CloakCoin PriceCLOAK

What is CloakCoin (CLOAK)?

CloakCoin (CLOAK) is a privacy-focused cryptocurrency that was introduced in 2014, making it one of the earliest digital currency projects to directly address the lack of true anonymity in Bitcoin. The project is built on a blockchain foundation but adds layers of communication and a sophisticated off-blockchain coin mixing system, allowing users to conduct private, secure, decentralized, and untraceable transactions. At the center of its design is ENIGMA, a proprietary privacy technology that combines off-chain peer-to-peer coin mixing with TOR-like onion routing. According to CoinMarketCap, ENIGMA can implement up to 25 encryption jumps using symmetric RSA encryption. The project also employs CloakShield alongside onion routing to ensure robust end-to-end encryption. CloakCoin runs on a 60-second block time and uses a dual Proof-of-Work and Proof-of-Stake consensus model per its whitepaper, with GitHub specifications listing Proof-of-Stake. The PoW block reward was a flat 496 coins that stopped after seven days, after which PoS took precedence at 6% per annum, and there was no premine. Circulating supply figures reported across sources generally fall in the range of approximately 6.18 million CLOAK, while TokenInsight lists a maximum supply of 69,000,000. The project positions itself as a mature, community-driven privacy coin that continues to develop its technology stack.

Key Specifications & Tokenomics

• Name: CloakCoin
• Symbol / Ticker: CLOAK
• Launch Date: 2014
• Consensus Algorithm: Proof-of-Stake (dual PoW/PoS per whitepaper)
• Algorithm: X13
• Block Time: 60 seconds
• PoS Rewards: 6% per annum
• PoW Block Reward: Flat 496 coins, stopped after seven days
• Premine: None
• Circulating Supply: Approximately 6.18 million CLOAK
• Total Supply: 6.18M CLOAK
• Max Supply: 69,000,000 CLOAK
• Category: Privacy Coin
• Official Website: https://www.cloakcoin.com/
• Official GitHub: https://github.com/CloakProject/CloakCoin
• Whitepaper: https://www.cloakcoin.com/fr/project/whitepaper
• License: MIT

Who created CloakCoin?

Stefan Kender is identified as the founder of the CloakCoin blockchain. The Google Play listing for the Cloak Wallet lists Ivan Vukadinovic as the developer contact, based in Serbia, with a support email at [email protected]. A LinkedIn company profile registered in Belize City, Belize District, lists the organization as founded in 2014 with a company size of 11-50 employees. Cipher describes a core set of four developers working to implement the anonymity attributes of the project. The team has stated that as a privacy-focused blockchain project, it continuously works toward expanding the use cases for its native cryptocurrency. Detailed public information about individual team members beyond these references is currently limited.

How does CloakCoin work?

CloakCoin operates on a blockchain with a 60-second block time, but its defining feature is the ENIGMA privacy layer. ENIGMA is a unique off-chain peer-to-peer coin mixing arrangement covered by TOR-like onion routing. When a user initiates a private transaction, ENIGMA routes it through multiple encryption jumps — up to 25 according to CoinMarketCap — using symmetric RSA encryption. This process breaks the on-chain link between sender and receiver, making it impossible for third parties to trace transactions between CloakCoin wallets. The project also utilizes CloakShield in combination with onion routing to maintain robust end-to-end encryption. On the consensus side, the network transitioned from an initial short Proof-of-Work phase, where the block reward was a flat 496 coins and stopped after seven days, to Proof-of-Stake, which takes precedence at 6% per annum. This PoS model was designed to reduce operating costs and carbon footprint while keeping the network decentralized, reliable, and scalable. There was no premine, and the block time remains set to 60 seconds.

What makes CloakCoin unique and valuable?

