Their lead scientist and cryptocurrency developer, Sean Worthington of CloudCoin.Global, has announced the availability of CloudCoin, a new digital currency that 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. 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. It’s crazy but it’s a crypto crazy world out there!