What is it?
When Bitcoin came on stream it was a revolutionary idea the like of which has never been seen before. Never in the history of Mankind has anything been produced that could be guaranteed to be 100 percent safe from being compromised by willing negative forces. However brilliant Bitcoin was, it began running into some serious trouble in 2013 when deficiencies were beginning to show in the way it works. Alternate cryptocurrencies began showing up each purporting to solve one or two problems Bitcoin has. Among the early altcoins that came along was Cloakcoin, which was about to target the increasingly slower speed of transaction Bitcoin seemed to have as well as other deficiencies.
Cloakcoin came fully online in 2014, with the mission to provide its users a highly efficient peer to peer means of making payment that is rid of all negative aspects of Bitcoin such as its slow speed of transaction. Cloakcoin made itself out to be a very swift alternative to Bitcoin with added features as being completely anonymous unlike Bitcoin’s transactions which are easily accessible on its blockchain. Its speed is about 10 times the speed of Bitcoin and uses a unique idea where only your node-end of the network is aware of the form of transaction you are undertaking. This allowed users to finally not being forced to “trust” other nodes not to leak sensitive information about their transactions or even steal the funds attached to them
The Cloakcoin team remains anonymous
There are many cryptocurrencies that go after Bitcoin and its lack of speed or high transactional fees. Cloakcoin is one of the earliest to point out these problems and for most parts it does it due in confronting those stated issues. Businesses and people around the world are getting squeezed of out using Bitcoin with every passing day. Most of the payments that businesses receive are of the micro kind and as such the fees their customers need pay in order to expedite the transaction often equal or even supplant the actual amount being sent.
A sub-bitcoin market is fast growing with people who have been frustrated out of it migrating to other faster and more cost effective coins. Cloakcoin is one of such cryptocurrencies and it has seen reasonable growth over the years. But the key difference between Cloakcoin and other cryptocurrencies vying for this niche market is that it offers far more privacy and a transaction environment that the user can completely trust as only their own end node of the network has any inkling as to the nature of their transaction.
Cloakcoin is a mineable coin, but it can also be acquired by staking any amount you have in your wallet with a promised 6 percent reward for staking your Cloakcoin holdings.
Cloakcoin does have some interesting features that differentiate it from the rest of the crowd trying to get a piece of Bitcoin’s crumbs. It has a lot of potential which can only be realized if it takes a dimension where it markets itself based on the merit of features it has like the node-trust feature, and target a wider field. Bitcoin is too domineering and as such Cloakcoin is better off campaigning for itself rather than against Bitcoin.