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.
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.
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.
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
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