summary: CloakCoin (ticker symbol: CLOAK) is a proof-of-stake cryptocurrency.
content: CloakCoin (ticker symbol: CLOAK) is a proof-of-stake cryptocurrency. It was first announced on October 14, 2014. As of December 28th 2017, the circulating supply was 5,053,693 CLOAK. CloakCoin is a cryptocurrency designed to facilitate private, secure and untraceable decentralized transfers with Enigma.It 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 decentralized applications running on the CloakCoin network. Cloakcoin is a new coin ecosystem designed to replace deep web marketplaces and CoinJoin applications. Cloakcoin is superior to previous attempts at anonymity because it offers comprehensive, trustless decentralized anonymity to cryptocurrency users. The three-pronged Cloakcoin ecosystem includes anonymous transactions using Proof of Stake Anonymity (CloakSend 2.0), a secure wallet with a built-in currency exchange, and a decentralized marketplace. Anonymous Transactions To avoid CoinJoin’s security holes, Cloakcoin created CloakSend, a transaction system that uses Proof of Stake Anonymity (PoSA) to enable trustless anonymous transactions. Although the PoSA process adds a minor amount of latency to the system, it succeeds in achieving trustless decentralized anonymization for CloakSend transactions. In addition, Stealth addresses will allow for increased anonymity on the blockchain. Secure Wallet With Built-In Currency Exchange Cloakcoin also offers a secure wallet with a built-in currency exchange. Using the CloakTrade tab in the official Cloakcoin wallet, users can easily buy and sell Cloakcoins through the Bittrex exchange via an API code. This greatly simplifies the trading process for both new and experienced users. CloakTrade developers are working on updates that will increase CloakTrade security. These updates should integrate a multi-currency wallet into CloakTrade and establish a decentralized trustless exchange where you can buy and sell Cloakcoins from within your wallet.