Review on CloakCoin by Jesmin Akter

As one of the first cryptocurrencies to accomplish the privacy goal of providing complete anonymity and privacy for transactions on the network, Cloakcoin is considered to be a pioneer in the field. Digital money transactions may be carried out on a private, secure, completely decentralized, and untraceable peer-to-peer network via the use of a platform such as Bitcoin.



In combination with Cloakshield, the company's security infrastructure, it employs an off-blockchain mixing technique known as Enigma to mix data off-chain. The Enigma system enables any coin-holder, referred as as a Cloaker, to serve as a mixing node, thus ensuring that all transactions are anonymous. It is accessible on just major exchanges, which is remarkable considering that it can be exchanged for cryptocurrencies as well as fiat currencies. Despite the fact that it has a modest market capitalization when compared to heavyweights such as Bitcoin and even other privacy-oriented cryptocurrencies. This distinguishes it as a formidable competitor in the cryptocurrency industry at a time when privacy is in high demand and limited supply.



In the early days of cryptocurrency, Cloakcoin pioneered the notion of private, anonymous transactions, which distinguished it as a really innovative concept. Unlike other cryptocurrencies, Cloakcoin has one distinguishing feature: it encrypts all transactions using an off-chain technique, which means that transactions are never recorded on a blockchain. There are no central servers in this network, and all transactions are handled by nodes known as mixer nodes, which are held by holders of the Cloak money. Transaction support fees are charged at a rate of 1.8 percent. As a result, there is no need for master nodes or external books anymore. Client interest is paid out in the form of a 6 percent annual interest rate on the total number of coins held by the customer via its "proof-of-stake" premium mechanism.



Given the length of time that the cryptocurrency sector has been in operation, the market value and rating of CLOAK are not encouraging. The fact that it is backed by advanced technology and provides complete anonymity continues to distinguish it as a desirable coin. When I spend money in this atmosphere, who wouldn't want to be protected from prying eyes in a world where information and data are everything? Cloakcoin's system of rewards is also very appealing to potential users of the cryptocurrency. In addition to the 1.8 percent transaction charge, you will earn a 6 percent annual interest rate for assisting others in completing a transaction on the network for every transaction you help them with.