New Cloud Technology-Based Cryptocurrency Challenging Bitcoin

Apr 27, 2017 at 13:34 // News
Author
Nina Lyon
CloudCoin, has received a provisional patent in the US, and now aims to challenge the technology standing behind Bitcoin.

A new technology called RAIDA (Redundant Array of Independent Detection Agents), used to detect the authenticity of a new cloud-based cryptocurrency – CloudCoin, has received a provisional patent in the US, and now aims to challenge the technology standing behind Bitcoin.

CloudCoin and RAIDA aim to challenge Bitcoin and Blockchain technology. The RAIDA project was launched by Sean H. Worthington when he applied the rules of data integrity used in databases to create a philosophical model for a perfect currency. 

CloudCoin vs. Bitcoin 

The main difference that distinguishes CloudCoin from Bitcoin and other Blockchain-based currencies is that it doesn’t use cryptography, but is instead based on the use of cloud technologies. It also promises to be totally anonymous and protected from being counterfeited or lost. 

In an official press release, William Caput, a member of the CloudCoin Consortium, stated: 

“In traditional authentication systems, you have one username, one password, one login server and one database. You may have many databases that sync with each other. With RAIDA, each CloudCoin has over 24 Clouds of servers that all have different usernames and passwords, and they don't synchronize. If one RAIDA Cloud goes down - say by a nuclear bomb or a government - others just pop up and self-repair.” 

The client software was developed by cloud technologies specialist Sergey Zhitinsky, who explained that it is, however, wrong to compare Bitcoin and its technology to Cloudcoin. 

He commented

“In fact, comparing them is not entirely correct, they have fundamentally different technologies and different logic. Those users who did understand the fundamental difference between CloudCoin and cryptocurrencies raised many questions about the role of the consortium and expressed distrust that the centralized organization can regulate the circulation of currencies (even that the consortium can be secretly regulated and subordinate to governments of different countries). In fact, the role of the CloudCoin Consortium (C3) is only service - to support the infrastructure of coins verification, that’s all. " 

How real is the CloudCoin project?

Bas Wisselink, Board Member at NXT Foundation, Co-Founder and Co-Owner at Blockchain Workspace, commented to Coinidol:

"There's nothing on consensus mechanisms in any form on the site, nor anything about the code. I've seen similar "comparison lists" on the OneCoin site. Unless they come forth with anything that actually addresses these basic and fundamental issues, they are uninteresting whatever their other claims. They seem to aim their marketing at people who have read some news about cryptos who do want to get rich, but want to do this without any risk. Crypto without cryptography makes no sense"

Bas Wisselink, Board Member at NXT Foundation, Co-Founder and Co-Owner at Blockchain Workspace