Spotlight on Cryptocoins -- CloakCoin/CLOAK -- 11th feature "private" coins
Hello Steemians
In this series of articles I want to put a spotlight on a specific cryptocurrency and write about the details in all these aspects:
Aim of the currency
Technical details
Market position
Forecast
The cryptocurrency in focus currently will be one of the so-called "private" coins. Coins that create the possibility to be more or less in private while doing transactions. How private you are is one of the main questions to be answered in this articles.
In this 11th article of the series, the spotlight will be on Cloakcoin.
PictureSource
Aim of the Currency
What is this currency about? What does it do differently than the rest?
Where is the unique selling point and at what audience is this coin targeted?
All that questions and more will be answered in the following paragraph.
CloakCoin is one of the smaller players on the private coins' market but is already around for quite a time. It has been founded in June 2014 and had an early success and a hard time afterward. After the whole team had left it was refounded in October 2016 and is stable ever since. It features its own two privacy concepts called Cloakshield and Enigma.
We will have a spotlight on those two in the following chapters.
CloakCoin is now a pure PoS Coin with 6% annual rewards and the additional possibility to earn by taking part in the Enigma process.
Technical Details
CloakCoin has wallets that support Linux, Mac, and Windows, but currently no wallet for mobile devices. Zhe source code for all of them is completely visible on Github.
CloakCoin is a pure PoS coin that currently offers 6% annual Proof-of-Stake rewards. Investors can earn a reward by taking part in the Enigma process that is used to make a transaction private and trustless.
The current number of circulating coins is a low 5,1 Million, this number is only increased by 6% annually.The block Time is 60 Seconds making the coin react quite quick.
Privacy of transaction is achieved using Cloakshield and Enigma.
Cloakshield is providing a encrypted end-to-end network traffic utilizing also the onion routing principle. Currently, up to 25 hops within the network are possible.
Together with Enigma, which adds an untraceable layer of decentralized Enigma-Nodes, it is possible for CLOAK to hide details of payments within the CloakCoin Network.
There was no ICO, no premine and there are no dev taxes.
Market Position
At the time of writing this article (03/26/2018), CloakCoin is placed 237th in market capitalization, with the total value of $29.815.307 USD. The 24h Volume was $413.150 USD which is a average number compared to the last month.
The last weeks and months have been quite a bumpy ride with cryptocurrencies, this is also true for CloakCoin. The all-time high was reached on December 31st with over 35 USD per CloakCoin.
Since then the price has been losing ground, only stopped for a short while at the beginning of March 2018.
Currently, curves are going sideways and the price is at 5.84 USD per CloakCoin.
Rumors are that the coin is soon to be listed on Binance as well.
GraphSource
Looking back a year, we can see that there already have been quite a few spikes of possible pump&dump. Nevertheless, there is for sure an increase in price to be noted on the positive side of this coin.
GraphSource
Forecast
Just like all the other private coins CloakCoin for sure has a valid point in trying to keep the privacy of the sender and receiver.
Cloak is a more or less established cryptocurrency not listed on many exchanges currently.
If the team can manage to get listed on some of the bigger ones, there will for sure be a nice raise in price. Currently, there are rumors about being listed on Binance in a short while.
Technically this coin goes new ways in bringing up their own cryptographic solutions for the privacy bit.
If the team can deliver the new features and software like they are planning to, the price for sure will go up as well.
The Roadmap of the coin can be found here.
Conclusion
CloakCoin is encrypting your traffic end-to-end by using Cloakshield and Enigma, also using TOR mechanisms to keep your Network Addresses private.
CloakCoin is developed by a core team and a decentralized community. The code is completely open source.
Last but not least there are also some drawbacks and they should not be unmentioned:
- Proof-of-Stake coins sometimes are criticized for making the already rich even richer.
- Privacy of transaction has been also viewed with criticism.
- Community-based coins can be seen as not flexible.
- Commits on Github are not massive and only a few contributors active.
Interested in joining us? Come join our Discord server at: https://discord.gg/gXMH3qu
Click on the coin to join our Discord Chat
Witness proposal is here:
Go To Steem Witness Page
In the bottom of the page type: adsactly-witness and press vote.
