What is the total supply of Cloakcoin?
In 2014 the initial supply was 4500000 coins, with a 6% yearly inflation the current supply is of 5139214.0 coins.
How long will a transaction take?
The current block time is 60 seconds. After 4 minutes the transaction is completely done.
What's the difference between PoW and PoS?
PoS and PoW are ways to verify transactions and achieving distributed consensus. Both algorithms share the same goal but the process is different.
|PoW (Proof of Work)||PoS (Proof of Stake)|
|Intense power usage. Today PoW consumes more energy than 140 countries together.||Energy effiecient. PoS runs on minimal energy resources. The CloakCoin Raspberry PI wallet uses less than 5W, the same as a average LED light bulb.|
|Incentivizes centralization by mining farms.||Truly decentralized, anyone with coins in a wallet can help secure the network.|
|Very complex and expensive to setup. Today PoW mining rigs occupy entire rooms and even warehouses.||Very simple to setup. Any computer with a wallet and a internet connection can be used.|
Is Cloakcoin a PoS coin?
What is the mission of CloakCoin?
CloakCoin is a fast, private, secure, untraceable and decentralized digital payment service, which aims to overcome the limitations of Bitcoin in privacy and speed.
CloakCoin introduces inviolable privacy, unbrakeable security and fast untraceable transactions. Providing to privacy oriented users a tool for global business with reasured performance and privacy thus making them truly autonomous.
On what platforms is CloakCoin available?
CloakCoin is available for: Windows, Linux, Mac iOS, Raspberry Pi, Android and iPhone.
What's the difference between staking and minting?
Staking and Minting in essence are the same thing. You have to Stake your wallet to Mint new coins (earn interest). Essentially its the same as PoW mining but because Cloakcoin is a PoS coin, the reward you get from helping the network is based on the coins you hold (minting/staking) not your processing power(mining).
How can I buy CLOAK?
You can buy CLOAK from these digital cryptocurrency exchanges:
Litebit accepts a different number of payment methods. (SEPA, SOFORT, PAYPAL..)