This is our improved and final version of "What is CLOAKCOIN?"
Why is CLOAKCOIN so cool?
Cloakcoin provides a fast, fully private, secure, untraceable and user friendly transaction system with guaranteed fungibilty (all coins being equal and interchangeable) operating 100% decentralized on low-cost consumer hardware with very little energy consumption. You will soon be able to run a Cloakcoin node on a Raspberry Pi at home - silent and low priced. Our wallets are easy to install and easy to run!
How does it work?
We use proof of stake (PoS) for consensus, which means existing coins held by users are used to help secure the Cloak network. This negates the need for expensive mining hardware associated with proof of work (PoS) mining. Cloakcoin requires no master nodes, custom blockchain formats or sub-blockchains. Cloakcoin wallets connect to each other and CLOAKSHIELD enables them to establish a private onion routing network like TOR (minimum 3 hops). On this private network the wallets find participants to create and send ENIGMA transactions. ENIGMA produces transactions that are 'Cloaked' by other wallets. This means that as well as ENIGMA senders adding their funds to the ENIGMA transaction, Cloakers also provide matching amounts, which they receive back alongside a reward for helping to Cloak the send. This means that anyone examining the transaction cannot determine who is sending and who is receiving funds.
Here a sample ENIGMA transaction:
http://explorer.cloakcoin.com/tx/a138e4ccf432d890709fa8a1e7844d11450a33808021fec55df68dd366c0be15Imagine a scenario where many people put anonymously 10 USD notes into a pot, others take these 10 USD notes anonymously out. One of these people is the sender (he puts a note in but doesn’t take one out), one of them is the recipient (he only takes a note out). All others are “Cloakers”. That is what ENIGMA will do for you: nobody can tell whose 10 USD note ended up in which hand. And Cloakshield makes it impossible to tell who is who.
Cloakshield provides a private Cloakcoin network for the exchange of encrypted messages between all ENIGMA nodes. It uses ECDH/RSA encryption to protect all communication required by ENIGMA.
It’s a TOR like onion routing system that will allow to cover your tracks with up to 25 hops before your message reaches the recipient.
ENIGMA and Cloakshield work fully decentralized.
ENIGMA and Cloakshield are no theoretical idea on paper, they are fully developed and available today!
ENIGMA and Cloakshield are fully integrated into an easy to use GUI which will let you do what you want without having to become a computer expert.
Easy to use, private, secure, decentralized and untraceable transactions without 3rd parties able to log your moves.
And that’s what it’s all about, isn’t it?
If you keep your Cloakcoin wallet with your coins in it online you will earn an interest of 6% p.a. with PoS minting. If you participate as “Cloaker” for ENIGMA transaction you can earn a share of transaction fees.
As active ENIGMA node you will have the added bonus of getting your coins swapped during the ENIGMA process again and again, adding to your assets fungibility.
Topic: [ANN][CLOAK]CloakCoin Private,Secure,Untraceable&Decentralized Digital Currency (Read 67258 times)