[ANN][CLOAK] Private, Secure, Untraceable & Decentralized Digital Currency

[Bankrunner]

https://www.cloakcoin.com/files/images/generall/cloak_update.png


Hello Community & Friends!

Even the hardest workers need to re-energize, so please be informed that most of Team members are about to go on their annual summer holiday (some are already there).
Cloak Team is entering vacation mode from August 01 until August 25.
During this period there will be no major updates or big news, of course there will always be someone monitoring and managing the project, but mostly from the back-office.
The community and available Team members continue the awesome work of supporting the new people arriving to the project.

https://i.imgur.com/0uuTRtb.png

We'll be returning to work after vacation and look forward to kick-off the much awaited developments in the project:

Security Audit and Open-Source release

Specialized security companies have been contacted for the code audit before the Open-Source release.
More details on that will be announced soon.

We'll be back!!!

Have fun and enjoy your vacations also.

Peace & Love

Team Cloak

I think something this project is missing is a development funding source similar to Dash's treasury which has been phenomenally successful.  

What if every staking cloak wallet had the opportunity to vote on proposals submitted to the network with a 1 coin 1 vote ratio with similar passage rules as Dash's, %more yes's than no's, have this project treasury funded with 1% of the interest stake generated by all the wallets, dropping the interest paid cloak stakers to 5%, and burn unallocated coins lowering the inflation rate. I would be very willing to lose 1% to see a collective funding source created so all sorts of projects, including the dev team can be funded on an on-going basis.  

The approximate current 5,000,000 coin supply  has a total 300,000 coin increase this year with the 6% inflation, 1% would be 50,000 coins worth about $250,000 at the current $5 price,  A nice sum for a small full/part time Dev team.  

If Cloak had the same approximate market cap as Dash at $1.5 Billion, the 1% is worth $15 million per year or $1.25 million per month very similar to what Dash's current monthly budget is, $1.3 million.
                                

What are the communities thoughts???

[1714321383]

1714321383

[investor1]

Hello Community & Friends!

Even the hardest workers need to re-energize, so please be informed that most of Team members are about to go on their annual summer holiday (some are already there).
Cloak Team is entering vacation mode from August 01 until August 25.
During this period there will be no major updates or big news, of course there will always be someone monitoring and managing the project, but mostly from the back-office.
The community and available Team members continue the awesome work of supporting the new people arriving to the project.



We'll be returning to work after vacation and look forward to kick-off the much awaited developments in the project:

Security Audit and Open-Source release

Specialized security companies have been contacted for the code audit before the Open-Source release.
More details on that will be announced soon.

We'll be back!!!

Have fun and enjoy your vacations also.

Peace & Love

Team Cloak

I think something this project is missing is a development funding source similar to Dash's treasury which has been phonemically successful. 

What if every staking cloak wallet had the opportunity to vote on proposals submitted to the network with a 1 coin 1 vote ratio with similar passage rules as Dash's, %more yes's than no's, have this project treasury funded with 1% of the interest stake generated by all the wallets, dropping the interest paid cloak stakers to 5%, and burn unallocated coins lowering the inflation rate. I would be very willing to lose 1% to see a collective funding source created so all sorts of projects, including the dev team can be funded on an on-going basis.   

The approximate current 5,000,000 coin supply  has a total 300,000 coin increase this year with the 6% inflation, 1% would be 50,000 coins worth about $250,000 at the current $5 price,  A nice sum for a small full/part time Dev team. 

If Cloak had the same approximate market cap as Dash at $1.5 Billion, the 1% is worth $15 million per year or $1.25 million per month very similar to what Dash's current monthly budget is, $1.3 million.
                               

What are the communities thoughts???

I like the idea. Most coins don't give 1% APR let alone 6! I'd be happy donating 1% of the staking to a wallet address that funds full time devs.

I like the idea too,1% for the team is ok for me. They deserve it.

[crypt0kid]

It's not a bad idea. I don't hold a lot of Cloak yet, but I'm working on it. However, I believe that if the community can help with additional funding, it will benefit us all when Cloak goes to the Moon!!!

[lasvegas83]

Hello Community & Friends!

Even the hardest workers need to re-energize, so please be informed that most of Team members are about to go on their annual summer holiday (some are already there).
Cloak Team is entering vacation mode from August 01 until August 25.
During this period there will be no major updates or big news, of course there will always be someone monitoring and managing the project, but mostly from the back-office.
The community and available Team members continue the awesome work of supporting the new people arriving to the project.



