How to Exercise Your Right to Selective Privacy
CloakCoin Isn’t an ‘Always Private’ Cryptocurrency
CloakCoin’s sudden, surprise delisting from Binance taught us that certain crypto exchanges are privacy averse. And because we never received a straightforward answer — or any answer at all, for that matter — we can only speculate as to why.
Some believe it was Binance CEO Changpeng Zhao’s personal decision. Others will tell you that government agents came knocking on his door and forced his hand.
Conspiracy theories aside, one thing is clear: 100% anonymous transactions are unwelcome in certain circles. But when you use CloakCoin’s official wallet, transactional privacy is optional.
And today, we’re going to show you how to cloak transactions as needed or make them visible if the situation calls for transparency. Let’s examine two basic types of transactions — public and private — and fill you in on how to perform both.
How to Carry Out Public Transactions
Before conducting any transactions at all, you’ll need a CloakCoin wallet and some coins to send.
Click here to download a CloakCoin wallet.
All finished? Great! Now that you have a wallet and added funds — sent from one of the exchanges that carry CloakCoin — you’re all set to transact.
In this example, we’ll use the CloakCoin ELECTRON (‘rEVOLUTION’ stormfix) V3.0.1. We’ll dive into ‘Enigma‘ in the next section. But for now, it’s essential to bear in mind that the Enigma checkbox is how you toggle privacy off and on.
When the Enigma checkbox is left unchecked, transactions are public. When sending coins to an exchange, for example, ensure Enigma is off so that your coins arrive and the exchange knows where they originated.
To enable completely anonymous transactions — sending to peer or merchant wallets, for example — check the Enigma box and fire away.
So, just how private are Enigma-powered spends? Well, we’re so confident in Enigma technology’s obfuscation, we issued a challenge to the entire world.
And nobody has managed to crack the code!
How to Facilitate Anonymous Transactions
Back in May of 2019, the Cloak team asked the blockchain community to come and hack our network. And although we’re offering 10,000 $CLOAK, nobody can solve the riddle!
You see, most blockchain networks have a block explorer. Anyone with a transaction ID can easily view how much digital currency the transaction contained along with the sending and receiving addresses.
Courtesy of the Cloak network’s Enigma technology, you have the option to conduct private transactions. Remember that Enigma checkbox from the previous section?
Keep that box checked to enable complete financial privacy when sending CloakCoin. You can also determine how many Cloakers (mixers) you want the funds to go through. The higher the number, the more difficult it is to trace the transaction.
In the Enigma challenge — although we provide the transaction ID — nobody can tell us the amount or either wallet address. Can you? Good luck!
Centralized cryptocurrency exchanges are on the opposite side of the war on privacy. And, whether it’s geographic roadblocks or available trading pairs, exchanging one crypto for another can have limitations.
So, when sending funds to exchanges from your CloakCoin wallet, feel free to leave the Enigma box unchecked.
But when privacy is a priority, use our uncrackable Enigma tech to send funds outside the reach of prying eyes.