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CloakCoin is a cryptocurrency that’s designed to facilitate anonymous and trustless decentralized transfers with Proof-of-Stake-Anonymous transfers (PoSA). It enables secure, private, and anonymous monetary transactions all over the world. Anyone can participate in this digital system, and only a smartphone or computer is required.
Cloak Coin first came onto the scene in the year 2014, when Bitcoin was going through a downfall of sorts.
Cloak Coin is based on blockchain technology using the same concept as Bitcoin, but with a few new changes. There has been an addition of some simple yet clever layers of communication and a delicate off-blockchain coin mixing system that provides high security and makes it impossible for third parties to trace any sort of transaction between Cloak Coin wallets. While many may cast aspersions on the legality of the system, there is absolutely nothing illegal about how Cloak Coin operates. It ensures that owners get the freedom that has been granted to them in many constitutions around the world.
Cloak Coin has a fast transaction. It takes around 60 seconds. It is an essential element in ensuring secure and private currency trades.
The coin has a routing system implemented in it which keeps the identification of users involved in transactions completely protected. No one can trace the identification of either the sender or the recipient, and the entire process is therefore cushioned against fraud and exploitation.
While transactions are taking place, no intermediate or third parties can have their hands on the coins.
The blockchain system of Cloak Coins is not incorporated with custom data or using side chains. It uses ENIGMA off-chain mixing to allow fully private and untraceable monetary transactions.
Cloak Coin includes Proof-Of-Stake mining that makes use of held coins to protect the network instead of using expensive mining equipment. Every wallet used in transactions is equally involved in the network of Cloak Coin and can earn rewards from processing ENIGMA transactions.
Feasibility And Rewarding
All the coins used in transactions can be interchanged and they are all equal. They provide feasibility to users.
Additionally, the coins are rewarding. Another way to earn extra rewards is by helping to process ENIGMA transactions in the cloak network.