Benefits of CloakCoin
1. Fast Transactions
Cloak Coin allows the fastest transactions among all the digital cryptocurrencies available in the world. Compared to bitcoin, the block generation time with Cloak Coin is significantly shorter. While it takes Cloak Coin around 60 seconds, it takes Bitcoin ten minutes. This is a huge difference in time, which is an essential element in ensuring secure and private currency trades.
2. Completely Private
This is the most important benefit of Cloak Coin. The coin has a routing system implemented in it which keeps the identification of users involved in transactions completely protected. No one can trace the identification of either the sender or the recipient, and the entire process is therefore cushioned against fraud and exploitation.
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.
4. Excellent Technology
The blockchain system of Cloak Coins is not incorporated into custom data or using side chains. It uses ENIGMA off-chain mixing to allow fully private and untraceable monetary transactions.
Cloak Coin 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 Cloak Coin and can earn rewards from processing ENIGMA transactions.
All the operations included in the Cloak Coin system are managed by your node and are totally under your control. You don’t have to count on other nodes.
7. Feasibility and 8. Rewarding
All the coins used in transactions can easily be interchanged and they are all equal. They provide feasibility to users.
Additionally, the coins are highly rewarding. You can earn up to 6% interest every year by securing the cloak network using the coins in your wallet. Another way to earn extra rewards is by helping to process ENIGMA transactions in the cloak network.
9. 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.
Imagine the possibility of executing an anonymous transaction worldwide and reaching the sender within a minute. This is the reality with CloakCoin! Independent of any institutions and without high fees.
Currently, the value of a CloakCoin is far below its potential value, which will change with Enigma's open source and increasing media attention. The countdown has begun!
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