Cloakcoin (CLOAK) - cryptocurrency review
Cloakcoin (CLOAK) - cryptocurrency review

Cloakcoin (CLOAK)

Rank: #60

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decrptd review 1.7 / 10
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CLoakcoin Review

CloakCoin (CLOAK) is a cryptocurrency designed to facilitate private, secure and untraceable decentralized transfers with Enigma. Cloak is a…

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Cloakcoin (CLOAK) – cryptocurrency review


CloakCoin (CLOAK) is a cryptocurrency designed to facilitate private, secure and untraceable decentralised transfers with Enigma. Cloak is a dual PoW/PoS (Proof of Work, Proof of Stake) coin, which is now in the Proof-of-Stake (interest bearing) stage. Enigma is CloakCoin’s private, secure and untraceable payment system, that forms the basis of future development and provides the underlying transaction system for the decentralised applications running on the CloakCoin network.

Enigma is the first public iteration of Cloak’s private, secure and untraceable payment system. Enigma transactions are ‘cloaked’ by other users, who receive a reward for their assistance. The other users provide inputs and outputs to the Enigma transaction making it impossible to determine the true source and destination of the cloak transfer.

The problem Cloakcoin is trying to solve is privacy and traceability. The problem though, is that nearly all other cryptocurrencies state privacy as their main advantage. So whilst Cloakcoin works hard to convince people they need Enigma, it is unlikely that the mass market will appreciate this feature; choosing instead to believe what they read about other offerings.

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