The first truly private and decentralized exchange
While the value of privacy coins is dependent almost wholly on their ability to be privately spent,
there are also many problems to be solved regarding how they are privately acquired.
Careful consideration has been given to Cloak’s current technology,
upcoming developments and ongoing value proposition to both
the wider cryptocurrency and general consumer markets.
The decentralized exchange would be supported by the existing CloakCoin network. In order to access and trade using BYOB, users need to hold a certain amount of CLOAK within their wallet, as a specified percentage (TBA) of their total trading portfolio.
This encourages the acquisition and holding of CloakCoins. It is also inherently aligned with the inflationary properties of the coin, as the staking rewards of 6% per year provide the ‘gas’ required to incentivise further peer to peer trading on the network.
One might consider CLOAK serving a similar utility to BYOB, as exchange utility tokens to their respective exchanges, and in future their DEX implementations.
The upcoming release of the HD wallet and new BTC codebase, will very likely welcome integration with popular hardware wallets such as those offered by Ledger, Trezor and KeepKey. These will be a critical component for secure access to BYOB and the primary means of storage for assets traded on the network.
Unlike other decentralized exchanges, BYOB will not require the creation of an additional token and there will be no trading fees on the DEX whatsoever.