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How do I encrypt my wallet?
The wallet can be encrypted in "settings" by choosing a password. Don't forget the password; you'll not be able to enter your wallet again.
How do I backup the Wallet and how can I use the .dat file?
The backup of the wallet can be obtained by going on "File". The .dat file can be opened with Cloakcoin wallet. Doing a backup of your wallet is very important. If you lose the access to your original wallet for any reason, without a backup you could lose all your savings. Always keep your backup file in a safe place.
What is the difference between the long green address and the short white one?
The green address is a stealth address which will be used for cloaked transactions (Enigma). The short one is for normal transactions. For transactions from/to exchanges, the normal non-cloaked address is the one to use.
Where is the Console (Debug Window)?
To enter the console on the wallet click on "Help" and on "Debug Window."
What is Enigma Reserve Balance % on Settings?
The Percentage showed under Enigma Reserve indicates the coins you want to reserve for Cloaking.
Should I be always online to participate on Cloaking process?
Yes, to participate in the Cloaking process you should have your wallet running, synchronized and online.
How can I stake my coins? Should I be always online to stake my coins and get my reward or can I leave the coins in my wallet with my PC off?
The process of staking is automatic. To earn your rewards, the wallet needs to be unlocked. The rewards are increasing based on the Weight and the concept of Coinage. Coinage is increasing with time not moving your coins, you don't need to be online. Because of that, when you're unlocking the wallet after some time, you're able to collect the rewards for a maximum of the 6% of rewards.
What is the weight exactly? What are the factors that influence it?
Weight is a factor based on the coin amount that is staking and the age of the coins (to the maximum limit). We display it to show your staking process compared to the entire network and approximate the time it will take you to stake. Please note, this is just an estimate at a given time, network weight changes regularly and often.
A node that repeatedly refuses transactions is placed on the blacklist. Can a node refuse a transaction voluntarily? Why should it do it?
A malicious actor might modify the client wallet or exploit some bug to try and achieve certain selfish benefits, or just to be subversive to the network. Blacklisting is a way to protect from it and punish that behavior.
Why should I want to disable Enigma?
Enigma system generates new receiving public addresses when sending and obfuscates the transaction (coin flow) through cloakers. This might be a problem for some merchants for their payment tracking systems.
What is the total supply of CloakCoin?
In 2014 the initial supply was 4500000 coins, with a 6% yearly inflation the current supply is of Error: no local variable "available_supply" was set. coins.
How long will a transaction take?
The current block time is 60 seconds. After 4 minutes the transaction is completely done.
What's the difference between PoW and PoS?
PoS and PoW are ways to verify transactions and achieving distributed consensus. Both algorithms share the same goal but the process is different.
|PoW (Proof of Work)||PoS (Proof of Stake)|
|Intense power usage. Today PoW consumes more energy than 140 countries together.||Energy effiecient. PoS runs on minimal energy resources. The CloakCoin Raspberry PI wallet uses less than 5W, the same as a average LED light bulb.|
|Incentivizes centralization by mining farms.||Truly decentralized, anyone with coins in a wallet can help secure the network.|
|Very complex and expensive to setup. Today PoW mining rigs occupy entire rooms and even warehouses.||to setup. Any computer with a wallet and a internet connection can be used.|
Is Cloakcoin a PoS coin?
What is the purpose of CloakCoin?
CloakCoin is a fast, private, secure, untraceable and decentralized digital payment service, which aims to overcome the limitations of Bitcoin in privacy and speed.
CloakCoin introduces inviolable privacy, unbrakeable security and fast untraceable transactions. Providing to privacy oriented users a tool for global business with reasured performance and privacy thus making them truly autonomous.
On what platforms is CloakCoin available?
CloakCoin is available for: Windows, Linux, Mac iOS, Raspberry Pi, Android and iPhone.
What's the difference between staking and minting?
Staking and Minting in essence are the same thing. You have to Stake your wallet to Mint new coins (earn interest). Essentially its the same as PoW mining but because Cloakcoin is a PoS coin, the reward you get from helping the network is based on the coins you hold (minting/staking) not your processing power(mining).
How can I buy CLOAK?
You can buy CLOAK from these digital cryptocurrency exchanges:
Litebit accepts a different number of payment methods.(SEPA, SOFORT, PAYPAL..), Indacoin accepts credit card.