CLOAKCOIN – Trustless Anonymous Cryptocurrency Without Master Nodes and Fully Decentralized

By October 19, 2016Bitcoin Business

Launched on 3rd of June 2014, CloakCoin achieved a market cap of more than 5 Million USD. Within a matter of months, the price began to rapidly fall due to lack of delivery of promised features and was pumped on empty promises and crashed once the fraud became apparent, dropping to extremely low levels after attaining a market cap of more than 5 Million USD. From the ashes some loyal members of the community picked up the debris and transformed it finally into a promising project. After substantial development the project has passed an interesting and very important milestone. The recent release of the CloakCoin wallet has enabled trustless anonymous transactions without the need of master nodes or any other centralized infrastructure. Block verification (PoS) and the processing of anonymous transactions is decentralized and based on a pure p2p environment. The blockchain is not ‘polluted’ with custom data or using sidechains as employed by other anonymous coins. As a result of the coin mixing structure which acts like a merry-go-round, it is absolutely impossible for any observer to determine either the sender or the recipient of transactions. Reverse engineering of concluded transactions is impossible and the lack of master keys prevents deciphering of encryption with potentially increased computing power in the future. In order to provide an extra layer of anonymity to market participants, an onion routing system has been implemented, avoiding identification of any users involved in transactions by concealing their communications on the network. A security audit was released on 28th July 2015 by Ian ‘JonnyBravo’ Craig, a well-regarded developer who suggested some potential improvements. These issues have been addressed and final testing and live transactions have proved the stability of the system. The new CloakCoin comes with a completely remodeled code base including new features and […]

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