Cloakcoin Features
Once you see the features that Cloakcoin brings to the table you might agree that it has been
somewhat overlooked. Or you might see why it is being overlooked. Let’s get an idea of what
advantages you might get from using Cloakcoin.
Faster Transactions – Cloakcoin was designed with 60 second block times, making it ten times
faster than Bitcoin in processing transactions. Of course it doesn’t have the volumes of major
coins yet, so we have to wait to see how it would perform under much heavier transaction
volumes.
Completely Anonymous and Private – This is where Cloakcoin shines. User identity is never
revealed when transacting with Cloakcoin, making it one of the most secure of the privacy coins.
It achieves this through its proprietary Enigma technology, which will be discussed in more
depth later.
Safe and Secure – The combination of open-source blockchain technology guarantees the
security and safety of Cloakcoin.
Decentralization – Cloakcoin is fully decentralized, using proof-of-stake mining to secure the
network. This decentralization and PoS system also provides an incentive for users to hold
coins in their wallets in a process called staking.
Staking Rewards – Any user who chooses to hold CLOAK in their wallet can stake those coins
and receive a reward for doing so. Staking rewards amount to 6% annual return, which is the
incentive for users to help secure the network. Users can also elect to process Enigma
transactions to get additional rewards.
User Friendly – This is an often overlooked aspect of many blockchains and cryptocurrencies,
but the truth is most people aren’t going to use overly-complicated systems. Cloakcoin is userfriendly and simple to grasp. There are no detailed technical instructions, and users can be sending and receiving CLOAK anonymously within minutes of installing their wallet.
Cloakcoin from the Beginning
As was mentioned earlier Cloakcoin was developed and released in 2014, although it has undergone major improvements since that initial release. One thing that hasn’t changed over the years though is the decentralized and distributed nature of Cloakcoin.
Even more importantly is the evolution of the privacy function of Cloakcoin. With the upgrade to Enigma, Cloakcoin became a complete and total anonymous privacy coin. Unlike other coins there is no way to follow a trail on the blockchain to determine where CLOAK tokens may have come from. User privacy is always protected and the fungibility of the currency is maintained.
The implementation of a hybrid Proof-of-Work / Proof of Stake consensus system ensures users have an incentive to hold CLOAK coins, helping to lift the value of the cryptocurrency, and to help secure the network by processing Enigma transactions. Adding to the ease of use for Cloakcoin users is a native wallet that allows users to easily send, receive, store and stake their CLOAK. Staking CLOAK yields a 6% annual return. Like other forms of digital currency CLOAK can be exchanged easily on the open market and can be used a means of payment for those that accept CLOAK tokens. These payments allow users to “cloak” the transaction, hiding any association between buyers and sellers. This is accomplished via an inventive coin mixing system dubbed “Enigma
ENIGMA Technology and Privacy
Cloakcoin has CloakShield, which is an onion type protocol, enabled by default to provide endto-end encryption and secure communications for every transaction. This technology alone allows nodes to avoid any analysis of the traffic routed through them. However at the next level of privacy and anonymity is ENIGMA. This technology uses as many as 25 hops with symmetric RSA encryption and an ECDH key exchange. ENIGMA was created by the Cloakcoin team and provides a secure and private means for conducting transactions on the blockchain.
By using the unique ENIGMA technology uses can be sure their coins are sent completely anonymously, without the need to trust the nodes involved from stealing their funds or leaking their private data.
The Cloakcoin team has also emphasized that they do not support or condone the use of their technology to conduct any type of illegal transaction or activity.
Cloakcoin Team
Cloakcoin seems to have a pretty big team comprised of members with a wide variety of experience. Taking a look at the tech talent, we have the two lead devs which are “Deepend” and “anorak” whose real names are William Danielson and Ante Beslic. William is the Tech lead and is a C++ developer with two decades of experience in software engineering. Ante is the wallet developer who has extensive experience in front end development. He worked extensively with William in order to shape Cloakcoin into what it is today.
