CloakCoin (CLOAK)

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CloakCoin is both a currency and system that aims for secure, private and anonymous transfers worldwide. CloakCoin was established in 2014.

Our Joke Name

CloakCoin = Cloak Yourself

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (CLOAK)

Coin or Token

Circulating Supply (5.1 Million)

Block time (60 seconds)

Market Cap Ranking

Review

CloakCoin (CLOAK) is both a currency and system that aims for secure, private and anonymous transactions worldwide. CloakCoin was established in 2014 when Bitcoin was going on a downtrend due to poor anonymity and secureness. CloakCoin uses the same concept as Bitcoin but with a few alterations such as coin mixing, communication, and anonymity in order for CloakCoin users to ensure they have one hundred percent freedom. The white paper for CloakCoin can be viewed at https://bit.ly/2JJrg5A (24 Pages PDF)

Key Features

  • Transaction Speeds
  • Anonymity & Privacy
  • Proof of Stake System

Transaction Speeds

CloakCoin has made transaction speeds a high priority as they claim to only take up to sixty seconds in comparison to Bitcoin which can take up to ten minutes. However, CloakCoin doesn’t specify on their website anywhere why the transaction speeds are significantly faster as most of the time it’s just statements but with no real information to back it up.

Anonymity & Privacy

CloakCoin has made it clear they want to be completely anonymous and private in order to fulfill their user’s needs, as the coin has an onion routing system in place which allows users identification out of transactions. In turn, this means nobody can trace the identity of senders or receivers making them “anonymous”. CloakCoin has made CloakShield which uses end to end encryption which allows for communication to be secure and allow blockchain traffic to flow. However, with all these anonymous and private features, CloakCoin has stated they don’t support illegal activity and are aiming for more financial freedom in this world.

Proof of Stake System

CloakCoin users are able to stake their coins in order to make a passive income. Staking on with Cloak means that however many coins are staked in your CloakCoin wallet will earn you six percent interest per year. CloakCoin made a good decision implementing a proof of stake system rather than mining as it is far more energy efficient and a lot easier for newcomers wanting to support the project instead of having to wait for mining parts to come which are expensive as of now due to the high mining demand in GPU’s.

Conclusion

Overall CloakCoin aims to improve on Bitcoins problems in order to make a coin that will allow for financial freedom. However, CloakCoin has shown little progress in the four years it has been in the market as they are still in the progress of building wallets for mobile and desktop which is all they have planned for 2018 is building more wallets. In order for CloakCoin to improve they need to focus on what their community wants as they claim to be community project yet they don’t have an active community as this is shown across the projects progress.

Pros

  • Privacy
  • Faster than bitcoin

Cons

  • Slow development
  • No backing (asset, profits, commodity)