CloudCoin announced the launch of its cloud-based digital currency on July 15. With no blockchain, public ledger, accounts, or encryption, CloudCoin claims it’s the most private digital currency ever created.
It uses technology adapted by the Internet Domain Name Service (DNS) to enable secure transactions from email to email or to a wallet. CloudCoin says the systemic risk of possible theft is eliminated by not requiring private keys that can be stolen. and the Lost CloudCoins can even be recovered.
Without Bitcoin, there is no blockchain
Since the launch of the Bitcoin white paper in 2008, cryptocurrencies have been inextricably linked to the blockchain technology that supports them. But, What if a coin was secured with technology other than blockchain? Would it still be classified as a cryptocurrency?
CloudCoin aims to solve some of the problems associated with blockchain-based digital currencies. The president of the CloudCoin consortium, Sean Worthington, he explained:
“Blockchain-based cryptocurrencies face a number of challenges that make it difficult to do things as easily as buying a cup of coffee. Transactions take too long, their commissions are too high, and they are still too heavy to scale. We’ve developed CloudCoin to address these challenges and pave the way for mass adoption. ”
Low energy consumption is synonymous with free transactions
The Global Domain Name System serves billions of users, is scalable, and has not been deactivated since its introduction in 1985.
The redundant array of CloudCoin Independent Discovery Agents (RAIDA) It is based on this technology and is currently distributed in 25 national jurisdictions. The cloud-based network uses so little energy that your transactions can be carried out without gas commissions.
Even if governments or hackers try to disable RAIDA, the currency is said to be unable to be spent, hacked or spied on twice. RAIDA does not know who owns the coins, since the purpose is only to authenticate transactions. All information about the coins is stored directly in itself.
Cash qualities, but digital
Each CloudCoin is a file that consists of a serial number and authentication data. Authentication data are not encrypted, but destroyed and distributed via RAIDA. This method is said to be quantum safe.
Just like cash, the owner of the file It has the authentication data and can control the currency. When When ownership is transferred, the new owner changes this data to ensure continuous exclusive access.
The transmission speed depends on the number of coins that need to be authenticated. but RAIDA can ensure Transact 100,000 CloudCoins routinely in less than 3.5 seconds.
because CloudCoins are file-based, can be transmitted through via the free encrypted ProtonMail email service or with a Sky Wallet. ProtonMail also allows Users pay for their premium services with Bitcoin (BTC), although, as Cointelegraph reported, nor hasn’t calculated anything on Fiat for years.
Of course, file-based, CloudCoin cannot be divided or subdivided and is available in fixed denominations of one, five, 25, 100 and 250 units. The currency is not inflationary and the total number of cloud currencies never changes from 16,777,216. This is determined by the length of the serial number in bits.
Avoid a wave of counterfeit coins is created CloudCoin has also patented its Virtual Currency Authentication and Exchange Method, making it the world’s first patented coin.