The Cloakcoin project manager is “lasvegas89” who’s real name is Steven Kendar. He joined the Cloak project back in 2014 and was the right hand man of the then project manager. He took over that role recently and is trying to push the Cloak project forward. There are a number of other team members which we wont go into here.
What is interesting to note is that the Cloak project has focused a lot of attention on local community co-ordinators and marketing professionals. Hopefully this could increase awareness above the current levels.
Cloakcoin Roadmap
This further development has been laid out in the Cloakcoin whitepaper https://www.cloakcoin.com/user/themes/g5_cloak/resources/CloakCoin_Whitepaper_v2.1.pdf where they plan to work on three main features of the protocol. These include three main components, two of which relate to the PoS algorithm whereas the third is to do with the way enigma transactions are split and combined.
Combining & Splitting of Transactions
As mentioned, the current Enigma protocol will allow for one single cloaked transaction. The developers say that they are currently busy working on an update that would allow multiple transactions to be combined into a single “super transaction”. This transaction will then contain multiple cloaked transactions which would have the affect of obfuscating any one particular transaction through safety in numbers. The developers want to give the user the ability to choose the number of co-operative transactions that will be required for the transaction.
You can think of it as analogues as the “Mixin level” that is applied on the Monero network when it comes to the number of decoy outputs. Finally, the developers also want to provide users with the ability to cloak a large number of CLOAK as a series of smaller transactions. You can think of this as order batching of the Enigma and CloakCoin transactions. The developers would like to make this compatible with combined Enigma transactions.
under development Adding anonymous decentralized exchanges (DEX) integrated BYOB
The Cloak coin Blockchain carries within it an ideal: to allow users to keep control of their funds in complete discretion. The decentralized exchange will be based on the Cloak Chain and will allow operators to issue and exchange digital assets without having to deposit in a central exchange.
Being auditable and at the same time Trustless without any necessary trust; you will be able to buy, sell and exchange cryptocurrencies 24/7 from anywhere in the world without having to disclose your identity while maintaining full control of your funds and private keys.
Scalability
First of all, the Cloak DEX, by allowing to pass on-chain exchanges. More scalable with its hybrid consensus Cloak Chain network is created to avoid congestion and bottlenecks in transactions.
Cost per transaction
The cost is an advantage for each transaction because it represents an extension to allow a more global adoption.
Interoperability
Computer interoperability or interworking is the ability of Cloak DEX to work and interact with other blockchains is also integrated and allows this possibility.
Cognosec Security Audit
The security audit carried out by Cognosec found that security for the blockchain, network and wallet were quite robust. The primary focus for remediation was in the Enigma code, and several recommendations were made by Cognosec in their audit report https://www.cloakcoin.com/user/themes/g5_cloak/resources/CloakCoin_Audit_Report.pdf. Since the security audit this past January 2018 changes have been made to improve the security of Cloakcoin even further. The next audit come in 2021.You will have understood that the future belongs to you, adopt and use Cloak can be a smart choice.
This way you keep control over your own funds and personal data. Everyone is solely responsible for their own portfolio, as Satoshi Nakamoto originally imagined when he created the Bitcoin protocol.
I agree with your analysis. When the time of anonymous crypto returns Cloak will shine again like a phoenix, I suggest not to give up under any circumstances. Cloak solution is a product that is functional and evolving. It's a question of trust. The last blocks will be undermined and most of us will be so old that Cloak will continue to serve and help your and your loved ones in the name of some respectful anonymity.
See that everything is cyclical whether you like it or not - it's just the way it is. It's not surprising that Cloak may be back at $2 in a few months or years, but this will only happen if there is a certain dynamic, a community, a usefulness that is exploited and put forward. The more Cloak will be known, used, then the more Cloak will become valuable, it's as simple as that.
The devs and the team are not dead, they are on the sidelines to go to other perspectives, all the contributors are valuable as they have been since the beginning.
Cloak can become great again, but not without the help of all of us. If you understand that 18 minutes a day can be useful, then you have understood how to make his greatness evolve.
Making Cloak a great moment again 🙏 is everyone's business.
