Bitcoin was introduced in 2009 as an alternative to traditional, centralized payment methods. However, even after 14 years, most cryptocurrency platforms still struggle to offer complete decentralization. Cloak Protocol is a new cryptocurrency that aims to solve this issue by providing anonymity, security, and privacy to users.
The Features of Cloak Protocol
Cloak Protocol is a DeFi (decentralized finance) platform that has been designed to secure the identity of users while conducting transactions. The platform has been built on the Ethereum blockchain to ensure the security of users. While the Ethereum network can lead to higher transaction costs for users, it also uses a significant amount of computing power to ensure that each transaction is secure.
Cloak Protocol deploys smart contracts on the blockchain to ensure that transactions are recorded between two parties. Unlike other platforms, Cloak Protocol allows users to access partial deposits and withdrawals on the ecosystem. The platform uses zero-knowledge proofs technology to offer secure and private transactions to users. This technology proves the validity of a particular transaction without revealing the exact transaction.
The Governance Mechanism of Cloak Protocol
Cloak Protocol aims to build a community where members can have a big say in the future of the platform. The governance token, $CLOAK, gives users the ability to access voting power in the ecosystem. The ERC-20 token can be staked on the Cloak Protocol ecosystem to join the DAO (Decentralized Autonomous Organization). Users are required to stake the token to get access to the DAO. The platform ensures that the voting power is distributed to long-term token holders to avoid any opportunistic token holders from making hasty decisions.
Members of the DAO can make decisions related to platform enhancements and future developments. To reward users who have staked their coins, Cloak Protocol offers staking rewards on the ecosystem. The revenue generated from the platform fees will be shared with those that have staked $CLOAK on the ecosystem. Therefore, this cryptocurrency will offer passive income in exchange for contributing towards the platform’s maintenance and security.
The Future of Cloak Protocol
To be a part of this community, users can buy $CLOAK through the ongoing presale. The token is priced at only $0.0387 per token, but the exchange launch price is set at $0.0971 per token, a 150% price jump. The platform’s initial exchange offering will take place on Uniswap – one of the largest decentralized exchanges in the space.
Cloak Protocol has the potential to become the next cryptocurrency to explode due to its governance platform, staking rewards, and privacy for all users. The platform offers a decentralized ecosystem where users can conduct transactions securely and anonymously. The $CLOAK token provides voting power and passive income to users who contribute towards the platform’s maintenance and security.