Staking with CloakCoin
CloakCoin (CLOAK) is another cryptocurrency that you can stake.
By that I mean it’s a Proof of Stake cryptocurrency. Instead of miners validating transactions and the network, its done by users running the client. When you ‘stake’ you earn coins for helping validate the network. And how much you stake depends on the number of coins you hold.
PIVX is another coin which you can stake and I wrote about here. Another staking coin I wrote about as well was OkCash (OK).
Cloak is a privacy cryptocurrency that reaches consensus by using PoS.
It uses the ENIGMA protocol for completely anonymous transactions.
A user that enables ENIGMA can use CloakShield to send an encrypted transaction that further gets obfuscated in the ENIGMA mixer nodes. Plus, if you have ENIGMA enabled and help process those transactions you can earn additional rewards.
The main rewards come from staking which according to CloakCoin amount to 6% annually.
To stake you want to start by downloading the wallet. You can find a list on the website.
Keep in mind it may take some time as you need to download the whole blockchain.
Once the wallet is running you want to encrypt the wallet, which means setting the password.
Then you’ll need to send some CLOAK to your wallet. You can’t earn staking rewards without a balance in the wallet.
To start staking you need to unlock the wallet. You can find this from the setting tabs. Be sure to check the box that indicates you want to unlock your wallet for staking only.
That’s it, you’re now staking. You can verify by scrolling your move over the Cloak icon at the bottom right of the wallet.
If you get to this point I recommend you backup your wallet, which involves saving a .dat file, and store the file in a safe location.
I’ve been staking for a couple weeks now and have minted some CLOAK. It works.
thats nice
Hey ,
Thanks for the great content :)
Thanks for reading!
👍👍👍👍👍👍👍 your post.
Thanks!
I feel like I should have more staking coins. I only have NEO giving rewards right now. I got months ago OMG because of potential staking, but it looks like I don't have nearly enough to do it anyway. STRAT does staking, but not with the amount I have..again.
I've been tempted to check out these smaller cap masternode/staking coins, like CLOAK. But even then you still need a sizeable amount in it in order to make a decent return.. and with the markets being so slow and volatile the returns are all over the place and hard to gauge. It's best if you get in super early so the rewards are way higher than what you put in, but how often does that happen without it being a complete gamble?
I must admit, a digital money printing machine sounds amazing though. It's why I like my NEO, but even though it is 50% of my portfolio...even that is not really amazing in terms of rewards yet, and even if it goes 10x it wouldn't really be that amazing for me.
If you're only going to do one I'd pick NEO!
I do love me some staking..6% seems a bit low, but free coins is free coins
6% ... 0.6% probably not worth it lol
i checked CloakCoin (CLOAK) out in conmarketcap and looks like they are doing ok. but not in my favorite exchange as i use hitbtc, good enough i have account in bittress...
the good think about cloak is it seems they have product to offer and as such will not be a pump and dump coin which are so many out there.
Am following to get more on crypto
Have you heard of Elyte? developed by community members from former Elite coin that failed, they seem to be doing airdrop and have done swap successfully.
thanks for sharing
I'll have to check out Elyte, never heard of it before.
kool....
Check out EthereumLyte
Read everything about it at bitcointalk.org.
https://bitcointalk.org/index.php?topic=2376458.0.
We also have a telegram group: https://t.co/kAhkvVTPBF
And we're on twitter:https://mobile.twitter.com/EthereumLyte
try visit the telegram group and say you from steemit through @kenhudoy
we just did airdrop testing and free coins will be shared ...but another big airdrop and bouinty is coming soon!
Thanks, I'll check it out soon.
great and there will be an airdrop by 8pm gmt today
btc hit a new high of $9k. updated on my new blog post. check it out. thanks
will do, thanks!
Congratulations! This excellent post was resteemed and selected for inclusion in today's edition of TheDaily Sneak.
Thank you for all your hard work to create quality content.
Awesome, thanks!
Another great post g-dubs, I have a question though. You simply open the client and it validates for you? Like I understand PoS but does this use lots of CPU or GPU power?
You just need to leave the wallet, open and running and 'unlocked' for staking. Not sure on exact CPU power but I run it on a dell laptop no problem.
Exchange please!
Bittrex, Cryptopia
Excelente post.
Thanks!