Posts Tagged ‘Veil Project’

Veil to Fork and Change Their Mining Reward Distribution

8, Nov 2019

The VEIL project, a privacy-oriented cryptocurrency, has announced their plans for an upcoming fork to change the way PoW mining works in an upcoming fork. The project launched earlier this year has started with X16RT as a PoW algorithm for mining making 50% of the total block reward and the other 50% is for users staking coins in their wallet. The 50% reward for miners will continue, however it will be split in three different parts in the future with 3 different algorithms in play. Veil miners will have the option to chose to mine using ProgPoW (Programmatic Proof-of-Work) for GPUs that will account for 35% of those 50%, RandomX for CPU mining will represent 10% and the remaining 5% for miners will go to SHA-256D ASIC miners. It is interesting change as prior to announcing these plans the project was anti-ASIC, but now it seems that it is planning to attract all kinds of miners – GPU, CPU and ASICs. Also an interesting fact is that they have chosen to go for multiple algorithms including the much talked about ProgPow to be soon used by Ethereum and RandomX to be soon used by Monero. The fork date is not yet announced and it may take a while before these plans get applied to the mainnet of Veil, so for now the project remains on X16RT as far as mining is concerned.

– For more details about the future plans of the VEIL project regarding PoW changes…

The Veil Project Has Launched, Mine it Using the X16RT Algorithm

2, Jan 2019

After a bit of a delay the official launch of the Veil Project happened earlier today and you can already mine VEIL coins if you are looking for something new and interesting to move your GPU mining rigs on to. Veil is the first Zerocoin-based cryptocurrency with always-on privacy thanks to combining Zerocoin and RingCT technologies to provide full-time privacy without compromise. Veil’s blockchain is secured via Proof-of-Work and Proof-of-Stake, though initially only 50% of the coins (50 VEIL) are going to mining/staking and the rest is distributed among the founder, Veil Labs for ongoing research and development and Veil operations budget, funding operations activities such as core network and wallet development, project management, online user support, bounties, and  marketing. You can check the official Veil Project website for full details and additional information about the project.

The Proof-of- Work algorithm is X16RT, based on the X16R algorithm introduced by Ravencoin, but with modifications so it requires a new specific miner and such are already available for both AMD and Nvidia GPUs. Miners with Nvidia-based mining rigs can download and use the latest supminer 2.0 that supports X16RT algorithm and AMD miners can go for the latest WildRig Multi 0.15.0.8 mtp x16rt that has also added support for the X16RT algorithm with more miners probably going to follow soon enough with support for the new X16RT algorithm. If you are looking for a mining pool, you can currently go to the https://veil.suprnova.cc/ as the first pool to support VEIL with others probably following soon as well. The wallet currently does seem to have issues for some users, so do not be in a hurry to transfer your coins from the pool to a local wallet. Some exchanges to trade Veil coins include Citex, Crex and TXbit.


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