Difference between revisions of "What is Cloakcoin?"
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Other [[Features|Enigma]] nodes on the network will assist Alice in 'Cloaking' her transaction by providing their own encrypted inputs and outputs for the transaction. | Other [[Features|Enigma]] nodes on the network will assist Alice in 'Cloaking' her transaction by providing their own encrypted inputs and outputs for the transaction. | ||
| − | The [[Features|Enigma]] process has also been carefully designed to avoid Cloakers being aware of the true recipient of a [[Features|Enigma]] transaction. Enigma utilizes | + | The [[Features|Enigma]] process has also been carefully designed to avoid Cloakers being aware of the true recipient of a [[Features|Enigma]] transaction. Enigma utilizes [[ Cloakshield ]] to provide end-<!--T:9--> |
to-end encryption and ensure data integrity to protect you from snooping third parties on the network. | to-end encryption and ensure data integrity to protect you from snooping third parties on the network. | ||
| − | + | [[ Cloakshield ]] is utilized for all sensitive off-blockchain communications within the Cloak system. [[Features|Enigma]] has been designed to allow Cloak nodes to cooperate without exposing themselves to risk from malicious third parties or bad actors on the network. This ensures that no-one participating in a Enigma transaction has their funds exposed to risk of theft. | |
If a [[Features|Enigma]] transaction fails or expires before completion, funds are unlocked and returned. Cloak users who have 'Cloaking Mode' enabled will assist in cloaking transactions, for which they earn a reward. 'Cloaking Mode' does not require a full wallet unlock and functions when the wallet is 'unlocked for staking only'. Enigma transactions incur a standard 1.8% fee, which is used to cover the network transaction fee for the finalized Enigma transaction and reward 'Cloakers'. | If a [[Features|Enigma]] transaction fails or expires before completion, funds are unlocked and returned. Cloak users who have 'Cloaking Mode' enabled will assist in cloaking transactions, for which they earn a reward. 'Cloaking Mode' does not require a full wallet unlock and functions when the wallet is 'unlocked for staking only'. Enigma transactions incur a standard 1.8% fee, which is used to cover the network transaction fee for the finalized Enigma transaction and reward 'Cloakers'. | ||
Revision as of 03:16, 5 November 2017
What is Cloakcoin?
CloakCoin was introduced in 2014 and is one of the first concepts in the crypto market that address Bitcoin's inadequacy in offering true anonymity. By using a algorithm that provides total privacy, Cloakcoin aims to enpower people with financial freedom and data privacy in a simple, practical, economical and virtually instantaneous manner.
The sole purpose of Cloak is to give its owners innate financial freedom, it is not – and it never will be – the intention of Cloak to support illegal markets, activities or elements acting outside of the law.
History
Cloakcoin was launched in June 2014 and after an initial success the project crashed because of a pump and dump scams and, lack of development of the promised features.
The project was taken over by community members and this new team succeeded in further developing the CloakCoin project, resulting in the release of the first PoSA wallet in March 2016.
Cloakcoin Security and Privacy Protection
CloakCoin is a pure peer to peer network without the need of any master nodes, custom blockchain formats or information stored in databases or external ledgers, like sub blockchains.
Communication between all peers is encrypted, based on a TOR like onion routing system. Your transactions are supported by a group of so called “Cloakers” who help you to obfuscate the link between the sender and the recipient of a transaction. No data is logged, no information remains that would allow any researcher to trace transactions.
How does it work?
If Alice wants to anonymously send Cloak to Bob, without risk to her funds, she can now use ENIGMA to 'Cloak' her transfer to Bob.
To do this, Alice sends a request to the Cloak network, detailing her public session-key, how many mixers she requires and the amount of Cloak she wishes to send.
Other Enigma nodes on the network will assist Alice in 'Cloaking' her transaction by providing their own encrypted inputs and outputs for the transaction.
The Enigma process has also been carefully designed to avoid Cloakers being aware of the true recipient of a Enigma transaction. Enigma utilizes Cloakshield to provide end- to-end encryption and ensure data integrity to protect you from snooping third parties on the network.
Cloakshield is utilized for all sensitive off-blockchain communications within the Cloak system. Enigma has been designed to allow Cloak nodes to cooperate without exposing themselves to risk from malicious third parties or bad actors on the network. This ensures that no-one participating in a Enigma transaction has their funds exposed to risk of theft.
If a Enigma transaction fails or expires before completion, funds are unlocked and returned. Cloak users who have 'Cloaking Mode' enabled will assist in cloaking transactions, for which they earn a reward. 'Cloaking Mode' does not require a full wallet unlock and functions when the wallet is 'unlocked for staking only'. Enigma transactions incur a standard 1.8% fee, which is used to cover the network transaction fee for the finalized Enigma transaction and reward 'Cloakers'.
