# Spotlight on Cryptocoins -- CloakCoin/CLOAK -- 11th feature "private" coins ## Hello Steemians ## In this __series of articles__ I want to put a spotlight on a __specific cryptocurrency__ and write about the details in all these aspects: - __Aim of the currency__ - __Technical details__ - __Market position__ - __Forecast__ The cryptocurrency in focus currently will be one of the so-called **"private" coins**. Coins that create the possibility to be more or less in private while doing transactions. How private you are is one of the main questions to be answered in this articles. In this __11th article__ of the series, the spotlight will be on __Cloakcoin__.

PictureSource ### Aim of the Currency ### What is this __currency about?__ What does it do differently than the rest?
Where is the __unique selling point__ and at what audience is this coin targeted? All that questions and __more will be answered__ in the following paragraph. **CloakCoin** is one of the smaller players on the private coins' market but is already around for quite a time. It has been founded in June 2014 and had an early success and a hard time afterward. After the whole team had left it was refounded in October 2016 and is stable ever since. It features its own two privacy concepts called *Cloakshield* and *Enigma*. We will have a spotlight on those two in the following chapters. **CloakCoin is now a pure PoS Coin** with 6% annual rewards and the additional possibility to earn by taking part in the *Enigma* process. ### Technical Details ### **CloakCoin** has wallets that support Linux, Mac, and Windows, but currently no wallet for mobile devices. Zhe source code for all of them is completely visible on Github. **CloakCoin** is a pure PoS coin that currently offers 6% annual Proof-of-Stake rewards. Investors can earn a reward by taking part in the **Enigma process** that is used to make a transaction private and trustless. The current number of circulating coins is a low 5,1 Million, this number is only increased by 6% annually.The block Time is 60 Seconds making the coin react quite quick. **Privacy of transaction** is achieved using **Cloakshield and Enigma**. **Cloakshield** is providing a encrypted end-to-end network traffic utilizing also the onion routing principle. Currently, up to 25 hops within the network are possible. Together with **Enigma**, which adds an untraceable layer of decentralized **Enigma-Nodes**, it is possible for CLOAK to hide details of payments within the **CloakCoin Network**. **There was no ICO, no premine and there are no dev taxes.** ### Market Position ### At the time of writing this article (03/26/2018), __CloakCoin is placed 237th__ in __market capitalization,__ with the total value of $29.815.307 USD. The 24h Volume was $413.150 USD which is a **average number** compared to the last month. The last weeks and months have been quite a bumpy ride with cryptocurrencies, this is also true for CloakCoin. The **all-time high was reached on December 31st with over 35 USD per CloakCoin.** Since then the price has been losing ground, only stopped for a short while at the beginning of March 2018. Currently, curves are going sideways and the price is at 5.84 USD per CloakCoin. Rumors are that the coin is soon to be listed on Binance as well.

GraphSource
Looking back a year, we can see that there already have been quite a few spikes of possible pump&dump. Nevertheless, there is for sure an increase in price to be noted on the positive side of this coin.

GraphSource ### Forecast ### Just like all the other **private coins** CloakCoin for sure has a valid point in trying to keep the privacy of the sender and receiver. **Cloak** is a **more or less established cryptocurrency not listed on many exchanges currently**. If the team can manage to get listed on some of the bigger ones, there will for sure be a nice raise in price. Currently, there are rumors about being listed on Binance in a short while. **Technically this coin goes new ways** in bringing up their own cryptographic solutions for the privacy bit. If the **team can deliver the new features and software** like they are planning to, the price for sure will go up as well. The Roadmap of the coin can be found [here](https://www.cloakcoin.com/resources/cloak-roadmap.pdf). ### Conclusion ### **CloakCoin** is encrypting your traffic end-to-end by using **Cloakshield and Enigma**, also using TOR mechanisms to keep your Network Addresses private. CloakCoin is developed by a core team and a **decentralized community**. The code is completely open source. Last but not least there are also __some drawbacks__ and they should not be unmentioned: - Proof-of-Stake coins sometimes are criticized for making the already rich even richer. - __Privacy of transaction__ has been also viewed with __criticism__. - Community-based coins can be seen as not flexible. - Commits on Github are not massive and only a few contributors active. Authored by: @jedigeiss
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