Features
Speed & Fee
The block generation time of CloakCoin is 60 seconds. Bitcoin needs 10 min for one block. Bitcoin's network has become so congested, it sometimes takes hours/days to confirm a block even paying high transaction fees.
After 4 minutes a CloakCoin transaction is completely confirmed in the network with a typical transaction fee of 0.01 CLOAK.
Privacy & Anonymity
One of Bitcoin's biggest imperfections for users that seek privacy is Bitcoin's pseudo-anonymity. Through analysis of bitcoin's unencrypted network it is possible to trace back, from the public blockchain, the parties involved in a bitcoin transaction. Cloakcoin solves the problem of linkable adresses with the ENIGMA trustless consensus protocol and to improve security the Cloakshield infrastructure provides various layers of encryption on all network communications.
Coin Fungibility
Most digital currencies, including Bitcoin, face the problem of unfungibility and possible devaluation by 3rd parties. An example are the 'marked' Bitcoins confiscated during the investigation of Silkroad. Digital currencies usually leave a trail of breadcrumbs that can be followed which might lead to loss of privacy. All the coins used in CloakCoin transactions can be interchanged and they are all equal. Since CloakCoin's ENIGMA transactions can not be traced, there is no way a third party can identify the origin of a coin and thus devaluate it by its past history.
It guarantees equality and interchangeability of all coins - also called FUNGIBILITY. Devaluation is therefore impossible.
Rewards
Anyone can earn more with CloakCoin a 6% annual interest is rewarded for simply staking your coins in your wallet. Additionally, participants of ENIGMA transactions receive a reward fee. Read more...
Decentralized
CloakCoin includes Proof-Of-Stake mining that makes use of held coins to protect the network instead of using expensive mining equipment. Every wallet used in transactions is equally involved in the network of CloakCoin and can earn rewards from processing ENIGMA transactions.
Safe
While transactions are taking place, no intermediate or third parties can have their hands on the coins. Therefore, the coins are always safe and secure, and the sender can be guaranteed that the coins he sent will reach the recipient.
Trust
All operations in the Cloak Network are managed by your node and are totally under your control. You don’t have to count on other nodes.
User Friendly
The wallets that are used in Cloak transactions are extremely user-friendly, in the sense that they do not have any complications and can be used within minutes of installation.