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What is CloakCoin (CLOAK) and how does it work?

by Financial Economy

CloakCoin is a cryptocurrency designed to simplify private, secure, untraceable and decentralized transfers with Enigma Coin. Cloak coin has Proof of Work / Proof of Stake features. Information about some topics that what is CloakCoin (CLOAK), how does it work, how to buy it, on which exchange, how much is it, etc. is in continuation of the article. You can check out here for information about Ferrum Network (FRM) coin.

What is CloakCoin (CLOAK) and how does it work?

CLOAK Coin is a currency with Proof of Work / Proof of Stake features. Currently, PoS is in the interest-earning phase. In addition, Enigma is a private and untraceable payment system that lays the foundations for the future development of CloakCoin and provides the basic transaction system for decentralized applications running on the CloakCoin network.

Cloakcoin uses onion redirect which is enabled by default with ENIGMA technology. This, combined with the CloakShield functionality, is known to provide end-to-end encryption and direct and secure communication allowing nodes to evade traffic analysis.

Along with ENIGMA, Cloakcoin aims to offer a high level of privacy using up to 25 hops with symmetric RSA encryption and ECDH key exchange. Furthermore, Cloakcoin aims to allow any computer or smartphone user to participate in the crypto market with complete security and without fear of unwanted hacking or multi-channel spying activities.

What is Enigma?

Enigma is a decentralized “Off-Blockchain” mixing algorithm. CloakCoin allows users in its network to transmit Cloak to each other privately and securely. Enigma was designed to ensure that the scrambling process used during transmission is secure and untraceable to third-party observers. This ensures that any user’s Cloak Coins are kept safe during the transfer. In addition, thanks to this mixing process, the sender and receiver cannot be associated.

Which exchange is CLOAK coin on?

CloakCoin is listed on some cryptocurrency exchanges such as YoBit, Bitbns, STEX, Mercatox, TradeOgre, etc.

How to buy CLOAK coins?

Cloak coin can be purchased from listed some cryptocurrency exchanges, like mentioned above. However, before trading, it is necessary to make sure that the exchange and the crypto project are “RELIABLE”. It is so important point for investors.

CLOAK token supply!

Total and maximum supply of Cloak token is 5.908.339 CLOAK.

CLOAK token price!

As of November 19, 2022, at the time of the writing, 1 CloakCoin price is around $0,3794 (because of the volatility on crypto market the price can change instantly).

Caution: The information contained in this content is for general informational purposes only. It is not investment advice.

For information about cryptocurrency: https://en.wikipedia.org/wiki/Cryptocurrency

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