Cloakcoin (code: CLOAK) is a trustless cryptocurrency. Transactions aren't reliant on or trusted to any third parties, Cloakcoin doesn't have any masternodes. On a ENIGMA enabled transaction every cloaker is a node thus eliminating centralized attack vectors. Cloakcoin uses a user friendly QT wallet and works on a standard Bitcoin-style blockchain.
To ensure additional protection to the network, Cloakcoin makes use of Cloakshield: a ECDH protocol that establishes a secure connection between participants.
One of Bitcoin's biggest imperfections for users that seek privacy is Bitcoin's pseudo-anonymity. Through analysis of bitcoin's unencrypted network it is possible to trace back, from the public blockchain, the parties involved in a bitcoin transaction. Cloakcoin solves the problem of linkable adresses with the ENIGMA trustless consensus protocol and to improove security the CloakShield infrastructure provides 5 layers of encryption on all network communications.
ENIGMA is a trustless-Anonymous protocol. ENIGMA allows users on the CloakCoin network to transmit Cloak anonymously to each other. Transaction requests are scrambled between various open wallets and because the Cloakcoin network has no masternodes, Cloaks are sent without the need to 'trust' masternode operators, each open wallet within the Cloak network acts has a node. PoSA3 transactions are ‘cloaked’ by other users on the network, who receive a reward for their assistance (1,8% of the transaction value, is shared among participants). The other users provide inputs and outputs to the PoSA transaction making it impossible to determine the true source and destination of the cloak transfer.
CloakShield's Onion routing provides secure communications between nodes on the Cloak network using symmetric RSA encryption backed by an Elliptic Curve Diffie Hellman key exchange (ECDH). Users can select up to 5 hops and 5 encryption channels on the wallet client options.
- Total coins: 4.5 million
- Transaction time: 30 seconds
- Hash_function |Hash algorithm: X13
- No pre-mine or IPO
- PoS reward: 6%
- PoS minimum stake age: 3 hours
- PoS maximum age: unlimited
- Block time: 60 seconds
- Anonymity: ENIGMA & Cloakshield
Cloakcoin was first launched in June 2014, after an skyrocketing initial success the promissing project sinked among rumours of a pump&dump scam and lack of delevopment of the promissed features. The project was eventually abandoned by its creators.
A new team of developers, composed from members of the community, and with [email protected] as their leader took over the project and set out to accomplish what the previous team failed to do: a fully anonymous trustless cryptocurrency.
The first PoSA enabled wallet was released on the 30th march 2016.