Cloakcoin announced the release of their new wallet including an update of their Enigma Payment System. Version 2.2.2.0 ‘rEVOLUTION’ brings the Enigma Engine Version 1.1 to CloakCoin users.
Progress very often will arrive with many caveats. Comforts sometimes have to be forgone to achieve specific goals. Technology has been increasing in complexity while improving our way of life. However, as recently discovered, there is a high price we have to pay, and that is submitting our personal information while embracing new technology.
It has its pros regarding personalized services and tailor-made solutions; nevertheless, it exposes users to risks such as data leaks. The issue of privacy is becoming increasingly sensitive as people would like their personal information to remain as closely guarded as possible.
Blockchain technology offers the type of privacy and anonymity that users would want while operating online or offline, but with its increasing popularity and governmental involvement, that may not be the case shortly. The growing regulatory laws passed on blockchain technology may affect the privacy aspect highly desired by existing users and potential future users.
In the market today there exists several privacy coins aimed at combating the possible effects of government intrusion in blockchain technology and cryptocurrency. Cloakcoin is among those fighting to keep blockchain as private and anonymous as possible- regardless of the regulatory status.
They aim to provide a private, secure and untraceable payment service through the use of Enigma, an off-blockchain mixing service that makes transactions virtually untraceable.
Untraceable Payments
Cloakcoin is a payment solution for those trading parties who want to keep their payments a private matter. It is common for people to want to hide their transactions for many individual reasons. Most transactions that take place through banks are prone to compromised access by unauthorized parties, thus, infringing the privacy of bank users who though their transaction data would want to remain private.
Transactions completed through Cloakcoin will be masked in a certain way. Through Enigma- their wallet- users will be able to transact between themselves with their transactions being untraceable.
Enigma works like Tor. Tor allowed users to surf the web anonymously. They could not be traced while surfing under Tor. Tor cloaked their users by layering their online footprints with layers upon layers of misleading online markers, such that locating an online entity becomes nearly impossible. Cloak is using the same method but through willing participants on its network. Users can choose to become mixer nodes that facilitate the transfer of currency in the form of Cloakcoins, such that the sender, receiver and any other actors involved with the transaction remain anonymous. This is achieved with the protection of Cloakshield, a feature on the Cloakcoin network which resembles Tor in its method of operation.
Data is also encrypted while being transferred to prevent any risks in the rare possibility that data leaks outside the network.
Encryption of data and anonymity of transactions are crucial in running an untraceable transaction system.
Why Does Anonymity Matter?
Well, as aforementioned, increasing regulatory enforcement is becoming intertwined with blockchain and cryptocurrencies. It is only a matter of time before wallet addresses and blockchain related transactions get linked to physical addresses. This could undermine the whole essence of blockchain technology and render even some of its applications and services ineffective.
Anonymity while transacting is appropriate for individuals whose preference is privacy above all matters. From necessary transactions, anyone with sufficient skills can easily map someone’s life. Anonymity is a preventive measure because anything could happen at any time.
➡️There are those who need to stay anonymous due to their usual state. Some may be under witness protection programs or executing transactions with extremely sensitive and highly valued information prevalent, thus needing to maintain a low profile as much as possible. This is where platforms such as Cloakcoin play a crucial role.
➡️Those under witness protection in various countries, states or towns could easily use Cloakcoin with minimal worries, as all their transactions remain anonymous. Digital paths are virtually untraceable while trading with Cloakcoin with only the trading parties knowing the transaction. This could help seal any loopholes especially for those witnesses who have taken part in high profile cases.
➡️There is also the need for financial freedom. Traditional banking is becoming inconvenient, and it is also at the beck and call of the government, higher authorities within the bank and more strongly- any dominant market forces at the time.
Any mistaken accusation could lead to frozen accounts which may disrupt important businesses within the economy. With Cloakcoin, such fears are shelved as having a Cloakcoin account or wallet makes you, the user, your banker. It is easier to manage your finances without involving third-parties such as banks while using Cloakcoin.
Before bitcoin achieved success, the majority of people was unfamiliar with blockchain technology and cryptocurrency- and in no small degree, most still are. During the initial unknown period, there were those who amassed large quantities of bitcoin. For such individuals, there is the constant worry that hackers may target their wallet addresses due to the value they hold in cryptocurrency. The Cloakcoin wallet offers a highly resolute guard in the face of hackers- the increased anonymity and obscurity while transacting makes it harder for hackers even to get a glimpse of the digital footprint used by the transacting parties.
Cloakcoin may also be crucial for businesses such as smartphone corporations. Leaks are a common occurrence in the tech world; however, their intensity has increased drastically over the years with consumers well aware of the product specifications well before the official launch. For example, the latest iPhones and Google Pixel 3 had their data leaked out months before they were released. This often can have a negative impact on the performance of the product following release.
Businesses can deal with manufacturers and other suppliers anonymously through Cloakcoin. The anonymity of the trade will prevent loopholes that are usually the source of leaks in the corporate world.
It may also serve to keep game-changing products and services closely guarded to give businesses an edge over their competitors. With open dealings, companies can assess and introduce possible services or products their competition is trying to present. They can then release better services to counter these or even release the same services earlier. Trading in Cloakcoin could safeguard the future of such businesses.
It is likely that, for most users, Cloakcoin will help them keep their business private, away from the ever-prying eye of external third parties. There are many requirements for banking that are a deterrent to its adoption by the unbanked. Most would find solace in platforms such as Cloakcoin which has fewer restrictions while delivering anonymous transactions which banks cannot provide. People will adopt Cloakcoin because of such measures that give them a safe space to store their digital assets. Furthermore, Cloakcoin is more secure compared to other cryptocurrency platforms due to the enhanced specifications of their features.
Ahead of Competition
The anonymous digital currency transfer space has some robust competition such as Kcash and Monero. However, Cloakcoin is approaching the entire anonymous transaction sphere with a view of improving the whole market space. They have formed a PoS alliance that includes its competitors to try and improve their service delivery to their clients and supporters. This is a bold step away from the norm where competitors only seek to out-manoeuver each other.
Anyone can transact anonymously unlike some of its competitors such as Dash, which requires its users to hold at least 1000 DASH for them to transact anonymously. Furthermore, Cloakcoin is aiming to run on PoS, whereas some of its competitors who still use the inefficient PoW. This makes it more efficient and environmentally friendly, factors which may attract more users.
As the population becomes increasing tech-orientated and more connected, we have to think about the repercussions this will have on our privacy. Cloakcoin will prove valuable as more restrictions are placed on cryptocurrency trading. Cloakcoin is an appropriate project that has no revolutionary claim but a functional and practical agenda that is to make transactions safe, secure and untraceable for its users 🤘.
More on this project can be found on their website through this link.
#Cloakcoin #Privacy #Wallet #Enigma #rEVOLUTION #V2220
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