Cloak Protocol is a new cryptocurrency platform that aims to provide complete decentralization, anonymity, security, and privacy to its users. It is a DeFi (decentralized finance) platform that offers a decentralized ecosystem with zero-knowledge proof protocols to protect users’ data and identity while completing transactions.
Features and Use Cases
Cloak Protocol is built on the Ethereum blockchain to ensure the security of users. The Ethereum network uses a huge amount of computing power to ensure that each and every transaction is secure. The platform deploys smart contracts to ensure that transactions are recorded between two parties. However, what sets Cloak Protocol apart is that it allows users to access partial deposits and withdrawals on the ecosystem.
Cloak Protocol avoids third parties from tracking the asset’s movement by using a large number of small denominations. 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 what the exact transaction is. Thus, the platform manages to offer the highest level of privacy and security to all users.
Cloak Protocol Governance Mechanism
Cloak Protocol aims to build a community where members can have a big say in the future of the platform. Therefore, $CLOAK, the governance token, will give one the ability to access voting power in the ecosystem. This ERC-20 token can be staked on the Cloak Protocol ecosystem to join the DAO (Decentralized Autonomous Organization).
The members of the DAO can make decisions related to platform enhancements and future developments. To reward the voters who have staked their coins, Cloak Protocol will also offer 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.
Members of the Cloak Protocol will earn passive income in proportion to the number of tokens they have staked on the ecosystem. To be a part of this community, users can buy $CLOAK through the ongoing presale. Currently, the token is priced at only $0.0387 per token. However, the exchange launch price is set at $0.0971 per token, a 150% price jump.
Cloak Protocol Exchange Launch and Future Developments
Cloak Protocol’s initial exchange offering will take place on Uniswap – one of the largest decentralized exchanges in the space. Since Cloak Protocol offers a governance platform, staking rewards, and privacy to all users, the $CLOAK token has the potential to become the next cryptos to explode.
Cloak Protocol aims to solve the issue of complete decentralization by giving more anonymity, security, and privacy to the user. The platform has been designed to secure the identity of users when conducting transactions. While many platforms use smart contracts, Cloak Protocol stands out by allowing users to access partial deposits and withdrawals on the ecosystem.
Cloak Protocol is a new privacy-focused cryptocurrency platform that offers a decentralized ecosystem. The platform provides complete decentralization, anonymity, security, and privacy to its users. It is built on the Ethereum blockchain and deploys smart contracts to ensure that transactions are recorded between two parties. The platform uses zero-knowledge proofs technology to offer secure and private transactions to users. Cloak Protocol’s governance mechanism allows users to access decision-making power and earn passive income. The $CLOAK token has the potential to become the next crypto to explode.