CloakCoin is an open-source cryptocurrency and was among the earliest coins launched that focused on anonymity and high level of privacy of transactions. The decentralized cryptocurrency launched initially in June 2014 and re-launched in October 2016 based on Bitcoin Core and under a new management. After the re-launch, the developers introduced Enigma. It is a P2P mixing arrangement that’s off-chain powered by a Tor-like routing system named CloakShield.
The algorithm of CloakCoin is Proof of Stake (PoS) which is the same algorithm that Bitcoin, Dash, and Monero run on. You get an interest that can grow at an impressive rate. This is a reward for holding this coin in the form of an investment. The fact that CloakCoin makes use of PoS allows it to earn rewards and also makes it cheap. Users can run it on any computer system available – even on a laptop!
There are master nodes associated with CloakCoin which means the platform steers clear of privacy coins controversy associated with master nodes as users have to hold a minimum number of coins to be eligible for anonymous transactions which is certainly not expected from a decentralized system. To operate the anonymous version – the Cloak Enigma, users require one Cloak thus making it a platform that can be used by anyone and anonymously too without having to make substantial investment upfront.
CloakCoin cryptocurrency allows users to earn an impressive 6% interest on staked coins per annum. However, users can qualify for a portion of the 1.8% transaction fee of the Network if they continue their unstinted support for Cloak Enigma transactions. Cloak has been designed to be a rarity and hence the supply of CLOAK will always in limited numbers. The intention is to ensure attractive earning potential to all holders of this unique currency.
Circulating supply will always be raised by a minimum of 6 per cent only to remain in line with the rewards offered. By following this simple methodology, the developers have ensured that the coin remains a scarce commodity in the cryptocurrency market and does not suffer the downsides of over-inflation.
There are 5.1 million CloakCoin CLOAKs in supply at present and the best part is all users earn interest, unlike other platforms. The current price of CLOAK is $8.23 and the volume traded is $0.76 million/24 hours on an average. The market capitalization of CLOAK is $42,340,403.
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