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CloakCoin, a privacy-oriented decentralized transfer’s infrastructure project has now become a part of the NEM Ecosystem. It will now be exploring options to integrate with the NEM platform using APIs to help implement privacy features on the network.

Privacy Solutions for Enterprise Blockchain

CloakCoin will now identify opportunities to integrate with the NEM platform. It will help the users in utilizing the privacy-enhancing features provided by CloakCoin. NEM noted in a new blog post that the CloakCoin team would support NEM with research and development work. They will promote NEM as a premier enterprise blockchain solution.

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Joshua Marriage, Global Spokesperson & Australian Coordinator for CloakCoin said:

“We are very proud to be associated with another blockchain project who are incredibly dedicated to fostering community and helping to advance the industry as a whole.”

ProximaX also became a NEM Ecosystem member in late October this year. It provides utility-rich services and protocols to the users and uses a NEM.io inspired blockchain layer. It has a P2P multimedia streaming layer working on the PeerStream Protocol (PSP).

What Is Cloakcoin?

CloakCoin facilitates, secure and private decentralized transactions. The transfers made on their unique anonymizing technology, Enigma Payment System, are untraceable. Enigma has been audited by Cognosec GmbH, a NASDAQ listed cybersecurity firm. Enigma has not been associated with any other project yet and lays the foundation for the development of dApps running on the CloakCoin network.

CloakCoin is credited as one of the first privacy oriented crypto projects by NEM in their blog post. It brings complete anonymity to the users. CloakCoin can be stored in wallets, and it is currently available in more than ten different crypto exchanges. The network works on a Proof-of-Stake consensus algorithm and users can receive a 6% per annum reward as well. All wallet holders can earn extra fees by participating as Cloakers for the Enigma anonymized transactions.

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