CloakCoin's primary differentiator is its long-standing focus on privacy at a time when most cryptocurrencies offered none. It was one of the first digital currency concepts in the crypto market to address Bitcoin's lack of true anonymity. The ENIGMA technology, with its off-blockchain mixing and up to 25 encryption jumps, provides a high level of privacy that is difficult to replicate with simple on-chain mixing solutions. The addition of CloakShield and TOR-like onion routing further strengthens end-to-end encryption. The project also emphasizes usability, positioning itself as one of the most user-friendly privacy systems, allowing anybody with a computer or a smartphone to participate. Its stated sole purpose is to give owners the freedom granted to them in many constitutions around the world, and it explicitly states it has never intended to support illegal markets or activities. With no premine and a fair launch via a short PoW phase followed by PoS, CloakCoin offers a distribution model that appeals to privacy advocates and long-term holders.

What is CloakCoin used for?

CLOAK is the native cryptocurrency of the CloakCoin privacy-focused blockchain project. Its primary use is to facilitate private, secure, decentralized, and untraceable digital monetary transactions. Users can send and receive CLOAK between wallets without third parties being able to trace the transaction history, thanks to the ENIGMA mixing system. The coin is also used in the Proof-of-Stake consensus mechanism, where holders can stake their CLOAK to help secure the network and earn rewards at 6% per annum. Beyond transfers and staking, CLOAK serves as the unit of account within the CloakCoin ecosystem, including the Cloak Wallet application available on Android. The project team has stated it is continuously working toward expanding the use cases for CLOAK, and the coin may be available for swapping via Onchain, Crypto.com's official decentralised product.

How Is the CloakCoin ecosystem developing?

The CloakCoin ecosystem includes the core blockchain, the ENIGMA privacy protocol, and the Cloak Wallet, which was described as the first working X13 wallet and is available on Google Play with over 5,000 downloads. The project has a presence on multiple social platforms including Twitter, Facebook, Telegram, and Rocket Chat, and maintains a loyal community that has developed since Bitcoin's introduction opened opportunities for adventurous minds. The official website includes a "Learn" section dedicated to crypto and privacy education. Development activity is visible on the official GitHub repository, which contains 141 commits, 39 stars, 15 watchers, and 35 forks under the MIT license, with build instructions for Windows, Linux, MacOS, RaspberryPi, and Android. The whitepaper outlines plans to work on three main features of the protocol. Historical milestones include a comeback announcement in December 2016 highlighting advanced technology and multi-platform wallets, and a wallet update in November 2019 that improved compatibility with Android 8 and above.

How to mine CloakCoin?

CloakCoin originally used a Proof-of-Work consensus mechanism with the X13 algorithm, where the block reward was a flat 496 coins. However, this PoW phase was designed to stop after only seven days, after which Proof-of-Stake took precedence. As a result, traditional mining of new CLOAK via PoW is no longer the primary issuance method. Instead, holders participate in Proof-of-Stake, earning rewards at a rate of 6% per annum. To stake CLOAK, users need to hold coins in a compatible wallet that supports staking and keep the wallet online to participate in block validation. There was no premine, meaning all coins were distributed through the initial mining phase and subsequent staking rewards. The 60-second block time keeps transaction confirmations fast, and the PoS model was chosen to reduce operating costs and carbon footprint compared to energy-intensive mining.

How to keep your CloakCoin safe?

Keeping CLOAK safe starts with using the official Cloak Wallet, available for Android via Google Play and for desktop platforms through the official GitHub repository. Users should always download wallets and software from official sources such as cloakcoin.com or the verified GitHub repository to avoid counterfeit applications. For long-term storage, consider using a dedicated device or a wallet that supports private keys you control, and never share your private keys or seed phrases with anyone. The GitHub repository includes a warning that compiling from source produces a bleeding-edge version of the wallet that may contain bugs or crashes and could result in loss of Cloaks; development wallets should never be run on the same computer as the stable wallet holding your funds, and by default the development wallet runs on TestNet. A known security hole is referenced for historic reasons and is disabled by default. Given the privacy features of CLOAK, users should also ensure their device is free of malware and that they verify transaction details carefully before sending, as untraceable transactions cannot be reversed.