community update
Dear Community,
As many of you are aware, we found a number of issues with both PoSA1 and PoSA3. Our plan initially was to further secure PoSA1 (while working in tandem to complete the remaining PoSA3 work). In our opinion PoSA1 in its current form is not fit for purpose due to the possibility of rogue/malicious nodes stealing funds as they are passed from node to node during a PoSA1 transaction.
We have devised a modified system that functions as a decentralized coinjoin mixing service, without the need for the multiple mixing/splitting hops that open up PoSA1 to abuse by bad actors on the network. We have been referring to this system internally as PoSA3, with PoSA4 being the next step: A Bitcoin based implementation of one-time-ring-signatures (OTRS) favoured by Monero and other coins based on the CryptoNote codebase. As many of you will be aware, CryptoNote coins differ significantly from Bitcoin based coins, so implementing OTRS in Cloak is by no means a trivial task. The previous developers laid some of the groundwork, but the majority of the key functionality was never written. We are continuing to liaise with a number of recommended developers with a view to finding suitable resources to complete the PoSA4 (OTRS) work. As we have mentioned previously, this remains a priority and we are looking to outsource some of this PoSA work to enable us to concentrate on OneMarket internally using our in-house development resources.
We will share more information on the outsourcing once we have received quotes from the developers, and we can then address funding for the work. As always, the Cloak Team is open to new members who wish to help with Cloak going forward, however they can
I still have faith in Cloak and we are working hard behind the scenes. We expect to have more news regarding the additional development resources over the next few days and will update the community then.
Lost 96.6% of my cloak wallet value so far. It was a good lesson to learn 