Use small letters and no "@" sign. Or, click here to vote directly!
Thank you!
Cool coin!...:)...
I took note of CloakCoin during this rise in valuation and had to look into it. I’m glad that I did.
I found a privacy system thats pretty substantial and I’ll tell you why I believe that it’s still undervalued compared to Dash, Monero and ZCash.
I remember many years ago at the Silicon Valley Bitcoin meetup bringing up the question of why weren’t connections from clients not encrypted as they were transmitted around the nodes to the miners? People thought then that transparency was more important. Well I could foresee that this would be an opportunity for another cryptocurrency to step up to the plate. DarkCoin, later renamed to Dash was one. And a Zero knowledge approach was talked about.
Well, CloakCoin was another that seems to have been on the charts back circa 2014 but I hadn’t heard of it back then.
Ah I dont know... Wanchain seems better to me :-)
But I leave a vote.
Monero is the best privacy coin... Theres no doubt
your content of the post is so informative for us...
thanks a lot for sharing your valuable post with us...
@upvote & @resteem has done..
Holding is the key to success when its red and having the courage to sell when its green and expected to go even higher. Unfortunately greed kicks in when its all green which prevents people from selling high and fear kicks in when market is down which causes people to panic sell when market is red.
Your post is very interesting, good job.
Good luck always in the future.
I have joined you, hopefully I hope you understand me,
@adsactly
I wait for the next chapter,
While reading and you stated its privacy, i was a little bit skeptical about it until i saw Tor as its mechanism. Tor being a fully secured means should be able to give the cloakcoin some lift and acceptance.
From all, it is certain it has a very promising future and its worth investing in.
Do keep the good work of enlightning us up @adsactly .
¡Hola amigo @adsactly! gracias por la informacion, un fuerte abrazo.
Indeed Cloak is great and will rise again soon
As you mentioned, Cloak is going to make a handful of people very wealthy due to the limited coin supply and how hard it is to actually buy CLOAK on exchanges cause noone really wants to sell it. I do like that CloakCoin allows the fastest transactions among most digital cryptocurrencies unlike bitcoin. It is my understanding that no one can trace the identification of either the sender or the recipient, which I think is plus. Coins are safe and secure. An excellent technology using ENIGMA. It is decentralized and includes Proof-Of-Stake mining which doesn’t require expensive hardware. The coins are highly rewarding by getting interest. And last but not least the wallet is very easy to use. I still belive, in the he next few years only few coins/ projects will survive just like dot com.
thank you for all the information in post @adsacltly, a good post and useful for steemit users
Epale @adsactly, estoy de acuerdo con el amigo @factism, le da mas credibilidad al CloakCoin. tiene futuro, creo que va a ser muy rentable invertir en él.
Great informative blog am a lot wiser now. Thanks
I find all these alt coins so interesting its great and cool but like Starbucks think one will surpass them all but no idea what. You think this coin will be like top or stay pretty small? On a side not its cool steemung from esteem like my 3rd comment from France!
nice !
Added question why cloak I'm thinking harry potters invisibility cloak lol anyone else??
Philippe Couillard, the premier of Quebec has temporarily put a stop to all of the new cryptocurrency mining operations being conducted in the Canadian province alongside the state-owned Hydro-Quebec Distribution company.
@adsactly thank you for the information
Amazing
love the review! definitely looking into this one more! have you checked out Seal Network? evilmonkey just wrote a really in depth review on it! take a look :)
Very informative but I would have liked if you compared the different privacy coins a bit more to see what this has to offer which others do not. Great work though keep it up :)
OBJECTIVE CRYPTO ANALYSIS: https://steemit.com/bitcoin/@bullsvsbears/bullish-bearish-bullish-bearish
Thank you for the information. Hopefully it will exceed monero
@cryptodelos - Old School coin CloakCoin is on the rise! @AdSactly
https://steemit.com/contest/@cryptodelos/best-steemian-coffee-shop-or-restaurant-contest-2-winners-wins-5-steem-each
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