CloakCoin 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.
CloakCoin allows one of the fastest transactions among all the digital cryptocurrencies available in the world, it takes CloakCoin around 60 seconds to fully process transaction.
CloakCoin uses its ENIGMA off-chain mixing protocol to guarantee that money related transactions are completely private and untraceable.
Staking CloakCoin allows you to gain a yearly 6% interest, and all you need is a wallet, hosting maternode is not required for that purpose.
CloakCoin is a cryptocurrency designed to facilitate private, secure and untraceable decentralized transfers with Enigma. Cloak is a dual PoW/PoS (Proof of Work, Proof of Stake) coin, which is now in the Proof-of-Stake (interest bearing) stage. Enigma is CloakCoin’s private, secure and untraceable payment system, that forms the basis of future development and provides the underlying transaction system for the decentralized applications running on the CloakCoin network.
Cloak is extremely user friendly, it will allow anybody with a computer or smartphone to safely participate in today’s digital currency markets with reduced worry of unwanted parties spying or hacking.
The core system of CloakCoin is powered by ENIGMA a decentralized, off-blockchain mixing service which allows users on the CloakCoin network to transmit Cloak privately and securely to each other. It has been designed to ensure the mixing process is both secure and untraceable to third party observers. This ensures a user’s Cloak coins are kept safe during transfer and that the sender and receiver cannot be tied or associated. Cloak coins are never transferred to an intermediate party during Cloaking, so coins remain safe. Developers worked hard to ensure the Enigma system rewards users who assist in Cloaking transfers and will continue to improve the process and further incentivize active participants. Anyone with Cloak coins can participate in Cloaking operations, which allows them to leave their wallet running in Staking/Cloaking mode to allow it to passively assist in Cloaking and earn significant rewards.
ENIGMA, along with CloakShield, forms the backbone of the Cloak system and is a key part of the underlying framework. CloakShield utilizes end-to-end encryption and delivers secure communication out of the box, allowing nodes to circumvent traffic analysis. Combined with ENIGMA, it is the ultimate form of privacy, utilizing up to 25 hops using symmetric RSA encryption backed by an ECDH key exchange. CloakShield provides secure communications between nodes on the Cloak network using symmetric RSA encryption backed by an Elliptic Curve Diffie Hellman key exchange (ECDH). This allows nodes to exchange data securely, providing protection from snoopers (man in the middle) and imposters (sybil attack). CloakShield is designed to secure both Enigma and decentralized CloakCoin applications and will ensure your data stays as private as possible.
CloakShield allows the encrypted sending of data to one or more recipients. When sending to a single recipient, the payload is RSA encrypted using the ECDH shared secret. When sending to multiple recipients, the payload is encrypted using a one-time key and the key is then encrypted for each recipient using the ECDH/RSA method. To sum this system: ENIGMA combined with Cloak Shield allows CloakCoins to be sent anonymously, while avoiding the need to 'trust' other nodes not to steal funds or leak sensitive information. ENIGMA guarantees fungibility, this means all coins being equal and interchangeable.
CloakCoin developer team has very detailed roadmap with many interesting features waiting to happen. In 2019 they are planning hardware wallet integration, researching possibility of implementation staking to mobile wallet, building IOS mobile wallet, add more security improvements for ENIGMA & CloakShield and even improve Proof of Stake algorithm of CloakCoin.