CloakCoin is a new cryptocurrency that will feature a uniquely implemented and decentralized p2p anonymization feature via Proof of Stake protocol extensions. Cloakcoin will also be featured in worlds first fully decentralized p2p marketplace: OneMarket.
Bitcoin 1.0 technology. Recent fads have brought Proof-of-Stake back to the forefront, with many
currencies adopting the proof-of-stake implementation of Sunny King that originated in PeerCoin.
Anonymity is the next challenge to be solved, but all implemented solutions to date have relied upon
trusted and centralized nodes that act as mixers, tumblers, or arbiters of the anonymization mechanism.
The present solutions are not ideal and do not achieve the goal of true anonymity of transactions
because all transactions flow through centrally controlled nodes. Those nodes may be altruistic or evil,
they may log and capture de-anonymizing information, they may be controlled by adversarial entities, or
they may simply be poorly maintained by inexperienced operators.
The ideal solution is peer-to-peer in nature, decentralized and trustless; with no centrally controlled
“authorities” providing anonymizing services.
The existing proof-of-stake implementation already bolts on extensions to the Bitcoin protocol to handle
the transmission and processing of synchronized checkpoints and stake blocks, and already includes an
additional type of block generation through the “minting” or stake mining process that provides a
reward to node operators as an incentive to provide network transaction processing.
It would seem obvious, then, to leverage this existing framework as a means to provide decentralized
processing of transactions in a way that decouples the origination and recipient. This document
provides a high level overview of the process flow and operation of the solution, but is not a publicly
shared detailed technical design document as we would like to provide a proper functioning
implementation before inferior clone attempts appear.
now time do the same with e-commerce. Whilst the current internet commerce systems work
well enough, most of the time, they have an ultimate point of failure by making the buyer and
seller transact via the hands of a trusted third party (such as eBay). The cost of placing such
trust in “third party mediators” comes at a price, usually by the way of transaction fees,
advertisements, loss of privacy, and dictated consensus of items permitted for sale. Existing
third party mediators that preside over consumer to consumer transactions at present are driven
by profit making aspirations, keeping books clean, and upholding partnerships with third party
payment processing partners, such as PayPal. It is no surprise that traditional e-commerce
systems therefore generate elevated costs for the end users (i.e., buyers and sellers) because of
running costs and capitalistic tendencies. What we propose is a trading platform with the
advantages of existing solutions, but one that is autonomous by design using cryptocurrency as
decentralized units of transaction. OneMarket is a buy/sell platform that is not limited by
geographical boundaries.
Overview
As of the present time there has been an explosion of alternative crypto currencies released based onBitcoin 1.0 technology. Recent fads have brought Proof-of-Stake back to the forefront, with many
currencies adopting the proof-of-stake implementation of Sunny King that originated in PeerCoin.
Anonymity is the next challenge to be solved, but all implemented solutions to date have relied upon
trusted and centralized nodes that act as mixers, tumblers, or arbiters of the anonymization mechanism.
The present solutions are not ideal and do not achieve the goal of true anonymity of transactions
because all transactions flow through centrally controlled nodes. Those nodes may be altruistic or evil,
they may log and capture de-anonymizing information, they may be controlled by adversarial entities, or
they may simply be poorly maintained by inexperienced operators.
The ideal solution is peer-to-peer in nature, decentralized and trustless; with no centrally controlled
“authorities” providing anonymizing services.
The existing proof-of-stake implementation already bolts on extensions to the Bitcoin protocol to handle
the transmission and processing of synchronized checkpoints and stake blocks, and already includes an
additional type of block generation through the “minting” or stake mining process that provides a
reward to node operators as an incentive to provide network transaction processing.
It would seem obvious, then, to leverage this existing framework as a means to provide decentralized
processing of transactions in a way that decouples the origination and recipient. This document
provides a high level overview of the process flow and operation of the solution, but is not a publicly
shared detailed technical design document as we would like to provide a proper functioning
implementation before inferior clone attempts appear.
One Market
With cryptocurrency revolutionizing electronic payment systems since the launch of Bitcoin, it isnow time do the same with e-commerce. Whilst the current internet commerce systems work
well enough, most of the time, they have an ultimate point of failure by making the buyer and
seller transact via the hands of a trusted third party (such as eBay). The cost of placing such
trust in “third party mediators” comes at a price, usually by the way of transaction fees,
advertisements, loss of privacy, and dictated consensus of items permitted for sale. Existing
third party mediators that preside over consumer to consumer transactions at present are driven
by profit making aspirations, keeping books clean, and upholding partnerships with third party
payment processing partners, such as PayPal. It is no surprise that traditional e-commerce
systems therefore generate elevated costs for the end users (i.e., buyers and sellers) because of
running costs and capitalistic tendencies. What we propose is a trading platform with the
advantages of existing solutions, but one that is autonomous by design using cryptocurrency as
decentralized units of transaction. OneMarket is a buy/sell platform that is not limited by
geographical boundaries.
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