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Cloak news
About Cloak
CLOAK is the second token within the Milo Inu ecosystem and is an indispensable companion of Milo in our animated series. They will work together in unison to sustain the entire ecosystem. CLOAK NFT’s are a collection of images created by MILO artists based on IP’s from various fields with a total supply of 1,111 including 54 1/1 NFT’s. Each CLOAK is unique and as such each will have important powers within the MILO ecosystem and the metaverse.
What is Cloak?
Cloak is a digital currency that leverages blockchain technology and ENIGMA encryption to facilitate private and secure transactions. This cryptocurrency is designed to offer users anonymity by ensuring that transactions remain confidential. Its technology is detailed in a revised whitepaper, which outlines the mechanisms and principles guiding its privacy-focused features.
The project behind Cloak has been listed on various exchanges, indicating its availability for trading and investment. It operates on a principle of offering rewards to its holders, providing an interest of 6% per annum for staked coins. This incentive mechanism is part of its strategy to maintain a vibrant and engaged community.
With a limited supply, Cloak positions itself as a rare asset within the cryptocurrency market. This scarcity, combined with its privacy features, contributes to its valuation and appeal among investors and users seeking confidentiality in their digital transactions.
Despite facing initial skepticism regarding its credibility, Cloak has demonstrated resilience and ongoing development. Its commitment to privacy and security, combined with active development efforts, underscores its potential in the evolving cryptocurrency landscape.
Additionally, Cloak is part of the Milo Inu ecosystem, where it plays a critical role. It is the second token within this ecosystem, serving as a companion to Milo in an animated series. This integration highlights its utility beyond just a privacy coin, extending into entertainment and the metaverse.
Cloak NFTs, which are unique digital collectibles created by artists, further enrich the ecosystem. With a total supply of 1,111, including 54 one-of-a-kind NFTs, these collectibles embody significant powers within the Milo ecosystem and the broader metaverse, showcasing the project's innovative approach to combining cryptocurrency with digital art and entertainment.
Before considering investment, it's important to conduct thorough research, given the volatile nature of cryptocurrencies.
How is Cloak secured?
Cloak employs a multifaceted approach to ensure its network remains secure and private. It integrates ENIGMA technology, a decentralized, off-blockchain mixing service that plays a crucial role in safeguarding transactions. This technology is instrumental in preventing third-party observers from tracing transactions, thereby enhancing the privacy and security of users on the CloakCoin network.
In addition to ENIGMA, Cloak's security framework includes rigorous internal testing processes designed to identify and rectify vulnerabilities. The project also undergoes external security audits conducted by reputable cybersecurity firms. These audits are essential for validating the robustness of Cloak's security measures and ensuring that the network can withstand various types of cyber threats.
Furthermore, Cloak has established partnerships with cybersecurity companies. These collaborations are vital for staying ahead of potential security challenges. By working closely with experts in the field of cybersecurity, Cloak can leverage external expertise to fortify its network against evolving threats.
It's important for individuals to conduct thorough research before engaging with any cryptocurrency. The dynamic and complex nature of digital currencies means that staying informed and cautious is crucial for anyone looking to participate in the crypto space.
How will Cloak be used?
Cloak, as a privacy-focused cryptocurrency, is designed to serve a multitude of purposes, both within its ecosystem and in broader applications. Its primary use is to enhance security for transactions and communications, leveraging its privacy features to ensure users' data and activities remain confidential. This aspect is particularly appealing for individuals and organizations prioritizing privacy in their digital interactions.
In addition to its core privacy functionalities, Cloak is set to be utilized in various ways to support and expand its ecosystem. These include efforts in marketing to increase awareness and adoption, extending language support to cater to a global user base, and building partnerships that can leverage Cloak's privacy features in different industries and sectors.
Organizing meetups and community campaigns are also on the agenda, aiming to foster a strong, engaged community around Cloak. These initiatives are crucial for gathering feedback, encouraging collaboration, and ensuring the project's development aligns with user needs and expectations.
Another significant area of focus is expanding Cloak's presence on exchanges. By adding Cloak to new exchanges, the project aims to improve liquidity and accessibility, making it easier for users to acquire and trade Cloak.
Giveaways and integration into custom applications are planned as well, which will not only reward the community but also demonstrate the practical applications of Cloak in various software solutions. This approach helps in showcasing the versatility and utility of Cloak beyond just a transactional currency.
Lastly, a key goal for Cloak is to increase its acceptance as a payment method. By searching for and securing vendors willing to accept Cloak, the project aims to enhance its real-world utility and encourage its use in everyday transactions, further establishing its value proposition within the cryptocurrency space.
It's important for potential users and investors to conduct thorough research and consider their own financial situation before engaging with any cryptocurrency, including Cloak.
What key events have there been for Cloak?
Cloak has experienced several significant milestones that have shaped its journey in the cryptocurrency landscape. Initially, the project gained attention with the deployment of a "privacy" token utilizing the ORC-20 protocol, highlighting its focus on enhancing user privacy within the digital currency space. This move underscored the project's commitment to security and anonymity, key concerns for many users in the cryptocurrency community.
Further solidifying its technological foundation, Cloak released the CloakCoin Electron Wallet v3.0.3. This update was crucial for providing users with a more secure, efficient, and user-friendly wallet experience, ensuring that participants in the Cloak ecosystem could manage their assets with greater ease and confidence.
Partnerships have also played a pivotal role in Cloak's development. Collaborations with various exchanges, including Coinvex, Felixo, and Bitrabbit, have expanded Cloak's accessibility and liquidity, making it easier for users to trade and invest in Cloak. These partnerships are essential for integrating Cloak into the broader cryptocurrency market and facilitating its adoption among a wider audience.
Beyond these technical and partnership milestones, Cloak has also engaged in community-building and marketing efforts, such as participating in conferences, to raise awareness and foster a strong community around its project. These events have provided platforms for networking, learning, and promoting the unique aspects of Cloak within the crowded cryptocurrency space.
Moreover, the introduction of CLOAK NFTs, with a total supply of 1,111, including 54 unique 1/1 NFTs, has introduced a new dimension to the project. These NFTs, created by MILO artists and based on various intellectual properties, not only serve as collectibles but also play a significant role within the MILO ecosystem and the broader metaverse, offering holders unique powers and benefits.
In summary, Cloak's journey has been marked by strategic technological developments, partnerships, and community engagement efforts, all aimed at establishing and growing its presence in the cryptocurrency and blockchain space.
Popular Tokens on the BNB Smart Chain (BEP20) Chain
The live Cloak price today is $0.003063 USD with a 24-hour trading volume of not available. We update our CLOAK to USD price in real-time. Cloak is down 1.28% in the last 24 hours. The current CoinMarketCap ranking is #9449, with a live market cap of not available. The circulating supply is not available and a max. supply of 69,000,000 CLOAK coins.
If you would like to know where to buy Cloak at the current rate, the top cryptocurrency exchange for trading in Cloak stock is currently PancakeSwap v2 (BSC). You can find others listed on our crypto exchanges page.