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Author: Admin | 2025-04-28
Alternative ApproachesDespite the nascent stage of the blockchain technology, this sector has managed to attract a tremendous number of talented developers. Many projects are integrating novel consensus mechanisms to create a network that delivers an innovative solution to maintain decentralization.Many networks have evolved the Proof of Stake consensus to create networks that offer a greater degree of decentralization. STEEM and EOS, for example, democratizes node selection by allowing each node to vote for validators. Elrond Network, which uses a Secure Proof of Stake consensus, integrates a reputation factor into node selection. While smart contract chains are looking to deviate towards some form of Proof of Stake consensus, privacy coins are a particular niche of coins where a wide of variety of approaches is being explored to counter the power of centralized mining businesses.Decentralizing Privacy CoinsRecently, Monero made headlines when its network update cracked down on farms by improving the network’s ASIC resistance capabilities. Even though Monero’s success against mining farms has been short0-lived, it has made a leap forward in the right direction.Despite the innovative approaches of many alternative blockchains, the fact remains that the Proof of Work consensus mechanism ensures a blockchain stays truly decentralized. It enables anyone to have the opportunity to secure a network; secure their wealth. Simultaneously, it allows everyone to have a fair chance at acquiring money from block rewards. The key to ensuring mining farms do not abuse the system is by advancing ASIC resistance.A new privacy chain, VEIL, is carrying the torch in the fight against hash centralization.VEIL is a new privacy chain that integrates the Zerocoin Protocol which is used by a number of privacy coins, including Zcoin and PIVX.Zerocoin Protocol’s inability to provide privacy on basecoin transactions limits the privacy capabilities of networks that utilize this protocol.Veil Labs, the foundation leading the development of VEIL, uses Monero’s RingCT technology to anonymize basecoin transactions, thereby creating the first ever Zerocoin Protocol-enabled network that provides robust privacy on all transactions, irrespective of whether the payment is done in zerocoins or basecoins.To ensure that the network remains decentralized yet secure, VEIL uses a hybrid Proof of Work/Proof of Stake consensus. The presence of mining ensures that everyone can acquire the coin by becoming a value-additive part of the network. As mining farms have proven to abuse such networks, VEIL advances the X16R hashing algorithm pioneered by Raven Coin and integrates the X16RT algorithm.ASICs are
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