CloakCoin is a cryptocurrency designed to simplify private, secure, untraceable and decentralized transfers with Enigma Coin. In this article, as Kriptokoin.com, “What is CloakCoin?” We will answer the question. In addition to these, we will touch on all the questions about the project.
What is CloakCoin? What does CLOAK do?
CLOAK Coin is a currency with Proof of Work / Proof of Stake features. Currently, PoS is in the interest-earning phase. In addition, Enigma is a private, secure and untraceable payment system that lays the foundations for the future development of CloakCoin and provides the basic transaction system for decentralized applications running on the CloakCoin network.
What is the purpose of the project?
Cloakcoin uses onion redirect which is enabled by default with ENIGMA technology. This, combined with the CloakShield functionality, is known to provide end-to-end encryption and direct and secure communication allowing nodes to evade traffic analysis.
Along with ENIGMA, Cloakcoin aims to offer a high level of privacy using up to 25 hops with symmetric RSA encryption and ECDH key exchange. Furthermore, Cloakcoin aims to allow any computer or smartphone user to participate in the crypto market with complete security and without fear of unwanted hacking or multi-channel spying activities.
How does it work?
Enigma is a decentralized “Off-Blockchain” mixing algorithm. CloakCoin allows users in its network to transmit Cloak to each other privately and securely. Enigma was designed to ensure that the scrambling process used during transmission is secure and untraceable to third-party observers. This ensures that any user’s Cloak Coins are kept safe during transfer. In addition, thanks to this mixing process, the sender and receiver cannot be associated.
CloakCoins are never transferred to an intermediary party during cloaking. Therefore, Cloak Coins are safe. Enigma works hard to ensure that the system rewards users who support Cloaking transfers. It continues to improve these processes and encourage more active users.
Anyone who owns Cloak Coins can store Cloak Coins in their wallets in Staking / Cloaking mode if they wish. It can also passively support cloaking processes. In addition, users earn rewards as a result of these supports.
What is CloakCoin? How to buy CLOAK?
Currently, the exchanges that can be traded with CLOAK are; They are YoBit, Bitbns, Mercatox, STEX and TradeOgre. To purchase coins, these steps are followed:
First of all, access the web/mobile application of the stock exchange that lists CLOAK that you have chosen as the first step. Then complete the account opening steps of the exchange. Complete the next step, the authentication and approval process. Follow the steps of the exchange, which is the next step, to deposit funds. As the last step, choose CLOAK Coin with the balance you want and create a purchase order. Store it in your trusted accounts.
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