Cryptocurrency

All You Need to Know About CLOAK Cryptocurrency

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The much talked about CloakCoin deserves a comprehensive description to help you with understanding the cryptocurrency, and help you how you can invest in it. Before wasting any more time, let us dive into it.

So what is CloakCoin all about?

CloakCoin is blockchain platform with the main objective of offering a private, secure, completely decentralized, and untraceable digital monetary transactions to its users. The aim to do so with the peer to peer network. The company was the first ever cryptocurrencies out there to aim at the importance of privacy when it comes to crypto transactions. The company believes in offering complete anonymity and privacy to its users.

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The ‘anonymous’ CloakCoin team-

The company takes the anonymity factor quite seriously and not just theoretically. We can say so after looking at the twenty members of the company on the CloakCoin website whose real names are kept under covers, and instead, anonymous names such as ‘CryptoSnow’ for the German Supporter, and ‘lasvegas83’ for Project Manager are used. This team of twenty members includes a few developers, some supporters, project managers, coordinators from various regions and so on. Although it is strange to keep the team members anonymous, it certainly sits well with the company’s motto around anonymity.

One must not confuse the anonymity factor of the team with being a novice. For instance, the Tech lead of the company with the name- ‘Deepend’ holds a strong experience of twenty years in the field of software engineering, engineering management, and architecture.

How CloakCoin can benefit you-

Two things back the security structure of the company. Firstly it is supported by Enigma which is an off blockchain mixing protocol. It enables the crypto platform users to behave like a ‘mixer node.’ This makes sure that the anonymity stays intact. In combination with the Enigma system, the company uses Cloakshield to double the security.

Cloakshield is based on something called ECDH which stands for ‘Elliptical Curve Diffie-Hellman.’ It is an agreement protocol. It is used to making sure that there is ‘end to end’ encrypted transactions that are sealed with security on the CloakCoin platform.

The team CloakCoin aims to make the crypto-coin accessible to everyone through all the regularly used devices such as Android smartphones, iOS-based phones, and even desktops and other computers. The company is able to do so with the help of a consensus system called- ‘Proof of Stake.’ This system frees the crypto coin mining from the dependency on the complicated hardware.

 If you wish to buy the CloakCoin- CLOAK-

Despite CLOAK is in business since quite some time, yet it is available widely across twelve crypto exchanges. The trading flexibility of the coin allows you to trade the cryptocurrency with other cryptocurrencies as well as with a fiat currency. You can trade or buy the crypto-coin on exchanges such as- Bittrex, Binance, Upbit and so on. All the exchanges where you can trade Bitcoin and Ethereum, you can also trade CLOAK. Some examples of altcoins with which you can exchange the CLOAK coin are- Litecoin, WAVES, etc.

If you are looking for trading the CLOAK with fiat currencies, then you can do so on crypto exchanges such as BuyUcoin where you can do so with INR. Litebit is another crypto exchange where you can trade the crypto-coin with EUR. On Livecoin you can trade it for EUR and USD. Whereas on crypto exchanges such as Yobit and Upbit- you can trade it for USD and KRW respectively.

Smart purchasing and selling of crypto coins with CoinSwitch-

The crypto exchanges mentioned above allow you to trade the crypto-coin any time you wish. But just to make the trading more fruitful, the team CloakCoin offers its customers a smart option called CoinSwitch. With CoinSwitch the users can look and compare the prices of all the crypto coins they are interested in trading in one place. This platform helps the users to choose smartly and make the smartest transaction with an informed decision-making process.

It is the largest cryptocurrency conversion platform. It boasts 140 coins and 45K pairs of cryptocurrencies when it comes to giving you options to choose from.

Where you can store the crypto-coin CLOAK-

You can store the CLOAK coins on the CLOAK wallets. You can find more details on the official website of the company. These wallets are versatile ones. They are compatible with Windows, Mac and Linux Desktops. These wallets are also compatible with Android and iOS smartphones.

