Online Registration on Bitbns is absolutely free. So investors can Sign Up using email id and by entering personal information.
Then, confirm by clicking on a link received on the email address indicated. Next, submit PAN card, bank account details and Aadhaar card photocopies. This process enables Bitbns in adhering to KYC guidelines.
After KYC documents validation which will take 30 minutes only, investors will be notified via email about account activation.
Using NEFT/RTGS/IMPS, investors can transfer funds to their Bitbns account and begin purchasing Cloakcoin (CLOAK).
Transfer of Cloakcoin (CLOAK) between other wallets from/into Bitbns account is also possible which is just a 10-minute process.
Launched on June 3, 2014, CloakCoin reached a market capitalization of more than 2,965,547,495.18 INR presently in 2018.
After a substantial development, the project has passed an interesting and very important milestone. The release of the CloakCoin wallet has allowed anonymous transactions without intermediaries and without the need for master nodes or any other centralized infrastructure. The block verification (PoS) and the processing of anonymous transactions are decentralized and based on a pure P2P environment.
The blockchain is not ‘contaminated’ with personalized data nor does it use side chains like those used by other anonymous coins. As a result of the coin-mixing structure, which acts as a merry-go-round all year, it is absolutely impossible for any observer to determine the sender or recipient of the transactions. The reverse engineering of the operations performed is impossible and the lack of master keys prevents decryption of the encryption with potentially greater computing capacity in the future.
To provide an additional layer of anonymity to market participants, an onion routing system has been applied, avoiding the identification of any user that intervenes in transactions by hiding their communications on the network.
The new CloakCoin comes with a completely remodeled code base, including new features and major improvements. The new CloakCoin uses the state-of-the-art distributed consensus protocol, Anonymous Share Test Version 3 (PoSA3), along with the X13 algorithm for fast transaction confirmations. The use of the Participation Test protocol offers additional benefits in terms of mining, since it does not require high performance ASIC miners that consume enormous amounts of energy. In the case of PoS, the currency avoids centralization and an attack of 51% would only be possible with the possession of 51% of all coins, making attacker the biggest victim. There is no future term for when the last coin can be mined and the miners will not lose interest due to decreasing rewards. Users with open and unlocked purses to participate will earn 6% annual balances.
PoSA3 consensus protocol:
CloakCoin is a truly anonymous cryptocurrency with PoSA3 consensus protocol. The Cloak Shield infrastructure provides additional security to the CloakCoin network, making use of the ECDH protocol to establish a secure connection shared between two parties for communication. During a PoSA shipment, the mixing nodes provide additional inputs and outputs to the transaction in order to 'cover' the true sender and receiver, making it impossible to determine who sent funds to whom. While the parties involved in the transaction benefit from aggregate security, the mixers that allow transactions share 1.8% of the value of the transaction (transmission fee) with each other.
CloakCoin offers educational resources to the community through Cloak TV, the official YouTube channel of CloakCoin.
The CloakCoin developers are working on creating a place where the Cloak community can spend their CloakCoins. An own CloakCoin marketplace called OneMarket is under development.
Bitbns based out of Bangalore is one of the first platforms to support NEO GAS in India. Among the main currencies listed in Bitbns are Monero, Ethereum Classic, Ripple, Litecoin to name a few. The platform generates a large amount of Bitcoin trading volume every day.
Bitbns offers quick transactions and great stability, which is why many Indian investors frequent this exchange.