What is CloakCoin ?

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CloakCoin is a cryptocurrency that’s designed to facilitate anonymous and decentralized transfers. CloakCoin develops its own secure privacy protocol called ENIGMA. It enables private, and anonymous monetary transactions all over the world without compromising blockchain auditability. Anyone can participate in this digital system, and only a smartphone or computer is required. CloakCoin first came onto the scene in the year 2014 and it uses the POS consensus protocol. CloakCoin is based on blockchain technology using the same concept as Bitcoin, but with a few new changes. There has been an addition of encrypted layers of communication and an off-blockchain coin mixing system that provides high security and makes it impossible for third parties to trace any sort of private transaction between CloakCoin wallets.

CloakCoin ($CLOAK) offers a private payment solution. CloakCoin is based on blockchain technology using the same concept as Bitcoin, but with a few new changes. There has been an addition of encrypted layers of communication and an off-blockchain coin mixing system that provides high security and makes it impossible for third parties to trace any sort of private transaction between CloakCoin wallets. In addition, some of CloakCoin’s best attributes are anonymous transactions and fully auditable money supply. With a fully auditable monetary supply, CloakCoin cements its dedication to community transparency while serving as a digital equivalent to cash. CloakCoin guarantees fungibility, avoiding the chance of any coins being tainted, meaning all coins remain equal and interchangeable.

CloakCoin has been an integral part of the rapidly growing ecosystem since 2014, helping to facilitate fast, secure and private transactions. CloakCoin’s private payment system is a fully working product that is still being developed and improved. The product itself and the work of the coordinators and developers are a healthy sign that the focus is placed on the expansion of partnerships and adoption.

https://cloakcoin.com

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