Igors Monthly Update: March 2019
Dear Cloak community,
I am glad to share with you the work that has been done in March.
First of all, the comparison of top confidential coins is completed. Because of the following indicators, the coins we have compared were CloakCoin, Komodo, Monero, NavCoin, PIVX, ZCash, BitBay and Verge:
- Use cases. Where, what exactly and in what places can one or another cryptocurrency be spent (as well as the number of merchants accepting a particular confidential cryptocurrency).
- Wallet user interface. How easy a wallet can be used is a very important thing, since the general understanding and use of the wallet depends on the user interface, which directly affects adoption.
- Wallet functionality. Also important thing when using a wallet. There should be a minimum set of functions for daily use.
- Simplicity. There should not be a complicated registration, complex actions when performing various actions.
- Transactions. The following parameters were taken into account: speed, security, transaction fees.
- Strategic planning. It is necessary to systematize the work of the projects, because it is necessary for the successful development and implementation of the project objectives.
- Marketing strategy. The project, even with unique technologies, is not able to achieve mass adoption without a good marketing strategy.
- Awareness raising and community engagement strategy. (interviews, informational activity, etc.).
- The presence of mobile wallets for iOS and Android. An important thing for making cryptocurrency as a popular payment method.
At the end of the comparison I made conclusions, namely, what the CloakCoin project should be “pushing”, what to focus on and what to change. Plus, a few proposals on the further development of the Cloak project for the next 1-2 years.
Without disclosing the cards, I am confident that, according to the comparison, CloakCoin scored 33 points out of 45 and practically lost nothing to other confidential coins, and even surpasses its competitors in some points.
Scheduled in April:
- Examine the privacy market to find the best direction for CloakCoin as anonymous cryptocurrency.
- Planning and working on visual content to attract new users who are interested in privacy.
- All other work (translations, communication with exchanges, learning Adobe Illustrator) will also be continued.
I will be glad to hear your suggestions and ideas for improving and further developing the CloakCoin project.
Peace and Love
Igor Fridkin- Russian Coordinator