CloudCoin introduced the launch of its cloud-based digital forex July 15. With no blockchain, public ledger, accounts or encryption, CloudCoin clai
CloudCoin introduced the launch of its cloud-based digital forex July 15. With no blockchain, public ledger, accounts or encryption, CloudCoin claims it’s the most personal digital forex ever created.
It makes use of know-how tailored from the web’s Area Identify Service (DNS) to allow safe email-to-email or email-to-wallet transactions. CloudCoin says that it eliminates systemic threat of theft by not requiring personal keys which may be stolen, and that misplaced CloudCoins may even be recovered.
Not Bitcoin, not blockchain
For the reason that launch of the Bitcoin whitepaper again in 2008, cryptocurrencies have been inextricably linked with the blockchain know-how that underpins them. So what if a forex was secured with a know-how apart from blockchain? Would that even nonetheless be classed as a cryptocurrency?
CloudCoin got down to deal with a number of the points which include blockchain-based digital currencies. President of the CloudCoin Consortium, Sean Worthington, defined:
“Cryptocurrencies constructed on blockchains include a bunch of challenges, making it troublesome to do easy issues like purchase a cup of espresso. Transactions take too lengthy, charges are too excessive and it’s nonetheless too troublesome to scale. We developed CloudCoin to beat these challenges and pave the best way for mass adoption.”
Low vitality consumption means free transactions
The worldwide Area Identify System providers billions of customers, is scalable, and has not been introduced down because it went reside in 1985.
CloudCoin’s Redundant Array of Unbiased Detection Brokers (RAIDA) relies on this know-how and is at the moment distributed throughout 25 nationwide jurisdictions. The cloud-based community makes use of so little energy that these transactions may be made with zero gasoline charges.
Plus, even when governments or hackers attempt to take the RAIDA down, the forex supposedly cannot be double-spent, hacked or spied upon. RAIDA is aware of nothing about who owns the cash as its goal is just to authenticate. The entire details about the cash is held straight within the cash themselves.
Money-like qualities, however digital
Every CloudCoin is a file, consisting of a serial quantity and authentication information. The authentication information is shredded, somewhat than encrypted, and distributed throughout the RAIDA. This methodology is claimed to be quantum-secure.
Very similar to money, the proprietor of the file has the authentication information and might management the coin. When possession is transferred, the brand new proprietor adjustments this information to make sure unique ongoing entry.
Switch speeds depend upon the variety of cash which have to be authenticated, however the RAIDA can routinely safe transactions of 100,000 CloudCoins in beneath 3.5 seconds.
As a result of CloudCoins are file-based, they are often transferred through the free encrypted electronic mail service, ProtonMail, or with a Sky Pockets. ProtonMail additionally allows you to pay for its premium providers with Bitcoin (BTC), though as Cointelegraph reported, it hasn’t cashed any out to fiat in years.
In fact, being file-based, CloudCoin cannot be subdivided or break up, and is available in set denominations of 1, 5, 25, 100 and 250 CloudCoin items. The forex is just not inflationary and the whole variety of cash within the cloud by no means adjustments from 16,777,216, which is fastened by the size of the serial quantity in bytes.
To keep away from a rash of copycat cash bobbing up, CloudCoin has additionally patented its “Methodology of Authenticating and Exchanging Digital Currencies,” making it what’s claimed to be the world’s first patented forex.