If you want to know more about pursuit of privacy :
Twitter > https://twitter.com/PrivacyPursuit?s=20&t=vEduVFdj9YWmDJE5ZjoQkQ
Discord > https://discord.gg/3vHm7JzH
Telegram > t.me/pursuitofprivacy
Mr Kwibs (Pursuit of privacy) : Okay, so here we go😄 Welcome lasvegas83 , Ares89 and iwidepiwi from the CLOAK team!
Lasvegas83 (Cloakcoin): Hey, so let’s go! I’m Stefan and the project manager at CloakCoin
Mr Kwibs : Cloakcoin is one of the oldest anonymous crypto projects (2014). Can you briefly tell us its story?
Lasvegas83 : Yes, that’s correct! The first wave of cryptocurrencies with anonymization features was launched in 2014.
Coins like Monero, Darkcoin/Dash were born. CloakCoin was also one of the first and most promising projects in the market. CloakCoin was first launched in June 2014 and was founded by Alty.
After skyrocketing initial success, the price crashed and the development team was apparently unable to cope with the situation. So they announced that they are leaving the project in October 2014. The project was abandoned and a new era was born here.
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Mr Kwibs : Great info. Happy to have you guys still around with us in the privacy space today. It shows your project has real character!
You’ve been around for almost 9 years. That’s a lot of time for a crypto project. How did you make it through all these periods of bearmarket, bullmarket and continue to exist and move forward as you do now? Many projects from 2016 have already died since.
Lasvegas83 : Hehe, it’s almost 8 years but all fine 👍
In October 2014, a new team of developers including members of the community, took over the project and set out to accomplish what the previous team failed to do: A fully anonymous trustless cryptocurrency…
We started from scratch and managed without venture capital to build a true privacy coin. All costs like exchanges listings, marketing activities, audits, development, and other costs have been in the team’s own pocket, which means everything was paid from private funds!
Mr Kwibs : Whops, looks like I need to work on my maths😆
Lasvegas83 : We thought we would be able to quickly implement all of our visions in the shortest possible time. However, we were only able to record the first major development step on the livenet in 2016.
Mr Kwibs : Impressive mate. Looks like you guys really have a passion for CLOAK
Lasvegas83 : The big price boom came in 2017/2018. From here on, the core team was more motivated than ever before and continued to expand the project with profits. 💪
With this enormous cash injection, we were able to expand a coordinator team in 7 different countries.
There were also new exchange listings and many new providers who added CloakCoin as a payment method. The development continued from here and we resumed improving our anonymous payment system ENIGMA.
The complete process can also be seen graphically on our website if anyone is interested:
https://www.cloakcoin.com/project/roadmap
Mr Kwibs : Thank you Stefan. We move on
What are your thoughts on privacy, and how can Cloakcoin be part of the answer to this issue?
Lasvegas83 : Great question!
As we careen about a cashless society whereby each and every transaction will require permission from a 3rd party intermediary, the threat of surveillance capitalism threatens our right to privacy, for a human future. The sole purpose of CloakCoin is to give its owners innate financial freedom in a simple, practical, economical, and virtually instantaneous manner.
However, it is not – and it never will be – the intention of Cloak to support illegal markets, activities, or elements acting outside of the law. Fortunately, a private, secure and untraceable cryptocurrency, such as CloakCoin provides a solid foundation to serve as a digital equivalent to cash.
It is with great honor that we acknowledge this major milestone as one of the longest-serving, privacy-focused cryptocurrency projects in existence.
As a long-running proof of stake network, we pride ourselves on being one of the very few privacy projects with an auditable total money supply. Despite the ups and downs over the past years, we’ve continued to remain focused and have broken through every barrier that stood in our way.
Our commitment to privacy has grown stronger with each block, our technology has evolved, and our community has stuck with us through thick and thin.
Mr Kwibs : Thank you man. It is really impressive indeed to have such a long running privacycoin still being with us. Im also really curious about ENIGMA, since this is something what makes you guys unique I believe.
Can you explain us the technology « ENIGMA » and the differences with other privacy solutions?
Lasvegas83 : Of course! First, the inspiration for the name ENIGMA comes from the meaning of the original Greek word – riddle, puzzle, mystery – and describes CloakCoin’s, private, secure, untraceable and decentralized transaction system.
