CloakCoin

CloakCoin

CLOAK

PRICE (USD)
$ 0.15
MARKET CAP (USD)
$ 802.8 K
DAILY VOLUME (USD)
$ 35.2 K
NUMBER OF EXCHANGES
5
SOCIAL MEDIA
    

(95%) Average Rating
Team Quality:
Info Quality:
Track record:

cryptoTax

Sort by: Latest / Earliest / Upvotes / Downvotes

avatar bullish 48
Team Quality
Info Quality
Track record

bullish posted on November 30, 2019 20:32:46

Just discovered this project from an influencer I follow. Cloak seems to be here for the long term since they were picked up by a dev team in 2014 and has been alive and kicking since then, surviving through multiple bear and bull cycles. This is a privacy focused coin which has a super dedicated community and is accepted by >100 vendors and counting. They also have pretty good privacy tech which hasn't been broken yet, ever since they announced a bug bounty for their protocols. I definitely don't think this project is a scam at all...

However there are some cons for this project - most notably their weak marketing, lack of liquidity on exchanges, and also a more macro issue out of their hands - which is that regulators around the world are cracking down on privacy coins and hence there is a shrinking market for those.

That being said, it seems like the CLOAK/BTC pair is currently in an extended accumulation phase, as designated by a set range. And hence if it is able to break out of that range, that could signal the next bull cycle for it potentially.

Disclosure: I do not own any CLOAK but I have my eye on it, only at a good price though.


avatar Fez 24
Team Quality
Info Quality
Track record

Fez posted on December 01, 2019 17:45:19

This project had a really shady past, was used as a P&D back in 2014 before being dumped by the team. The community rallied round it though and kept it going, and since then, they have worked hard to improve the reputation and codebase.

ATH was $30 during the 2017/2018 bull run, but that has since been forgotten. The devs are working hard and planning massive improvements so I hope to see this project back in the top 100 soon and hopefully with a market cap of 10-100x time what it is now. I recommend doing some research on the project yourself...


Team Quality
Info Quality
Track record

lazilazi posted on December 02, 2019 15:00:16

A fantastic project with an honest team! One of the strongest privacy coin out there...
There is a chance to see a price of over $100 in the future! Very realistic with only 5.2m coins!


avatar going 2
Team Quality
Info Quality
Track record

going posted on December 03, 2019 18:13:53

In my opinion it is one of the most legitimate privacy projects I know of. From the very beginning, you have understood that it is not only a matter of strong privacy, but that money and its overall provision must always be verifiable by everyone. Why? Because no one can approve of hidden inflation, as it is possible with intransparent ledgers. When more people see this potential, because more people understand what money is all about, the low circulation supply can quickly lead to a fair price per cloak. What I also find particularly convincing is that the issue of privacy is taken very seriously overall. As one of the only projects it offers a strong website security through strong implemented security headers and also an excellent privacy policy. So here you think further than just to the rim of your plate. You also have to take your hat off and pay tribute to the fact that they have financed all this from their own resources, no ICO or PreMine. I also think it is excellent how you have designed your roadmap. Every milestone since the project was founded is equipped with further links, so that you can check the information content in more detail. Never seen it like this before. For me, this project offers great transparency for investors despite its focus on privacy. I can only recommend it.


avatar ari 2
Team Quality
Info Quality
Track record

ari posted on December 03, 2019 18:35:24

The Cloakcoin project is a very good and active project that comes to bring solutions to its technology. And it is a project that makes daily reports on its marketing activities and dev project which is very good to show the transparency of the project and finally there are very few coin in circulation


Team Quality
Info Quality
Track record

suri555 posted on December 03, 2019 19:21:58

In terms of functionality, CloakCoin is a very good privacy coin with a dedicated team. CLOAK is surely set to be the next big cryptocurrency. And there is an opportunity here to invest relatively early in a project that will likely do very well in the future.


Team Quality
Info Quality
Track record

iwidepiwi posted on December 04, 2019 02:28:09

Dedicated team, no pre-mine nor ICO. They have an audited supply and un-cracked privacy tech. CloakCoin has a strong community behind it, and they keep building to protect your privacy in the age of surveillance capitalism.


avatar igorLV 4
Team Quality
Info Quality
Track record

igorLV posted on December 04, 2019 04:41:00

CloakCoin has the best technology (ENIGMA) to make transactions private and it's the best technology in whole crypto sphere! Its strong advantages - strong team, active community and good technology. Also it gives approx. 6% income per year. More then ant banks nowadays can give!


