Dear Cloak Community,

In this CloakCoin Developer Report, we want to inform you about the current status of our project and the development progress. We strive to be fully transparent about the progress with detailed updates.

As you might have noticed, Decentralized Finance (DeFi) has taken the crypto world by storm that’s why we are very happy to announce a wrapped version of CloakCoin (wCLOAK) on the Binance Smart Chain (BSC) soon. Launching a wrapped version of CloakCoin allows us to bring the value of CloakCoin, to the booming world of Defi and the BSC eco-system.

What is a wrapped token?

A wrapped token is an asset hosted on another blockchain. The price of the wrapped token always equals the price of the original asset. Technically this is solved through an underlying smart contract or by being backed in a deposit one-to-one. In our case wCLOAK represents a BEP-20 token on the Binance Smart Chain (BSC).

What is the Binance Smart Chain

Binance Smart Chain (BSC) is a blockchain that runs parallel to the Binance Chain. Unlike Binance main Chain where BNB is hosted, BSC offers smart contract functionality and is also compatible with the Ethereum Virtual Machine (EVM). This for example offers the possibility to connect with your Metamask to the BSC network.

wCLOAK & BSC

The wrapped token of CloakCoin can help to boost the liquidity and can be integrated on every decentralized exchange (KYC free) on various networks. Our first step is to offer a bridge to the Defi eco-system on the BSC and help CloakCoin users to explore the exciting Defi world. The Binance Smart Chain (BSC) has established itself to a serious competition to the Ethereum Network. The transaction costs on the BSC are way lower and has seen a steady growing adoption in the last months. We also exploring opportunities to connect to other interesting Ecosystems like Ethereum, Solana, and more.

Status wCLOAK & BSC

The development of wCLOAK and the BSC bridge is moving forward nicely. We finished with the wrapped token and the landing/bridge page to connect with Metamask to the BSC network. Some smart contracts for the gateway have to still be written. After that, a unit test and security audit will finalize the process.

Enclosed you find a video about the current state:

Status Codebase Upgrade

After the Easter break, the development work continued on the codebase update. There is more effort needed to complete the rebase than originally anticipated. 150+ compile errors were fixed, with now only a dozen left to debug and handle differences. When the current code compiles, the priority is making sure the daemon can connect to the existing network and sync the blocks properly via headers.

Further work on fully implementing staking, signatures, and transactions will follow. Enigma will be the last piece, due to all the pre-requisites necessary for it to function. There has been an issue identified with the v3 wallet, regarding handling the initial/bootstrap file download, due to increased blockchain size. This will be fixed soon as well, for better UX of users that choose our Electron over Qt client.

Unfortunately, there have been some attempted intrusions to various accounts of our team members. As far as we know, nothing is at risk at the moment. This targeting only gives us more steam to move forward and validates that we're doing something right, otherwise we wouldn't be interesting to these actors.

We will move ahead with our plans - finish up codebase transition, PoS re-implementation, and Enigma engine integration, followed by additions/requirements for atomic swaps.

Summary

A big thank you to the community for believing in the project and your patience while we complete all these big milestones. Besides the clear focus on development, we are constantly looking for new exchanges to improve the reach and liquidity.

Hence, we are a community project, each of you Cloakers is automatically a part of this awesome project. Therefore, we ask you to be more active than ever before. Every social media activity helps us to spread the word now.

We have great opportunities with our unique technology and there is a great upwards potential ahead of us. Privacy becoming more and more important and we will not be intimidated or back down in our efforts to bring privacy and anonymous transactions into the crypto sphere. We're very confident that all development steps will open new doors for the project.

Thank you and stay tuned for further updates and announcements.

Peace & Love

Team Cloak