For the past three years, CloakCoin (CLOAK) cryptocurrency has been struggling to make an impact in the field of cryptocurrency. The cryptocurrency is built on Bitcoin core.
Investors anticipated that since it uses some Bitcoin technology, it could be able to develop more and get even better that Bitcoin someday. But that has remained to be seen since it has taken three years and it is still thousands of times behind Bitcoin.
The network is however known to be the one of the most secure cryptocurrency networks there is. It uses end to end encryption to ensure top security for its users. By so doing, its node users can avoid much traffic analysis to speed up transactions. On top of its top notch security features, the cryptocurrency also uses ENIGMA to enhance the privacy of its users. By using ENIGMA, the network has about twenty five steps that use symmetric RSA encryption that is supported by ECDH key exchange.
The new CloakCoin (CLOAK) wallet
In February 2018, CloakCoin announced the release of its new CloakCoin 188.8.131.52 wallet, which came barely after the release of its brand new website. Users will have the liberty to download the new versions of wallets for Windows, Mac and Linux Operating Systems.
This wallet version comes after 13 years of waiting. The previously used wallet was released in 2005 and it had become obsolete.
With the new wallet version, the users will be guaranteed of better security and faster transaction speeds compared to the previous versions. Also, the user interface of the new wallet is far much better. It is designed to help beginners to navigate with ease around the platform.
Why is the cryptocurrency still declining?
Almost every investor who knows CloakCoin (CLOAK) is getting worried by the rate at which the crypto coin value is depreciating. The crypto coin has depreciated by around 50% within a period of one month. If the coin maintains this rate, then it could become valueless very soon and that won’t be music in the ears of the investors.
At the beginning of March this year, the coin was almost breaking through $16, only to be cut short and reversed back downwards.
Currently, a single token of the digital coin is going for $7.65 USD, which is an equivalent 0.00110840 BTC.
The drop in value is hindering new investors from investing in the cryptocurrency.
But the main cause would be linked to the development team lacking to come up with new solutions to recent real life challenges. Other cryptocurrencies are ever evolving and coming up with new things daily. If CloakCoin (CLOAK) would do that, it would get more investors to drive its current value up.