PORTLAND, Ore.—A provisional patent has been granted for a technology that supports a new cryptocurrency.
Called RAIDA (Redundant Array of Independent Detection Agents), the technology supports the new digital currency CloudCoin.
“RAIDA is superior in every way to the Blockchain, and a new currency—CloudCoin—has been created,” the CloudCoin Consortium stated in a release. “CloudCoin transacts in milliseconds (bitcoin in 40 minutes), CloudCoin is 100% anonymous (bitcoin is pseudonymous), and CloudCoin does not require encryption (bitcoin requires massive computational resources, storage space and electricity). CloudCoin is the first currency in history that cannot be counterfeited or lost,” asserted the Consortium
The CloudCoin Consortium asserts that big problems exist with cryptocurrencies.
“Quantum computers are now in operation, and the blockchain is not quantum-safe. This means that bitcoin is vulnerable and can be destroyed. Bitcoin transactions take 40 minutes to complete. The CloudCoin Consortium predicts this time will increase to two days within a few years as more accounts and more transactions are completed using bitcoin. The Consortium also predicts that the blockchain will soon be too large to fit on most hard drives and to move around the Internet.”
The Consortium asserts that CloudCoin has none of these problems, noting that it went into circulation last week.