This coin uses what they call "Enigma", which is essentially a fancy mixing protocol to obscure the network user's transactions and to hide the origin of crypto payments received. Every token holder can begin staking their assets to turn themselves into a node for the Enigma network.
Users can then have their coins bounced between these nodes, which will then mix the coins sent to hide the actual transactions. Node operators can also earn additional tokens for their work in securing the network, which may make this an attractive option to investors looking for a privacy coin for their portfolio.
However, as far as privacy options go, this one is a little lacking in features. While for some people a mixing service will suffice, for most hardcore privacy users this is not enough. With no support for popular features such as stealth transactions, ring signatures or zero-knowledge protocols, the future of CLOAK is unsure. It's important that investors evaluate all competing options before making a CloakCoin investment, as some key pieces of the puzzle may be missing here.
Fortunately for investors, they have many options available to them when it comes time to buy CloakCoin. This asset is available on several high volume options, and there's a lot of liquidity here between them all. Bitcoin would be the most viable trading pair, as it holds most of the trading volume, but there is a little wiggle room with Ethereum as well if you prefer that option.
The best way to store your investment is by utilizing the official wallet, which you can find at their website. They have installation packages available for Windows, Linux and Mac operating systems. After you have downloaded the correct wallet, be sure that you create a back up of your wallet file in a safe place in the event of hardware failure. This is the only way for you to access your coins on a new machine.