous, users can use this profile data to play in investments. Coupled with the number of anonymous digits displayed.
In the first year the launch of the Veil coin was made using two consensus methods in the most common mining and betting. The consensus collaborating the X16R proof of work algorithm with the proof of stake algorithm specifically for Zerocoin. This means saving or investing coins can only be done anonymously. after one year, the new platform will move to consensus only stake evidence.
Besides that Veil also uses the X16R hashing algorithm to get coins or mining in Veil. This algorithm was introduced by the Ravencoin project in an effort to oppose the ASIC system (application specific integrated circuit) so as to create a decentralized system to process the coin.
The risk of a decentralized Gate Array (FPGA) field code threat can also be overcome by the X16R algorithm. Therefore to place an order in block X16 RT must follow different rules and be accepted by the Veil node system.
The workings of delivering information on the platform are also inspired by the workings of biological systems that are located in the human brain. This network is called the ANN (Artificial Neural Network) network that carries out techniques for processing information.
Current privacy system technology is basically used for the sake of professionalism between two or more people who have the potential to make an investment but are hindered by personal problems. The second is to cover assets — assets obtained from the results of a person’s crime. Therefore Veil as a trusted platform that guarantees data anonymity that can be accounted for.