In 2014, a digital currency called CloakCoin was launched to address the issue of inadequacy on the part of the already cryptos, especially Bitcoin. The team behind this crypto designed it with the aim of enabling people around the world to use a coin that would guarantee total privacy. CloakCoin altcoin is based on the Bitcoin concept. Simple but effective layers of communication and privacy have been added. According to the company, an off-blockchain coin mixing system has been used hence making it impossible for 3rd parties to trace or snoop on transactions between CloakCoin wallets.
CloakCoin altcoin guarantees superior privacy. However, the company insists that the platform’s enhanced security and privacy features are not meant to encourage illegal activities. The crypto which uses CLOAK as its ticker symbol employs the Proof-of-Stake consensus system. The platform is, therefore, easy to use and anyone with a laptop or a smartphone can access the platform.
The CloakCoin features
- Enhanced privacy – As said earlier, this crypto which is based on the Bitcoin concept has several additional layers of privacy. The coin’s platform has a routing system which has been implemented in it and which keeps the identification of users completely protected. This helps prevent exploitation and fraud.
- Technologically advanced – The cryptocurrency uses its ENIGMA off-chain mixing protocol to ensure that monetary transactions are fully private and untraceable. The blockchain system of the crypto is not incorporated with custom data.
- User-friendly – Anyone with a smartphone or a laptop can download the CloakCoin blockchain and wallet. The whole process takes a few minutes to complete.
- A simple way to earn – When you download the CloakCoin wallet you will be able to send and receive CLOAKs and also participate in the PoS system. Staking gives you a chance to earn a yearly 6% interest on the value of the CLOAKs held in your wallet.
- Fast transactions – CloakCoin crypto is much faster than Bitcoin and many other cryptos in terms of transaction execution. It takes this altcoin just 60 seconds while for Bitcoin it is 10 minutes.
How has CloakCoin been doing?
Upon its launch, the value of CLOAK surged to reach a high of $1.47 in mid-2014. Thereafter, the crypto became dormant just as it was the case with Bitcoin. This continued until May 2017 when the cryptocurrency craze started. The price of the coin rose from $0.8 on June 2nd to $4.8 on June 5th, 2017. Unlike many major cryptos which hit their highs in January 2018, CLOAK touched its all-time high of $35.99 on December 29th, 2017. The market cap at the time was $177 million while volumes traded were in excess of $9 million.
As the slump of the cryptocurrency took effect, CLOAK’s value depreciated over the first months of 2018. The price dropped consistently until April 6th when a low of $4.78 was hit. Its value has since regained to reach a high of $8.12 on Wednesday, April 11th. In the morning hours of Thursday, the crypto had gained more than 20% and was trading at $8.46. The market cap at the time was $43 million while volumes traded stood at $2.9 million.
Is CloakCoin a good investment?
Like every other cryptocurrency, CloakCoin was once said to be a scam. The crypto has persisted and the team behind it even launched the ENIGMA protocol. While the performance of CLOAK is bearish, its performance is above average. With the continued persistence of the team and increased adoption of the coin by users, the crypto is definitely going to perform better in 2018. However, there is little likelihood it will overtake Bitcoin even though it is designed to compete with it.