Overview about Cloakcoin in 4K (video)

It looks to me that cripto’s will be here to stay in some form. I know most people don't know what they are including me. So if I get anything wrong or forget to mention something important please comment on video for all of us to learn more.

I haven't seen a lot of video's talking about cloakcoin. So in this video I'm going to give an overview about cloakcoin. In other videos I will dig deeper into this coin. There is many coins that are competing in this space, Monero, Zcash, and Dash for a few.

As you look into its past, you will see it started out as a pump and dump. As the ship was sinking before it left the dock, as it hit the sea floor, a group of individuals were left on the overpriced paper weight.

That group of individuals wanted to see their ship rise and set sail in the open sea’s of cripto’s. They all got together and invested more into this coin. Now with a small development team with a small group of people around the globe that wanted see this coin grow into something more. Just to be aware with a small team it does mean that this coin might progess a little slower, but everyones heart is in it.

CloakCoin is based on the ’Blockchain’ concept. To protect everyone privacy they have added some very simple and clever layers of communication and a off-blockchain coin mixing system making it impossible for 3rd parties to trace transactions between CloakCoin wallets.

They call it ENIGMA. It allows CloakCoins to be sent anonymously. It is paired up with CloakShield, based on a TOR like onion routing system.

All communication between all nodes is encrypted. CloakShield provides up to 25 hops in the cloak network. The onion routing keeps other nodes from stealing funds or leaking sensitive information.

So we now have secure, decentralized and untraceable digital monetary transactions. I know that's all fine and dandy. But what else can an owner of cloakcoin expect. It is fast Block time: 60 seconds. It has a smaller number of coins around 5 million right now. This coin is a Proof-of-Stake coin. You can earn 6% year from staking your coin. That's right after 1 year your coin will be 1.06.
They do have a faucet Web page that hands out free minicloak (0.01) It is run on donations from cloakcoin members. The downside to this is when the price got higher everyone ran to empty the dispenser.

That is not the only way you can earn coins. Everyone with a computer can help cloak in the network, even a raspberry pi can do it. With helping cloak a transaction with others you get a share of the 1.8% fee. I know they are working on getting rid of that fee to make it mandatory that everyone has to use ENIGMA. That is a plus for everyone. It helps make the network more secure. With more transactions will give you a higher chance to help the network.

As they get all the wallets up to date with Electrum server, that will give cloakcoin the means to integrate with something like OpenBazaar or build custom incentive-based, markets, file sharing, hosting and content streaming systems. I think down the road this will help build a stronger cloakcoin community from around the world.

Disclamer:
Just remember you can lose money and coins in every move you make. Do not rush in, learn from your mistakes. Always use a small test coin when trying a new wallet. Please be careful of pumpers that are online. Any crypto can go to 0 remember it is just a speculation that wants to be a new digital fiat money. And yes I have bought in at the high thinking it would go a little bit higher. I have also lost coins transferring them to different wallets on exchanges. As you can see I'm no expert, just learning as I go. More research is needed. I'm giving you my full disclosure: I'M not a Finance adviser. I'm not getting payed from cloakcoin. I do have a cloakcoin wallet. If you would like to spread some coinage my way I will always cherish your generosity.

Thank-you for all your comments and viewing the video. I have other videos I would like you to view.

Donation:
cloakcoin:CBs9HooP6g2u1y4pFJdWdaiaeBV1b7x8Xe