Team Quality
Info Quality
Track record

krypto knight posted on December 04, 2019 14:41:06

Cloak coin is an OG since 2014, and I came to know about the surveillance capitalism, financial privacy, and panopticon concepts through them. Awesome developers and top notch privacy tech. I would like to quote Richard Heart here: "Awesome Tech - Shitty price". For a very long time, Cloak hasn't gotten their deserved attention from the market, but we will definitely see in the next bull run... In my opinion BCH should look into Cloak and invest their 200 million eco-system fund in Cloak Enigma...Last but not least, definitely Cloak is very very very very very undervalued right now and its only draw back is marketing - because team didn't do an ICO to have a marketing budget, everything they are doing is from their own funds, and the team's passion to make Cloak unique within other privacy coins with greater utility is contagious - definitely a long term hold or regret it later.


avatar barack 8
Team Quality
Info Quality
Track record

barack posted on December 04, 2019 23:26:19

I use Cloak and I am very satisfied.

Here is the grouped information found:

Cloakcoin Features

Once you see the features that Cloakcoin brings to the table you might agree that it has been
somewhat overlooked. Or you might see why it is being overlooked. Let’s get an idea of what
advantages you might get from using Cloakcoin.

Faster Transactions – Cloakcoin was designed with 60 second block times, making it ten times
faster than Bitcoin in processing transactions. Of course it doesn’t have the volumes of major
coins yet, so we have to wait to see how it would perform under much heavier transaction
volumes.

Completely Anonymous and Private – This is where Cloakcoin shines. User identity is never
revealed when transacting with Cloakcoin, making it one of the most secure of the privacy coins.
It achieves this through its proprietary Enigma technology, which will be discussed in more
depth later.

Safe and Secure – The combination of open-source blockchain technology guarantees the
security and safety of Cloakcoin.

Decentralization – Cloakcoin is fully decentralized, using proof-of-stake mining to secure the
network. This decentralization and PoS system also provides an incentive for users to hold
coins in their wallets in a process called staking.

Staking Rewards – Any user who chooses to hold CLOAK in their wallet can stake those coins
and receive a reward for doing so. Staking rewards amount to 6% annual return, which is the
incentive for users to help secure the network. Users can also elect to process Enigma
transactions to get additional rewards.

User Friendly – This is an often overlooked aspect of many blockchains and cryptocurrencies,
but the truth is most people aren’t going to use overly-complicated systems. Cloakcoin is userfriendly and simple to grasp. There are no detailed technical instructions, and users can be sending and receiving CLOAK anonymously within minutes of installing their wallet.

Cloakcoin from the Beginning

As was mentioned earlier Cloakcoin was developed and released in 2014, although it has undergone major improvements since that initial release. One thing that hasn’t changed over the years though is the decentralized and distributed nature of Cloakcoin.
Even more importantly is the evolution of the privacy function of Cloakcoin. With the upgrade to Enigma, Cloakcoin became a complete and total anonymous privacy coin. Unlike other coins there is no way to follow a trail on the blockchain to determine where CLOAK tokens may have come from. User privacy is always protected and the fungibility of the currency is maintained.

The implementation of a hybrid Proof-of-Work / Proof of Stake consensus system ensures users have an incentive to hold CLOAK coins, helping to lift the value of the cryptocurrency, and to help secure the network by processing Enigma transactions. Adding to the ease of use for Cloakcoin users is a native wallet that allows users to easily send, receive, store and stake their CLOAK. Staking CLOAK yields a 6% annual return. Like other forms of digital currency CLOAK can be exchanged easily on the open market and can be used a means of payment for those that accept CLOAK tokens. These payments allow users to “cloak” the transaction, hiding any association between buyers and sellers. This is accomplished via an inventive coin mixing system dubbed “Enigma

ENIGMA Technology and Privacy

Cloakcoin has CloakShield, which is an onion type protocol, enabled by default to provide endto-end encryption and secure communications for every transaction. This technology alone allows nodes to avoid any analysis of the traffic routed through them. However at the next level of privacy and anonymity is ENIGMA. This technology uses as many as 25 hops with symmetric RSA encryption and an ECDH key exchange. ENIGMA was created by the Cloakcoin team and provides a secure and private means for conducting transactions on the blockchain.

