CloakCoin - The Sleeping Giant in the Crypto Space
There are lots of coins in the crypto-currency marketplace – so when creating a new coin you really need to do something special. Cloakcoin is a crypto-currency, somewhat similar to Bitcoin, but it stands out from the competition because it offers an anonymous transaction system called Enigma – this means truly anonymous transactions. There are a few other privacy coins out there but Cloak aims to be completely unique by being Decentralised without Master Nodes, Proof of Stake rewards, Faster Blocktime with a low circulating supply.
Cloakcoin has quietly been hidden in development for 3 years, with developers working tirelessly to get it to the ‘fully working product’ stage. Due to it having little media attention in the past, when the developers finally release the Open Source coding for this new phenomenal digital currency there is bound to be a LOT of interest.
With Cloakcoin currently having a market cap of approximately US$25million, and Bitcoin hovering around the US$70,000,000,000 mark, there is potentially a great investment opportunity here. The very small amount of coins (approx 5 million) that Cloakcoin has available also makes it a sought after commodity – compare this to Bitcoin’s current 17 million.
Cloak’s algorithm is Proof of Stake (PoS), which works a bit like interest that you get paid for having money in a bank account. This basically means the coin is able to grow at a rate of up to 6% per annum, as a reward for those holding this coin/investment. Most banks around the world are offering near zero, or even negative interest rates at present, so staking makes sense. Bitcoin, Monero & Dash all run on Proof of Work (PoW) which require expensive mining hardware that can cost thousands, if not hundreds of thousands of dollars. Cloak’s utilisation of PoS to earn rewards makes it cheap and even possible to run on a Raspi mini-computer, or any other computer that is available in the houshold (e.g. Laptop)!
With Cloak, there are NO master nodes. Master nodes have caused some controversy with privacy coins. Dash, for example, requires users to hold at least 1000 Dash coins if they wish to be apart of anonymous transactions. This leads to a certain degree of centralization, which makes it more susceptible to nefarious actions that could unmask anonymity. To operate Cloak Enigma (anonymous) nodes, one needs a minimum of 1 Cloak- a very small figure making it much more decentralized and ultimately much more anonymous.
Today, we’re priviliged to announce that Cloakcoin Open Source will be released this month! Provided all goes to plan and stays on schedule. The world will finally be able to view exactly how the ‘Enigma’ anonymous transaction system works. Upon release, it will also be an opportunity for new developers and smart minds to add their own code to the project.
Imagine executing a completely anonymous International transaction, reaching the sender in under a minute? (Cloak Blocktime: 60s) This is now the reality with Cloakcoin, and it is quicker than the more well known crypto-currencies, Dash & Monero. No more large fees or long wait times with the big banks.
Currently, Cloak Coins are ridiculously cheap compared to other already Open Sourced crypto currencies, but how long will this last? Media interest is just starting to build. The Cloak Countdown has begun!!
Further discussion & updates can be found at: http://chat.cloakcoin.com
Source: https://www.cryptocoinsnews.com/sleeping-giant-crypto-space/
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Very good blog. Same thoughts here. The trustworthiness of the crypto is based on: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. Do you know this interesting site? https://www.coincheckup.com. Supposingly they researched every crypto coin in the scene based on: the team, the product, advisors, community, the business and the business model. They even score the coins stengths. For example: https://www.coincheckup.com/coins/CloakCoin#analysis For the CloakCoin Analysis.