CloudCoin.Global says “bye-bye blockchain”; Launches CloudCoin: World’s fastest, most secure digital currency
CloudCoin’s cloud-based RAIDA authenticity detection protocol renders Bitcoin and blockchain cryptocurrencies virtually obsolete..
Lead scientist and cryptocurrency developer Sean Worthington of CloudCoin.Global has announced the availability of CloudCoin, a new digital currency which he says is based on an innovative technology that will challenge the future of Bitcoin and the blockchain, the underlying technology used in most cryptocurrencies. Worthington says the new technology, called RAIDA, solves the physical integrity problem found in digital currencies, but does it much faster, more efficiently, and more securely than blockchain.
“The RAIDA technology allows any CloudCoin user to determine within milliseconds if the coin in their possession is genuine or counterfeit by submitting the coin’s 400-bit authentication number to the RAIDA cloud-based global authentication system. Once authenticated, the coin’s authentication number can be transferred to any recipient, who then takes ownership of the coin by requesting a new authentication number, which is known only to them. The CloudCoin transfer is completed in just seconds with a few mouse clicks.
“Whoever knows the coin’s authentication number owns the CloudCoin,” says Worthington, who invented the RAIDA authenticity detection protocol. (For an in-depth explanation and illustration of RAIDA please see cloudcoin.global./hindra.html)
Worthington says the new CloudCoin currency has none of the problems associated with blockchain technology:
“As is well-known, blockchain isn’t scalable and it gets slower as more people use it. It can take hours, sometimes days to confirm a transaction. The technology also has a serious issue with energy consumption as it requires thousands of high-powered, refrigerated servers and armies of maintenance personnel to keep the blockchain up and running. That gets hugely expensive,” says Worthington.
Worthington also says there are several security problems that are associated with blockchain.
“We know that Bitcoin accounts have been hacked at several exchanges and from users’ wallets, but more troubling is that now there are powerful Quantum computers that can crack the entire blockchain in minutes,” says Worthington. “And because the blockchain relies on consensus, it’s possible for a well-funded group or foreign government (think China, N. Korea, Iran) to install 6000 servers and take control over every Bitcoin in the system. Also troubling is the fact that the blockchain tracks every transaction that has ever occurred, so if your name is ever linked to your public ledger address, everyone can know everything you’ve ever bought and sold using Bitcoins.”
Worthington says CloudCoin, on the other hand, is a 100% anonymous currency. There are no accounts and no records of purchases; no names or addresses are associated with any transaction. The system can’t be hacked, and coins cannot be lost or counterfeited. The system is 10,000 times faster than the Bitcoin blockchain and the energy demands are minimal.
“Thanks to RAIDA we’ve been able to create what many are calling ‘the world’s most perfect currency’,” says Worthington.
The company is offering 5 free CloudCoins and a free .pdf download of Worthington’s new book, Beyond Bitcoin: The Future of Digital Currency at www.digitalfrontiernews.com.
Additional information at http://www.cloudcoinconsortium.com/learn.html
ABOUT SEAN H. WORTHINGTON (CloudCoin.Global)
The inventor of RAIDA and a tenured computer science instructor in northern California, Sean H. Worthington noticed that monetary systems are information system and applied the rules of data integrity used in databases to create a philosophical model for a perfect currency. The result was the RAIDA and CloudCoin.