Cloakcoin to Allow Truly Anonymous Transaction using ENIGMA

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Cloakcoin to Allow Truly Anonymous Transaction using ENIGMA

While the large-cap cryptocurrencies try to erase last week’s losses, today I’d like to take a look at a cryptocurrency way down in the bottom. It is ranking 203 on the list and it’s called CloakCoin. The reason why I’m bringing it up is that its technology appears to be certified allowing truly anonymous transactions.

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What is Cloakcoin?

Categorized under “privacy coins”, Cloakcoin uses the next generation Enigma encryption to create fully private transactions. According to their website, Enigma is CloakCoin’s private, secure and untraceable payment system. It forms the basis of future development and provides the underlying transaction system for the decentralized applications running on the CloakCoin network.

Cloakcoin’s Features

Some of the features they are aiming for include lightning fast transactions, rewards program, and untraceability.

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Whether you mine or purchase Cloakcoins, you’ll earn 6% annual interest just for staking the coins in your wallet.

Fun Fact: They call it Cloak for a reason. It has onion-routing privacy set to default, but you can also switch on ENIGMA for the ultimate cloaking.

In terms of privacy, with Cloak, there are NO master nodes. Master nodes have caused some controversy over privacy coins. Dash, for example, requires users to hold at least 1000 Dash coins if they wish to be apart of anonymous transactions. This leads to a certain degree of centralization, which makes it more exposed to criminal actions that could unmask anonymity. To operate Cloak Enigma (anonymous) nodes, you need a minimum of 1 Cloak- a very small figure making it much more decentralized and ultimately much more anonymous.

Cloakcoin was quietly hiding in development for three years, with developers working to get it to the ‘fully working product’ stage. It finally reached a new milestone in building the world’s safest cryptocurrency in December 2017. However, not many in the market know about it nor has it gotten much media attention.

Cloak/USD Price Action

Despite the lack of media attention, Cloak/USD hasn’t been immune from the cryptocurrency market volatility. After reaching the all-time high of 37.86 in December 2017, it saw similar pullbacks to those of other cryptocurrencies such as Bitcoin. It is currently being supported at the 61% Fibonacci retracement level of $14.74, while it has confirmed below the daily Ichimoku cloud.  

Pivot levels are around the flat cloud at 19.25 and 23.45, while extended support is at 78% Fibonacci retracement level of $8.50.

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