Mr Kwibs : Dope name
Lasvegas83 : ENIGMA is a decentralized, off-blockchain mixing service that allows users on the CloakCoin network to transmit CLOAK privately and securely to each other. It has been designed to ensure the mixing process is both secure and untraceable to third-party observers.
This ensures a user’s CloakCoins are kept safe during transfer and that the sender and receiver cannot be tied or associated. CLOAK is never transferred to an intermediate party during cloaking, so coins remain always safe.
We have also worked hard to ensure the ENIGMA system rewards users who assist in Cloaking transfers and will continue to improve the process and further incentivize active participants. Anyone with CloakCoin can participate in cloaking operations.
For example:
When a node sends funds via ENIGMA to a stealth address, the following happens…
The wallets connect to each other and CloakShield enables them to establish a private onion routing network like TOR. The implementation of onion routing ensures MITM (man-in-the-middle) attacks are extremely difficult.
On this private network, the wallets connect to other participants (every participant has at least a balance) to create and send ENIGMA transactions…
ENIGMA produces transactions that are mixed by other wallets/nodes. This means that as well as ENIGMA senders adding their funds to the ENIGMA transaction, every node also provide matching amounts, which they receive back alongside a reward for helping to hide the sending. So, anyone examining the transaction cannot determine who is sending and who is receiving funds.
Many privacy coins with newer protocols break deterministic links to ensure privacy, but this also implies, coin flow is not transparent and inflation bugs can go unnoticed.
That makes CloakCoin unique by enabling private and anon transactions with an auditable coin supply. It also guarantees fungibility, avoiding the chance of any coins being tainted, meaning all coins remain equal and interchangeable.
Mr Kwibs : Thanks for the in-depth explanation. Many here will love it Im pretty sure.
Lasvegas83 : Here is an Overview of an ENIGMA transaction
Kwibs : Can you explain the current Enigma challenge to us. It seems to me that its still in progress?
Lasvegas83 : Yes, the challenge is still in progress! 😁
We started on May 2019 the CloakCoin ENIGMA competition. Well, we’re so confident in ENIGMA technology’s obfuscation, we issued a challenge to the entire world…
So, we asked the blockchain community to come and hack our network 😅 And nobody has managed to crack the transaction!
Here is the ENIGMA transaction:
Mr Kwibs : I love that. Every privacycoin should have such a challenge to prove their privacy IMO.
So whats the current reward, if someone cracks ENIGMA?
Lasvegas83 : We’re offering 10,000 $CLOAK! 😁
Nobody can tell us the amount or either wallet address. Maybe one of you here in the group? Good luck! 😜
Find more information here: https://www.cloakcoin.com/blog/enigma_competition
Mr Kwibs : Sounds like a challenge for our members!
Cloakcoin is not very well known in the field of privacy, in particular its « Enigma » technology. How do you explain that? Do you think Enigma is as solid and anonymous as Cryptonote, Zk – snarks, or mimblewimble or is this technology closer to Tumblers, CoinJoin or privatesend solution?
Lasvegas83 : CloakCoin’s ‘ENIGMA’ protocol is essentially a mixing protocol similar to CoinJoin but has a unique strategy that differs from the rest. ENIGMA is a serverless and complex off-chain mixing system that is accomplished through an ad-hoc onion routed network where you can select the number of hops.
Imagine Bitcoin as a decentralized proof of stake network whereby every wallet is a TOR node through encrypted communication that also runs a complex mixing service.
CloakCoin is here an all-around privacy coin. Compared to the rest of the products in the market, CloakCoin satisfies more needs than its competitors. Its main engine is ENIGMA that ensures privacy is maintained in all transactions. In as much as privacy is the goal, convenience also has to be factored in.
CloakCoin offers faster transactions compared to its competitors. It is ten times faster than Bitcoin, and its transaction speeds also rival some of its competitor’s speeds such as Monero.
For more information:
Mr Kwibs : An additional question that pops up on my mind, since the tech sounds unique, is CLOAK open-source? Can people check it’s code?
Lasvegas83 : Yes sure we are an open-sourced project and anyone can contribute 😊
Mr Kwibs : Do you have a specification of CloakCoin?
