Cryptocurrency Review: What Is CloakCoin?

Cryptocurrency Review: What Is CloakCoin?

CloakCoin is a cryptocurrency that is well accepted in the market. First introduced into the on 3rd of June 2014, it is slowly getting to dominate the

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CloakCoin is a cryptocurrency that is well accepted in the market. First introduced into the on 3rd of June 2014, it is slowly getting to dominate the digital currency market. The currency achieved a market cap of more than 5 Million USD in the first months of launch. One thing that has made CloakCain grow rapidly is the fact that it can provide total privacy unlike some of its competition. Since the currency market is designed as a proof-of-stake (PoS) system, the owner or the users are responsible for securing it. This makes it impossible for the system to be attacked since the stake of each user is very small.

The currency is a peer to peer network that does not require any master nodes or external ledgers. The communication between users is totally encrypted. Transactions are supported by the “Cloakers” that helps in obscuring the link between you and the recipient. Though the currency is based on the blockchain concept, it has been added creative layers of communication and a super sophisticated off-blockchain coin mixing system. This is the system that makes it tough for wallets transaction to intercept or traced by the 3rd party. This is the reason why no data is logged, and no information is left online to give the hacker a way to trace transactions.

Like other cryptocurrencies, CloakCoin must be mined so as to improve the value of the wallet or the account. You should download the wallet onto your device for you to receive or send CloakCoins. A wallet will also enable you to participate in the Proof of Stake (PoS) consensus system that rewards you 6% interest the value of CloakCoin held in it. This will greatly improve your net worth. CloakCoins are freely at the Faucet, but you can also buy them on an Exchange if you like. Any transaction will be rewarded according to the volumes transacted. Try to transact as much as you can, and balances will keep growing little by little every day.

CloakCoin can be used in paying or buying goods and services. You can exchange them with other digital currencies such as the Bitcoin or fiat currencies – these are currencies that have been accepted in selected stores. You can also get paid for goods and services using the currency. One thing that has made this currency popular is the privacy. It is a highly secured digital market and ideal for protecting your privacy. There is no way that you will suffer from the devaluations of currency. The anonymity ad privacy is top notch. The CloakCoin market is expected to expand significantly in new future, and thus it’s a great digital currency to invest in.

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