By using the unique ENIGMA technology uses can be sure their coins are sent completely anonymously, without the need to trust the nodes involved from stealing their funds or leaking their private data.

The Cloakcoin team has also emphasized that they do not support or condone the use of their technology to conduct any type of illegal transaction or activity.

Cloakcoin Team

Cloakcoin seems to have a pretty big team comprised of members with a wide variety of experience. Taking a look at the tech talent, we have the two lead devs which are “Deepend” and “anorak” whose real names are William Danielson and Ante Beslic. William is the Tech lead and is a C++ developer with two decades of experience in software engineering. Ante is the wallet developer who has extensive experience in front end development. He worked extensively with William in order to shape Cloakcoin into what it is today.

The Cloakcoin project manager is “lasvegas89” who’s real name is Steven Kendar. He joined the Cloak project back in 2014 and was the right hand man of the then project manager. He took over that role recently and is trying to push the Cloak project forward. There are a number of other team members which we wont go into here.

What is interesting to note is that the Cloak project has focused a lot of attention on local community co-ordinators and marketing professionals. Hopefully this could increase awareness above the current levels.

Cloakcoin Roadmap:

This further development has been laid out in the Cloakcoin whitepaper: https://www.cloakcoin.com/user/themes/g5_cloak/resources/CloakCoin_Whitepaper_v2.1.pdf where they plan to work on three main features of the protocol. These include three main components, two of which relate to the PoS algorithm whereas the third is to do with the way enigma transactions are split and combined.

Combining & Splitting of Transactions:

As mentioned, the current Enigma protocol will allow for one single cloaked transaction. The developers say that they are currently busy working on an update that would allow multiple transactions to be combined into a single “super transaction”. This transaction will then contain multiple cloaked transactions which would have the affect of obfuscating any one particular transaction through safety in numbers. The developers want to give the user the ability to choose the number of co-operative transactions that will be required for the transaction.

You can think of it as analogues as the “Mixin level” that is applied on the Monero network when it comes to the number of decoy outputs. Finally, the developers also want to provide users with the ability to cloak a large number of CLOAK as a series of smaller transactions. You can think of this as order batching of the Enigma and CloakCoin transactions. The developers would like to make this compatible with combined Enigma transactions.

Under development:

Adding anonymous decentralized exchanges (DEX) integrated BYOB

The Cloak coin blockchain carries within it an ideal: to allow users to keep control of their funds in complete discretion. The decentralized exchange will be based on the Cloak Chain and will allow operators to issue and exchange digital assets without having to deposit in a central exchange.

Being auditable and at the same time Trustless without any necessary trust; you will be able to buy, sell and exchange cryptocurrencies 24/7 from anywhere in the world without having to disclose your identity while maintaining full control of your funds and private keys.

Scalability
First of all, the Cloak DEX, by allowing to pass on-chain exchanges. More scalable with its hybrid consensus Cloak Chain network is created to avoid congestion and bottlenecks in transactions.

Cost per transaction
The cost is an advantage for each transaction because it represents an extension to allow a more global adoption.

Interoperability
Computer interoperability or interworking is the ability of Cloak DEX to work and interact with other blockchains is also integrated and allows this possibility.

Cognosec Security Audit

The security audit carried out by Cognosec found that security for the blockchain, network and wallet were quite robust. The primary focus for remediation was in the Enigma code, and several recommendations were made by Cognosec in their audit report https://www.cloakcoin.com/user/themes/g5_cloak/resources/CloakCoin_Audit_Report.pdf. Since the security audit this past January 2018 changes have been made to improve the security of Cloakcoin even further. The next audit come in 2019.

You will have understood that the future belongs to you, adopt and use Cloak can be a smart choice.

Others info on https://www.cloakcoin.com/en/blog


Team Quality
Info Quality
Track record

goldcity posted on December 05, 2019 10:45:26

No ICO, no premine, developed since 2014, strong community, strong privacy (due to CLOAK-ENIGMA), constant development, dedicated and passionate team, 6% staking / year.


avatar Tim 2
Team Quality
Info Quality
Track record

Tim posted on December 05, 2019 11:35:09

* Passionate Team / Community
* Completely Self Funded
* Strong optional Privacy
* POS / no Masternodes
* Gateway for FX Trading
* 100+ Vendors
* Auditable money supply


cryptoTax

Join the CryptoCanary Flock

Get a weekly update on the best and worst projects right in your inbox.