Apr 04, 2019
by Gabriel Nergaard

Betting on the future of Veil

In this article, we are going to explore why the Veil team members have made such personal commitments to the long-term success of the project.

The Veil project currently has a dedicated team of 30 staff, most of whom are working full-time, and all of whom are being paid salaries in the project’s native currency, VEIL. Given that Veil is a brand new crypto project, this means our team members are currently earning less in fiat terms than we could in traditional opportunities.

In this article, we’re going to explore the fundamentals reasons our team members believe in the long-term value proposition of Veil, and are not only willing, but excited, about making such a significant personal bet on the project.

A founder with a track record

Founding a crypto project is as difficult as founding a commercial start-up, and statistically most fail. The likelihood of success increases dramatically, however, if the project is founded by someone who already has a track record.

The Veil founder, James Burden, was the founder of PIVX, a currency that quickly entered the top 100 and has a market cap of nearly $50 million.

PIVX is a general purpose currency, with a community governance model. With Veil, James wanted to address the market need for a pure-play in the privacy space, in the form of a currency working towards “always-on” privacy, and without a formal governance model in order to react to advances in innovation as quickly as possible.

With a successful project under his belt, including incidentals such as a deep existing network of connections in the ecosystem (e.g. exchanges, academic research organizations, influencers, etc.) the team is excited about the opportunity of joining James in his latest venture.

A proven technology stack

The Veil team believes strongly in the long-term viability of the privacy coin use case.

When creating a new privacy coin, and underlying network protocol, two approaches can be taken. One can attempt to create a completely new technology, or one can build and innovate on proven technology.

Veil has taken the latter approach, integrating and improving best-in-class, time-tested technologies like Zerocoin, RingCT (from Monero and Particl), Bulletproofs and Dandelion, coded from scratch upon the latest Bitcoin core version to create a privacy coin that delivers the highest level of anonymity, and without compromise.

A rockstar development team

It’s well-known that quality blockchain developers are among the most sought-after resources across all branches of technology today, and although it’s cliché to use this term, we consider Veil to be in the incredibly fortunate position of having its development team led by a number of “rockstar” developers:

  • Tom Bradshaw (aka @presstab), a Proof-of-Stake pioneer is the chief architect of the Veil network, and is recognized as one of the most reputable and competent engineers in the blockchain community. In his own words, Veil is the most ambitious project he’s ever worked on.
  • Jeremy Anderson (aka @blondfrogs) was the architect behind the Veil project’s X16RT contribution to Ravencoin-founded X16R mining algorithm, and is working to optimize the Veil network with pre-computes for Zerocoin.

These leaders are supported by equally talented colleagues such as Florian Maier (aka @marsmensch) and Fuzzbawls, and continues to grow through our process of active recruiting.

A sustainable monetary system

In recent crypto news, it was revealed that one of the lead developers of a project in which over $100 million was invested by the venture community in mining, had difficulty in raising $50,000 in an online fundraising campaign to support his work.

To prevent situations like this, and to provide for long-term sustainability, the Veil network contributes a portion of each block reward to a budget that supports all operations of the project, including salaries of the entire team.

In addition to providing for development, this budget also provides for less-obvious but just-as-important resources like dedicated support team. Veil users needing assistance can jump into Discord and Telegram pretty much round-the-clock and will find tremendously competent and friendly support from staff like @Grumpy, @Hort, @Max, @Sean, @Jeffrey, @Dango, @gets, @MaDOS, @Strontium and others.

All the right ingredients

Creating a successful cryptocurrency is as challenging as creating a successful startup, and in this article we’ve highlighted the key ingredients of Veil that have motivated its team members to join the journey, betting much of our futures on this exciting and important initiative.

We hope you’ll join us!