Anonymous transaction service CloakCoin recently announced the launch of its latest digital wallet CloakCoin 2.0. The wallet boasts of flawless value preservation and decent returns. The project registered a remarkable growth in the CoinMarketCap rank (it jumped from 110 to 68), and plans to launch an Android based Wallet next week. The app would be hosted on the electrum server to maintain absolute anonymity. Value of the Cloak has been on an uptrend lately with brilliant prospects for the future.
Introduced in 2014, mostly due to inability of the Bitcoin to maintain absolute anonymity of transactions, CloakCoin has come a long way in such a short time. Essentially, it is meant to be an alternate payment channel that would pace up cross border transactions while maintaining safety of capital and secrecy of the parties involved. CloakCoin finds itself in the sweetest spot for the intended users due the completely decentralized, peer-to-peer algorithm it employs.
USER FRIENDLY After all this comes the most exciting part, the ubiquity. One can buy/sell, make/receive payments and participate in the global economy right from an application that can be installed on a computer or mobile phone. CloakCoin 2.0 is one such desktop wallet that allows all the convenience right from your smartphone. The Cloak team also offers a similar wallet to smartphone users. Titled CLOAK Mobile, this application is now available for download at Google Play Store.
SAFETY The primary reason for the flawless investment safety CloakCoin offers is no external data storage. The details of a transaction are nowhere stored on external servers, and it serves the sheer transaction purpose between the parties concerned. It is structurally designed in a way (with a few security tweaks on the basic Block chain to form a series of ENIGMA transactions) that no third party can have a trace of a trade. Cloak teams will also add more improvements to its system.
STABLE INTEREST INCOME Proof of Stake (PoS) is yet another distinguishing feature of the CloakCoin which assures a return of 6% of the value of the CloakCoins in your wallet. Moreover, the ability to self-configure the level of anonymity (ENIGMA) provides custom convenience to a variety of needs one may have. The level of visibility and obfuscation can all be adjusted to suit one’s requirement.
NO RISK OF DEVALUATION One of the most important factors plaguing the cryptocurrency world hitherto, is the risk of devaluation. The kinds of jitters Bitcoin experienced due to hacks were enough to repel any potential stakeholder. CloakCoin, on the contrary, works on the principle of bewildered track, which means a layer of ambiguity added to the Blockchain to prevent direct mapping of node points/parties involved. This is turn ensures absolute value preservation and Fungibility, i.e. each and every CloakCoin is identical in value and can be interchanged. It cannot be influenced by the market.