What Is CloakCoin?
Cloak Coin first came onto the scene in the year 2014, when Bitcoin was going through a downfall of sorts. It is a digital currency and a system that 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 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.
Benefits Of CloakCoin
1. Fast Transactions
Cloak Coin allows the fastest transactions among all the digital cryptocurrencies available in the world. Compared to bitcoin, the block generation time with Cloak Coin is significantly shorter. While it takes Cloak Coin around 60 seconds, it takes Bitcoin ten minutes. This is a huge difference in time, which is an essential element in ensuring secure and private currency trades.
2. Completely Private
This is the most important benefit of Cloak Coin. 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. Therefore, the coins are always safe and secure, and the sender can be guaranteed that the coins he sent will reach the recipient.
4. Excellent Technology
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.
All the operations included in the Cloak Coin system are managed by your node and are totally under your control. You don’t have to count on other nodes.
7. Feasibility And Rewarding
All the coins used in transactions can easily be interchanged and they are all equal. They provide feasibility to users.
Additionally, the coins are highly rewarding. You can earn up to 6% interest every year by securing the cloak network using the coins in your wallet. Another way to earn extra rewards is by helping to process ENIGMA transactions in the cloak network.
9. User Friendly
The wallets that are used in cloak transactions are extremely user friendly, in the sense that they do not have any complications and can be used within minutes of installation.
Cloak Coin is one of the many different systems available that ensure secure, decentralized, and private monetary transactions. It is highly efficient and people can put their trust on this system as it has been tried and tested with unwavering success throughout the years it has been around.