Lasvegas83 : Sure! CloakCoin operates on the x13 algorithm, with dual proof-of-work/proof-of-stake consensus mechanisms. There was zero pre-mine or an ICO.
CloakCoin is now a pure proof-of-stake cryptocurrency with a block time of 60 seconds. It’s more energy-efficient than mining and it’s easy to earn more CLOAK by simply staking coins in QT or Electron wallet. The staking reward is 6% per year.
There is no max coin supply and the circulating coin supply is 5.8mio coins at the moment.
Here a few more information, if interested:
https://www.cloakcoin.com/cloakwiki/get_started/specification
Mr Kwibs : Thanks. You have over 17k followers on twitter. This is fantastic for a project with only a 8 million marketcap. How do you intend to take advantage of this on a marketing level?
Lasvegas83 : We always keep our followers well informed about our project. We send out the message that privacy is a human right and shouldn’t be abused as it happens now in this surveillance capitalistic system.
Your personal data belongs to you and we offer the solution!!!
With our 8 Twitter accounts and our great community, we send out almost on a daily base the benefits of our product and the quality of our technology. 😊
Mr Kwibs : I know there was talk of a rebranding in 2017/2018, but in the end you chose to keep the same brand, CloakCoin, to capitalize on the history and seniority of the project. Is it important for you today to keep the same name and not forget the history?
Lasvegas83 : Yes, after long thoughts, we decided to stick to our name and history!
We are one of the first projects in the crypto space and we weathered all ups and downs. We saw all-new innovations coming and many new projects appear and disappear. The fact that CloakCoin is still around offering a competitive privacy protocol after all these years shows the persistence and passion for the privacy of the team and community.
The only rebranding that happened in Cloaks history was PoSA³ to ENIGMA in 2016.
Mr Kwibs : So sticking to the old values you guys pursue, but still keeping the tech up-to-date. Im liking it!
Marketing is a significant factor for every project. What are your plans for attracting users and developers towards the Cloakcoin ecosystem?
Lasvegas83 : We are in contact with a lot of news outlets and influencers to spread our mission/message even quicker. Besides we are an open-sourced project, anyone can contribute. Unfortunately, due to the fact that we are self-funded, it’s more challenging for us to be interesting.
CloakCoin has been an integral part of the rapidly growing ecosystem since 2014, and with a strong social media presence, a great community and a dedicated team, we are creating awareness and educating people on how to protect their privacy today.
In the meantime, we are busting our balls to spread our message with the tools we have 💪
It’s time that CloakCoin gets the recognition it deserves! 😊
Mr Kwibs : You guys have seen a nice price surge recently. So im sure you guys are doing the right thing regarding marketing.
You have always had very nice and easy to use wallets, before many other projects. You really work on accessibility for all people. Can you tell us how important the wallet is to the Cloakcoin team?
Lasvegas83 : Oh, thanks!
The wallets have been and will be always important and a priority for CloakCoin. Easy-to-use wallets with a clean UI are crucial for the satisfaction of the current users as well as the simplification of the onboarding of new users.
In general, CloakCoin offers a variety of different wallets like the classic QT wallet and the designed Electron wallet for Windows, Linux, and Mac.
We also offer an Android mobile wallet and soon an iOS wallet.
Download here our wallets:
https://www.cloakcoin.com/wallets
Mr_Kwibs : You have been listed on major exchanges in the past (Binance, Bittrex for example). Today you are listed on Tradeogre, and you want to be indexed on exchanges guaranteeing privacy. Is it important for you to be on decentralized or non-KYC exchanges?
Lasvegas83 : Yeah, that is correct. CloakCoin has been listed on Binance and Bittrex in the past…
Unfortunately, Bittrex delisted us because of government regulations.
The Binance delisting is still a mystery and they didn’t give us a real reason…
Here you can find a statement regarding the Binance delist:
https://www.cloakcoin.com/blog/binance_delist
But in general, we prefer decentralized or non-KYC exchanges like TradeOgre 🥳
We don`t decline possible listings on centralized high liquid exchanges with KYC. We try to find a balance to satisfy the needs and wishes of our community but we see it very difficult to get listed on new regulated exchanges in this age of surveillance. In the end, all activities contribute to a healthy project and market.
