CloakCoin is a cryptocurrency that is well accepted in the market. It is a peer to peer network that not require any master nodes or external ledgers. The communication between users is totally encrypted. Transactions are supported by the “Cloakers” that helps in obscuring the link between the recipients. The currency is based on the blockchain concept, it has been added creative layers of communication and a super sophisticated off-blockchain coin mixing system. It makes it tough for wallets transaction to intercept or traced by the 3rd party. Because of this no information is left online to give the hacker a way to trace transactions.
Cloakcoin was launched in June 2014.The team of developers composed from members of the community and with [email protected] as their leader took over the project and set out to accomplish . The first PoSA enabled wallet was released on the 30th march 2016.
The technology ENIGMA off-chain used by cloakcoins mixes to facilitate fully private, secure, untraceable and decentralized transactions.
CloakCoins are never transferred to an intermediate party during Cloaking, so it’s safe and secure at all times. No third party is involvement for transactions.
The Transaction’s details are hidden so it is impossible for any observer to determine the sender and the recipient of transactions. It’s impossible to hack the network.
With CloakCoin the generation of block on blockchain takes less time of around 60 seconds. So the transaction speed is faster as compare to other coins.
CloakCoin is used in paying or buying goods and services. It is exchanged with other digital currencies such as the Bitcoin or fiat currencies and because of the privacy feature it became popular as it is having highly secured digital market and ideal for protecting privacy so there is no chance of the devaluations of currency. The CloakCoin market is expected to expand significantly in new future.It is best digital currency to trade in. The Bitstickers, Tech-House,Tropical,Tribal,Techno accept Cloakcoin as payment and in future more big corporates are expected to be added into this list.
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