We'll be returning to work after vacation and look forward to kick-off the much awaited developments in the project:

Security Audit and Open-Source release

Specialized security companies have been contacted for the code audit before the Open-Source release.
More details on that will be announced soon.

We'll be back!!!

Have fun and enjoy your vacations also.

Peace & Love

Team Cloak

I think something this project is missing is a development funding source similar to Dash's treasury which has been phonemically successful.  

What if every staking cloak wallet had the opportunity to vote on proposals submitted to the network with a 1 coin 1 vote ratio with similar passage rules as Dash's, %more yes's than no's, have this project treasury funded with 1% of the interest stake generated by all the wallets, dropping the interest paid cloak stakers to 5%, and burn unallocated coins lowering the inflation rate. I would be very willing to lose 1% to see a collective funding source created so all sorts of projects, including the dev team can be funded on an on-going basis.  

The approximate current 5,000,000 coin supply  has a total 300,000 coin increase this year with the 6% inflation, 1% would be 50,000 coins worth about $250,000 at the current $5 price,  A nice sum for a small full/part time Dev team.  

If Cloak had the same approximate market cap as Dash at $1.5 Billion, the 1% is worth $15 million per year or $1.25 million per month very similar to what Dash's current monthly budget is, $1.3 million.
                                

What are the communities thoughts???

I like the idea. Most coins don't give 1% APR let alone 6! I'd be happy donating 1% of the staking to a wallet address that funds full time devs.

I like that idea also
We already discussed it internally and would probably realized it after open source
For sure is a hardfork required but will bring us further forward.

[rowenta01]

Yes, the team has done an excellent job without funding for several years, but I also think it is a point to change.

Without funding the work is great!

What would be the quality of the work with funding?

[R-J-F]

Nice time to go on vacation. Exactly when BTC price on 1st of August can be compromised.
Nevertheless, expect the price of CLOAK to decrease until the end of August.

1) Bitcoin's issues around first August are simply that, Bitcoin's issues, not CLOAK's. Just because we are in the BTC market doesn't mean any changes will be needed to be made to CLOAK. The Dev team has very little to do with Bitcoin's issues or the BTC Market.

2) I expect the troll volume to INCREASE until the end of August. You have just proven me right. That was easy...

3) If you are going to make a prediction, at least try to make an accurate one. This is crap. Stop being a troll and get a life!

4) I expect the price of CLOAK to rise throughout August, as long as nothing totally unexpected happens to the BTC Market, which CLOAK Devs have no influence over.

[R-J-F]

Yes, the team has done an excellent job without funding for several years, but I also think it is a point to change.

Without funding the work is great!

What would be the quality of the work with funding?

You make a very good point! I also support the initiative and, the CLOAK Development Team. 

[parat8t9]

1% to devs out of staking sounds fair. Would a hard fork be risky considering there is no mining going on, only minting? How does it impact current exchanges?

[BitsifyOfficial]

1% to devs out of staking sounds fair. Would a hard fork be risky considering there is no mining going on, only minting? How does it impact current exchanges?

It won't have a big impact . I think your thinking about ETH hard forks and the disaster that followed. It shouldn't be like this, cloak is updating its whole source code so a hard fork is required, it makes it much easier to do the changes. I'm sure rzr will make the hard fork seamless and easy

[DiCE1904]

1% to devs out of staking sounds fair. Would a hard fork be risky considering there is no mining going on, only minting? How does it impact current exchanges?

The issue with that is if a dev leaves, team changes, or the person in control of getting the 1% gets hit by a bus

[Bankrunner]

1% to devs out of staking sounds fair. Would a hard fork be risky considering there is no mining going on, only minting? How does it impact current exchanges?

The issue with that is if a dev leaves, team changes, or the person in control of getting the 1% gets hit by a bus

I am NOT proposing nor would I support a direct 1% flow go automatically to the devs.  The 1% would go to a treasury fund, Proposals would be made to that treasury with a spam fee, maybe 1-2 cloak. All wallets staking 1 coin or more would get to vote whether that project is funded or not, Each staked coin would garner the holder 1 vote to cast on each proposal. Projects would need to get a %, maybe 50%, more yes votes than no's to be approved. The Dev Team would have to submit their proposal & budget to the treasury and the staking wallets would vote to fund them. Just like in Dash, the core dev team can have their funding cut off and sent to a new team if they don't preform. In the beginning, the Devs would probably request most of the 1% or 50,000 coins created as their value is only worth $250K but as the coin increases in value the core team will require less and less coins to receive the same dollar amount so that other proposals can be funded like a promotional video series or wrapping an airplane in logos.