Mr Kwibs : Good to know. Even when this sounds bad, it still has a positive side. Exchanges like Binance don’t just list ‘another shitcoin’. So this must mean CLOAK has something very special about it. And who cares about KYC Binance anyways when we have good old pal TradeOgre?!😆👍
When a project has existed for so long, you have to evolve the project, find new ideas all the time. The world of cryptos is also changing very quickly. What are your next big things on the projects roadmap?
Lasvegas83 : The next big thing for CloakCoin is definitely the codebase upgrade to the latest Bitcoin base…
This offers a variety of new possible features for CloakCoin, like atomic swaps, HD-wallet integration, as well as a performance/efficiency boost.
Another big step on the roadmap will be the development of an iOS mobile wallet and a full security audit #2 of ENIGMA
Mr Kwibs : Great. Always love it when privacy projects understand there’s a lot of work to do. We’re never done! 😀
Lasvegas83 : Here is the first Security Audit done by Cognosec
https://www.cloakcoin.com/project/security
There is always something to be done 😁
Mr_Kwibs : Always. So, we’re wrapping up. Last question from our side, then we move onto the questions to hand out the prizes to people who paid attention during the AMA, and then lastly there will be room for the questions from the community.
The privacy sector is very competitive, like all crypto sectors. What is, for you, the place of CloakCoin in this sector, and what is the long-term strategy of the project to continue to exist as you have managed to do so far?
Lasvegas83 : CloakCoin is definitely the privacy underdog currently.
One part of the long-term strategy is to focus on atomic swaps as soon as the codebase upgrade is done. We believe that the regulatory pressure will increase heavily for privacy coins on centralized exchanges.
Therefore, we try to establish ourselves either through atomic swaps or other decentralized exchanges. Hence for most dexes, we would need a wrapped token with a bridge, which holds other risks that’s why we tend to prioritize atomic swaps.
This resembles the highest degree of a private digital cash transaction.
Of course, besides that, we still remain active on all social media channels, focus our funds on further development activities, and are always on the hunt for new promising exchange listings 🙌
Mr Kwibs : Thank you!
Thank you Cloak team for your precious time and all the extensive answers you’ve given us. I had great fun having you guys here in our channel.
Community questions
Gurj : Will the iOS wallet be available this year? Would it be possible to stake from it?
Lasvegas83 : It’s very important to release an iOS wallet this year. The big privacy season is coming and we need to be prepared for every user. A Mobile phone has become a useful tool in tackling financial access! Unfortunately, it is not possible to stake on a mobile wallet. Staking is only possible on QT and Electron for Windows, Linux and Mac
Jowshen : Are there any plans to support cloak on trezor / ledger? If so, will it be possible to stake within the HW wallet?
Cloakcoin team : Yes there is the plan for the integration of trezor / ledger. This can be implemented after the codebase upgrade. If cold wallet staking is possible then we have to check.
Jos : What exactly do the 7 coordinators do for the 7 countries?
Cloakcoin team : The main role of the coordinator is to spread awareness about our project, look for vendors to accept us as a payment system. And translate in the native language, we are also acting as the « comunity manager » in our telegram groups and use sm in native language if necessary. We are having meetings on a regular basis
Jayabaya : What is your point of « CloaksCoin » DeFi in the future? Any about your upcoming plans? What are the visions and goals of your project that you want to achieve in 2022 and beyond?
Cloakcoin team : Defi is a broad term. Some would say staking or enigma assist are defi, others would count dexes and atomic swaps in to that area. We are watching bridges to dexes for a long time now. At the moment we prioritize Atomic Swaps but won`t exclude the possibility .
THANKS TO LASVEGAS83 AND CLOAKCOIN TEAM FOR TAKING THE TIME TO PARTICIPATE! I WILL BE FOLLOWING THIS PROJECT CLOSELY!
NOW, IF U ENJOYED THIS AMA, PLEASE TAKE THE TIME TO LEAVE A COMMENT!
Pursuit of privacy team
If you want to know more about Cloakcoin:
Website > https://www.cloakcoin.com/
Telegram > https://t.me/cloakproject
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