If you wish to use paper wallets, then there is good news in store for you, as the crypto-coin works well with them too. In addition, it is anticipated that CloakCoin wallets will be made available for Raspberry Pi. On the other hand, the company’s web-based wallet called ‘MyCloakWallet’ is also under development. We can look forward to its launch in the near future.

Understanding the potential of ClockCoin-

When the crypto-coin was first released, it had zero mines, and there was not an IPO. You can earn the CLOAK crypto coin/s by downloading the official CloakCoin wallet. Further, you can earn more of these coins with the help of simple tools. When it comes to the maximum supply, the crypto-coin does not have any specific upper limit. Rather the system is so that it will constantly increase by six percent with each year. We can point at the increase based on the interest the users pay to earn the crypto coin.

Talking about the market cap of the CLOAK, as recorded in June last year, it was 20 million U.S Dollars. The number of Cloak coins that are in the circulation in the market is around 5.15 million. As per the records from June last year, the crypto-coin can be traded at the rate of about- 3.87 U.S. Dollars.

Performance of Cloak since 2014-

If we look at the price history of the coin, the market cap of the crypto-coin was 4,08,538 U.S Dollars in June 2014. In the year 2015, in December, the market cap was 2,65,809 U.S Dollars. On Jul 01, 2017, the cryptocurrency had a market cap of 4,17,50,200 U.S Dollars. Whereas in 2018, the crypto-coin saw quite some turbulence. For instance, it started with a good start last year in February with 6,34,94,500 U.S Dollars, whereas on Apr 01, 2018 it dipped down to 2,67,33,900 U.S Dollars after seeing a constant fall during the month of March. It again fought its way up when it reached 7,38,38,800 U.S. Dollars on May 01, 2018. Recently the market cap of the CLOAK has dipped down to 2,28,17,200 U.S. Dollars, as recorded on Jun 26, 2018.

How is CloakCoin different from the other crypto coins present on the market?
  • The number one reason that makes CloakCoin unique is its thought-provoking pioneer approach towards ‘privacy’ and ‘anonymity’ in the crypto coins transactions. In 2014 the concept was released.
  • Another reason that sets apart the crypto-coin from its competitors is that Cloak uses the off blockchain system called Enigma to encrypt the transactions. This helps the transactions to stay undercover on the entire network.
  • Another interesting fact that makes the crypto-coin special are that the Cloakers, e. the users of the crypto-coin are like mixer nodes when the transaction takes place. Every time they support the Enigma, they are rewarded with a 1.8 percent transaction fee. The power in the hands of the users frees them from depending on the master nodes or from seeking any external ledger.
  • Cloakshield is based on something called ECDH which stands for ‘Elliptical Curve Diffie-Hellman.’ It is an agreement protocol. It is used to making sure that there is ‘end to end’ encrypted transactions that are sealed with security on the CloakCoin platform.
  • The team CloakCoin aims to make the crypto-coin accessible to everyone through all the regularly used devices such as Android smartphones, iOS-based phones, and even desktops and other computers. The company can do so with the help of a consensus system called- ‘Proof of Stake.’ This system frees the crypto coin mining from the dependency on the complicated hardware.
Want to invest in the crypto-coin?

On the one hand, given the period since it has been on the market, the market cap of the crypto-coin is not very attractive. But on the other hand, the technology the company uses is quite effective and strong. The factors such as anonymity and privacy are key factors that have the potential to rope in investors. The privacy factor is highly sought after no matter if you are a big corporation or an individual trader.

It is available widely across twelve crypto exchanges. The trading flexibility of the coin allows you to trade the cryptocurrency with other cryptocurrencies as well as with a fiat currency. You can trade or buy the crypto-coin on exchanges such as- Bittrex, Binance, Upbit and so on.

Another point of interest that can attract many users to the company is that Cloak offers rewards. Further, every time one helps the other user to complete a transaction on the platform, one can enjoy perks such as- the six percent annual interest rate, as well as the 1.8 percent transaction fee reward are surely very attractive points.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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