What is CloakCoin (CLOAK)?
Future of CLOAK Cryptocurrency and know how to buy CLOAK

#1 – What is Cloakcoin?

Cloakcoin: The Basics

  1. Aiming to provide complete anonymity and privacy of transactions on the network, Cloakcoin was one of the first cryptocurrencies to realise the “privacy” goal.
  2. It is a platform which enables users to participate in private, secure, completely decentralised and untraceable digital monetary transactions with a peer-to-peer network.

Cloakcoin Development

  1. The Cloakcoin website lists 20 members in its team, including developers, “supporters”, managers and regional coordinators.[1]
  2. Amusingly enough (although apt, considering their goal) their entire team has been kept anonymous, listed only under usernames like CryptoSnow (German Supporter) and lasvegas83 (Project Manager).
  3. The Tech Lead - Deepend, has over 2 decades of experience in software engineering, architecture and engineering management, according to the website.

 

#2 – What are the advantages of Cloakcoin?

Cloaking Technology

  1. Cloakcoin uses an off-blockchain mixing protocol called Enigma in conjunction with Cloakshield, its security infrastructure. The Enigma system allows every coin-holder (called a “Cloaker”) to act as a “mixer node” which ensures anonymity.
  2. Cloakshield uses ECDH (Elliptical Curve Diffie-Hellman)[2], an anonymous key agreement protocol which ensures security and end-to-end encrypted transactions on the Cloak network.
  3. To make the coin available for everyone with a smartphone or a modest desktop, Cloakcoin’s developers built it on the “Proof-of-Stake” consensus system, which doesn’t require complicated hardware to for Cloak mining.

 

#3 – How to buy and store Cloakcoin (or CLOAK)?

How to buy Cloakcoin

A pretty old coin in itself, Cloakcoin is surprisingly available on only 12 exchanges but can be traded for cryptocurrencies as well as fiat currencies. The exchanges include Bittrex, Binance, Upbit, etc., primarily in exchange for Bitcoin and Ethereum. But you can also trade Litecoin, WAVES, etc. for CLOAK.

A few exchanges also accept fiat currencies for CLOAK, including BuyUcoin (INR), Litebit (EUR), Livecoin (EUR, USD), Yobit (USD) and Upbit (KRW).

  1. All the exchanges mentioned above are platforms through which you can buy or sell Cloakcoin,but CoinSwitch will help you decide which platform to choose, by displaying the prices at the various exchanges it’s sold in, all at the same place. The largest cryptocurrency conversion platform around, it supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you want with the Cloakcoin token you wish to buy, and CoinSwitch will facilitate the comparison at different exchanges.
  2. What’s more - with CoinSwitch, you do not need to open or rely on wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets, the benefits of which we’ve spoken about here earlier.

CLOAK Storage

  1. CLOAK can be stored on the official CLOAK wallet offerings available on it’s website.
  2. Cloakcoin has wallets compatible with Windows, Mac and Linux Desktops, as well as with Android smartphones.
  3. It also works with a paper wallet, and very soon, a Cloakcoin wallet will be available for a Raspberry Pi as well. MyCloakWallet, CLOAK’s Web Wallet, is also being developed and will be released soon.

 

#4 – What is the future of Cloakcoin?

Also Read: Complete Analysis of CloakCoin | Live CloakCoin (CLOAK) Price Charts And Predictions

Market Cap and Global Acceptance

  1. The Cloakcoin cryptocurrency is earned by downloading the official Cloakcoin wallet and mining it using simple tools. It had zero pre-mine and no IPO when it was launched. It has no maximum supply and will keep increasing by 6% every year due to the interest paid to its users.
  2. The Cloak cryptocurrency’s market cap is almost 20 million USD as of June 2018, and it has a circulating supply of about 5.15 million. A Cloak token (CLOAK) trades at a price of about $ 3.87 USD as of June 2018.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 26, 2018

4.43

4.86

4.12

4.19

5,45,460

2,28,17,200

Jun 01, 2018

8.22

8.9

8.2

8.46

8,83,278

4,22,80,000

May 01, 2018

14.4

14.9

13.54

14.71

29,06,880

7,38,38,800

Apr 01, 2018

5.23

5.37

4.72

4.99

2,99,854

2,67,33,900

Mar 01, 2018

10.61

11.38

9.95

11.23

4,63,786

5,40,81,900

Feb 01, 2018

12.56

13.31

8.71

9.44

11,83,540

6,34,94,500

Jul 01, 2017

8.26

9.13

7.83

8.09

5,32,780

4,17,50,200

Dec 01, 2015

0.05777

0.05803

0.04563

0.05304

14

2,65,809

Feb 01, 2015

0.00682

0.00799

0.00675

0.00786

185

31,014

Oct 01, 2014

0.05892

0.06111

0.05447

0.05545

4,019

2,66,953

Jun 07, 2014

0.17972

0.18616

0.08249

0.09558

1,52,742

4,08,538

Trends so far

  1. Like all other cryptocurrencies, Cloakcoin has also had its fair share of ups and downs. Initially launched with a price of $0.095 in June 2014, its value has fluctuated from a minimum of about $0.005 in January 2015 to a an astonishing of $30 in January 2018. As of June 2018, its value stands at about $3.87 USD per Cloakcoin token (CLOAK).
  2. With a circulating supply of 5.15 million and a relatively low individual price, it’s really not surprising that despite being one of the older cryptocurrencies, the Cloak cryptocurrency has a rank below 250 in terms of market cap. Fortunately, it’s not much lower than 250, currently standing at 268 in global rankings (as of June 2018).
  3. Despite its low valuation in the market compared to giants like Bitcoin and even other privacy-oriented cryptocurrencies like ZCash, the Cloak crypto utilises a simple but brilliant technology; ensuring complete privacy that no other cryptocurrency has been able to offer till date. This makes it a strong contender in the crypto market during these times when privacy is in great demand and short supply.

 

#5 – What makes Cloakcoin different from other cryptocurrencies?

  1. Cloakcoin was one of the first cryptocurrencies to come up with the concept of private, anonymous transactions, making it a unique concept when it was launched in 2014.
  2. One thing that makes Cloakcoin different from the other cryptocurrencies is that it uses an off-blockchain system (Enigma) to encrypt its transactions, indicating that transactions never appear on the blockchain.
  3. It’s a peer-to-peer network in which Cloak coin holders, known as “cloakers”, act as mixer nodes during a transaction, and are given a reward of 1.8 % transaction fee for supporting the Enigma. This also negates the need for master nodes or external ledgers.
  4. Its reward system based on “Proof-of-Stake” is just like a bank interest scheme, giving users a 6% annual interest on their total number of coins owned.

 

#6 – Should you invest in CLOAK?

  1. CLOAK’s market cap and ranking are not encouraging, considering how long it has been around in the crypto market.
  2. However, its technology, which is still advanced, and its promise of complete privacy, position it as an attractive cryptocurrency nonetheless. After all, who wouldn’t want privacy while spending money in this world where information and data mean everything?
  3. Cloakcoin’s rewards system is also very appealing. A 6% annual interest rate in addition to the 1.8% transaction fee reward, every time you help someone complete a transaction on the network, are definite perks, too.
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