check out this link to see more details as how Dash's treasury works https://www.dashtreasury.org/faq-treasury.html

The thing that makes Dash so appealing is the decentralized governance in that, participants in the network get a say in how the treasury funds are spent and therefore can steer the direction of the project. This creates an active and enthusiastic community. The turn off is the huge barrier to entry of 1000 Dash or $200,000. Cloak could offer the privacy, speed, and governance people are looking for, where many more people could participate due to a significantly lower barrier to entry.

If this initiative is adopted I think it best to be coded into the wallet before the open source release IMO
Investors must be patient.

[rowenta01]

1% to devs out of staking sounds fair. Would a hard fork be risky considering there is no mining going on, only minting? How does it impact current exchanges?

The issue with that is if a dev leaves, team changes, or the person in control of getting the 1% gets hit by a bus

I am NOT proposing nor would I support a direct 1% flow go automatically to the devs.  The 1% would go to a treasury fund, Proposals would be made to that treasury with a spam fee, maybe 1-2 cloak. All wallets staking 1 coin or more would get to vote whether that project is funded or not, Each staked coin would garner the holder 1 vote to cast on each proposal. Projects would need to get a %, maybe 50%, more yes votes than no's to be approved. The Dev Team would have to submit their proposal & budget to the treasury and the staking wallets would vote to fund them. Just like in Dash, the core dev team can have their funding cut off and sent to a new team if they don't preform. In the beginning, the Devs would probably request most of the 1% or 50,000 coins created as their value is only worth $250K but as the coin increases in value the core team will require less and less coins to receive the same dollar amount so that other proposals can be funded like a promotional video series or wrapping an airplane in logos.

check out this link to see more details as how Dash's treasury works https://www.dashtreasury.org/faq-treasury.html

The thing that makes Dash so appealing is the decentralized governance in that, participants in the network get a say in how the treasury funds are spent and therefore can steer the direction of the project. This creates an active and enthusiastic community. The turn off is the huge barrier to entry of 1000 Dash or $200,000. Cloak could offer the privacy, speed, and governance people are looking for, where many more people could participate due to a significantly lower barrier to entry.

If this initiative is adopted I think it best to be coded into the wallet before the open source release IMO
Investors must be patient.

I totally agree with what you say.

Governance is an asset for community and development.

People feel integrated into the project and decisions.

[jordan coins]

that's unfortunate 
I have lost all my money from CLOAK 
why dump

[parat8t9]

I bought some higher too... You only lose if you sell at a loss. Why not put it in your wallet and stake?

[deepend]

that's unfortunate 
I have lost all my money from CLOAK 
why dump

Looking pretty ugly out there, bleak even ... scary down 40%; but why?  It makes no sense!  Creating opportunities for all!  Keep your head high and compare this to other similar coins.  Our day is coming!

[parat8t9]

that's unfortunate 
I have lost all my money from CLOAK 
why dump

Looking pretty ugly out there, bleak even ... scary down 40%; but why?  It makes no sense!  Creating opportunities for all!  Keep your head high and compare this to other similar coins.  Our day is coming!

People are selling off alts to get BTC so if it forks they'll have BCC as well as BTC. Cheap coins!

[Aerys2]

It's Christmas ! Just bought tons of cloak at a price i thought i would Never see again!! Thank you fork!

Hopefully i'tll stay low Until the 5th so i Can add an other thousand on it!

Benefit of this dump , what you alreasy invested few days ago on it , you will Get It back soon

[investor1]

Some sellers will cry again,like when they sold on 30-40k

[MedaR]

that's unfortunate 
I have lost all my money from CLOAK 
why dump

Looking pretty ugly out there, bleak even ... scary down 40%; but why?  It makes no sense!  Creating opportunities for all!  Keep your head high and compare this to other similar coins.  Our day is coming!

Use this opportunity after final auditing and code releasing situation will be drastically different. If you are not aware, all this is only because of BTC, all coins falling down one by one and this is predictable. Yust enjoy free money this is not the first time this happens..

[l33tn00b]

What we are seeing is a massive accumulation, not a dump.

40% ups and downs are perfectly normal in crypto.

Don't count your money while you are sitting on the table.