CloakCoin
Crypto Overview
Project Overview
CloakCoin was created as a privacy-focused cryptocurrency that aims to provide anonymous transactions through its 'Enigma' technology. The project emphasizes secure, private transactions with a Proof of Stake consensus mechanism.
Purpose and Utility
The primary intended use case is as a medium of exchange with enhanced privacy features. The coin allows for anonymous transactions between parties while maintaining blockchain verifiability.
Business Model Analysis
The project's core functionality revolves around facilitating private transactions, which is a legitimate use case in cryptocurrency. The privacy features do not inherently enable or promote any haram activities.
Development and Adoption
Development activity appears to be minimal, with limited recent updates to the project's codebase. The coin has very low trading volume and limited real-world adoption.
Token Distribution
Information about token distribution and founder holdings is not readily available, though the project launched through mining rather than an ICO. There are no clear signs of excessive founder enrichment schemes.
Crypto Impact
To assign a comfort level investing in CloakCoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to CloakCoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.