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Monday, March 20, 2017

New Virtual Currency Released on March 15th 2017 (CloudCoin)

India is part of new technology e-currency consortium

On March, 15th users from all over the world will get access to new virtual currency CloudCoin. According to project participants, Cloudcoins have to become more modern and easy to use virtual currency than Bitcoin. Unlike wide known currency which was developed using cryptography methods, Cloudcoins make use of cloud technologies. Check against counterfeit for cloudcoins takes as little as 1-2 sec (for bitcoins time to write block in blockchain is about 10 min and only after writing the block your transaction is fixed and cannot be rolled back). Counterfeit check for cloudcoins is simple open API and any programmer could implement it in webpage or application. To operate with new currency user don’t have to have electronic wallet and/or any keys.

Besides that there are another principal differences between cloudcoins and cryptocurrencies. In traditional authentication systems they use one login, one password, one checking server and one database (servers and databases could have many instances for performance and scalability but logically they operate as one server and one database. In case of global counterfeit detection system RAIDA (Redundant Array of Independent Detection Agents) in order to check coin against counterfeit you have to ask 25 independent servers with 25 databases which are not being synchronized.

Wherein cloudcoins guarantee full anonymity unlike bitcoins which write down data about every transaction into blockchains where you could find the sum of the deal and the keys of deal parties. In case of cloudcoins the information is not being written down at all. So it is possible to use cloudcoins without computers or internet by printing the cloudcoin content (authentication information) on paper. You could trade with such paper money and servers will not be able to write down information about owners and transactions. So RAIDA is not a system like a public ledger which is fixing transactions but approves authenticity of money by means of servers’ responses.

If for some coin some passwords will not be approved such coin will be called “fractioned” and if the amount of such “bad” passwords is less than 8 out of 25, the coin could be “repaired” or “fixed”. Due to this mechanism the system is protected against wars, fires, floods, sudden deaths, government intervention etc. If one server with passwords database will be completely destroyed the others could approve authenticity of all existing coins.

All servers in the project are being managed by independent members of CloudCoin Consortium which could be declared as Union of server managers, software developers and marketing specialists and companies. currently there are about 30 persons - members of the Consortium. All of them have valuable amount of cloudcoins in hands. This is why they will make their best to get this new currency be with ideal reputation in order to stimulate its use and market growth.

The idea of currency with cloud authentication principles was patented in 2016 by Sean Worthington, computer science teacher from California. Project investments are not being disclosed. All funds are being spent on servers administration, software development and marketing efforts.

Ajith Narayanan
Member - CloudCoin Consortium


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