Transparency lies at the heart of the cryptocurrency industry. The disingenuous banking industry’s lack thereof is why the pseudo-anonymous Satoshi Nakamoto invented bitcoin in the first place.
But the crypto industry’s lack of regulation leaves it wide open to manipulation from the world’s bad actors. Although bitcoin is decentralized and transparent, it’s a little too transparent.
Bitcoin may hold the title of “digital cash,” but its overblown transparency degrades its effectiveness as such. Now, we’ve covered what makes CloakCoin an excellent bitcoin alternative in previous articles.
But today, we’re discussing projects that aren’t bitcoin. You see, although ‘privacy’ coins are meant to be private, it’s still critical for the community to hold the power of auditing monetary supply.
And we’re going to show you how to easily monitor every CloakCoin in existence!
Are you FIAT or are you CRYPTO?
It’s no secret that central banks print money whenever the mood strikes. And, they always get away with it. Why? Because they hold absolute power over the flow of cash and there’s no one to stop them.
Now, as a fully transparent crypto project, it’s our duty to keep the community well informed. Yes, we’re a privacy coin. But no, not we’re not a faceless organization lacking accountability.
CloakCoin’s Enigma transactions are untraceable and anonymous, but our money supply is just the opposite. Crypto projects operating under the guise of privacy, with no transparency, are little different than gov’t printing presses.
After all, if we can’t independently audit any given supply, who’s to know the location of funds, or if there are any funds at all?
How to audit CloakCoin’s total supply of CRYPTO
Like any cryptocurrency worth its code, CloakCoin has a block explorer.
So, if you want to see how many coins are in circulation, as well as the distribution of wealth, visit the CloakCoin page on cryptoID.
Go ahead and try it now! We respect and fight for everyone’s privacy, but we believe in maintaining transparency with our beloved community.
Now, unlike bitcoin and other non-privacy coins, you won’t be able to glean complete transactional history. Courtesy of CloakCoin’s Enigma technology — which essentially sends all transactions through a blender to shield the source and destination of funds — your account activities remain invisible to prying eyes.
Also, bear in mind that the distribution of wealth can change with the creation of the very next block. Since crypto transactions never close for human-imposed holidays, the entire globe is free to exchange funds 24/7.
In the physical world, cash is the king of privacy. Nearly anyone accepts it, and it’s impossible to determine its history. Open your billfold and peek at a piece of fiat’s year of printing. Some bills have been changing hands for decades, but that’s irrelevant when it comes time to spend.
Crypto is becoming more widespread, and the concept of digital assets is more relevant than ever. And as the likes of Facebook, JPMorgan, and other gigantic conglomerations invest in blockchain and crypto, the need for privacy coins continues to increase.
But these financial behemoths have repeatedly proven their inability to safeguard our data and privacy. That means it’s up to us as ordinary citizens.
With a fully auditable monetary supply, CloakCoin cements its dedication to community transparency while serving as a digital equivalent to cash.
Again, we invite you to verify our supply. Because while we work hard to keep your crypto transactions private and secure, we’re open and forthcoming with the community that helped us get to where we are today.
We hold ourselves accountable as stewards of the cryptocurrency and blockchain industries. And, CloakCoin would like nothing more than all other privacy coins to follow our lead by giving anyone and everyone the chance to audit their crypto supply.