CloakCoin is a cryptocurrency and a platform created to help facilitate anonymous, secure and decentralized transfers of value on a peer2peer basis. It is a hybrid network that employs both proof of work (PoW) and proof of stake (PoS) consensus algorithms. The design was aimed at creating the basis for future developments and providing a platform for running decentralized applications. The CloakCoin was launched in 2014 as a fraudulent pump and dump scheme. It looked a very convincing idea and even grew rapidly to hit $5 before the developers abandoned the project. As the initial developers took to their heels, the community that had progressively grown around the network took over. New developers, community leaders, and investors are now at the helm and helping the platform to enchant a new path. Indeed, almost everything except the name has changed. At first, CloakCoin would have appeared as good as dead. But its original idea of focusing on total privacy could not be simply overlooked. Indeed, even many cryptocurrencies being generated today still have issues on how to address privacy. The determination of the team has made CloakCoin a new force again. Despite this, only time will tell whether CloakCoin can weather the high competition being witnessed in the market today.
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