New DeFi Cloak Protocol Offers Governance & Staking Benefits, Presale Now Open
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Cloak Protocol is a new privacy-focused cryptocurrency platform that offers a decentralized ecosystem. Cloak Protocol utilizes zero-knowledge proof protocols to protect users’ data and identity while completing transactions and deploys smart contracts on the Ethereum blockchain.
Users can purchase $CLOAK, the native token, through the ongoing presale. By doing so, token holders can access Cloak Protocol’s governance mechanism to access decision-making power and earn passive income.
However, before investing in this new project, let’s look at the features and use cases Cloak Protocol offers.
In 2009, Bitcoin (BTC) was launched as a replacement for traditional and centralized means of payment. Over 14 years later, while thousands of new cryptos have been introduced, many platforms still struggle to offer complete decentralization.
Cloak Protocol is a new cryptocurrency that aims to solve this issue by giving more anonymity, security, and privacy to the user. A DeFi (decentralized finance) platform, Cloak Protocol, has been designed to secure the identity of users when conducting transactions.
To ensure the security of users, the platform has been built on the Ethereum blockchain. While the Ethereum network can lead to higher transaction costs for users, it also uses a huge amount of computing power to ensure that each and every transaction is secure.
On the blockchain, the Cloak Protocol also deploys smart contracts to ensure that transactions are recorded between two parties. While many platforms use smart contracts, Cloak Protocol stands out by allowing users to access partial
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