CloudCoin: How Future Money Will Be Hidden In Files
For decades, people have speculated what the next currency may look like. With the advent of cryptocurrency, many people began envisioning it as a digital currency, not held back by national government or banking institutions.
But there is another route.
CloudCoin is taking all the great aspects of cryptocurrency and adding a few upgrades.
Cryptocurrency Regulation
Cryptocurrency is becoming regulated by the government in some countries. Anonymity, one of the highest selling points of cryptocurrency may be difficult to maintain with guidelines in place provided by the SEC.
Cryptographic technology at times has failed to prevent some of the largest digital currency hacks in history. Each month a new exchange or store reports a new vulnerability that leaves millions of dollars worth of cryptocurrency lost in the hands of hackers.
CloudCoin is making note of these limits and turning them into opportunities for the future of money.
CloudCoin and Future Money
Perhaps one solution is not with currency or cryptocurrency but a completely new kind of monetary system altogether.
That’s what CloudCoin aims to be.
Embedded Passphrases
CloudCoins are pieces of code tucked away in a file. Instead of encryption, CloudCoin relies on 400 bytes of random numbers and then embeds them in either a photo, text file, barcode or QR code. The passphrase can also be remembered.
RAIDA
CloudCoin is not a cryptocurrency, but instead validated using RAIDA (Redundant Array of Independent Detection Agents) technology. RAIDA is the world’s first decentralized authentication system, used towards checking whether a passphrase is real or fabricated. RAIDA’s servers are distributed across 25 countries around the world, including Taiwan, Japan, Philippines, Australia, Canada, US, Mexico, Venezuela, Brazil, Argentina, Britain, Sweden, France, Germany, Switzerland, Greece, Italy, Russia, Romania, Hungary, India and South Africa.
CloudCoins store the data, not the servers. If one of the servers go down, another one takes its place, and cloudcoin can “heal” any servers that fail.
Zero User Accounts
CloudCoins have no information linked to users. The only information stored is the last year and month a unit was spent. It is impossible to link a person to an expense or transaction. Every CloudCoin owner remains anonymous, as the account information is public.
CloudCoin Recovery
CloudCoins have a unique system in place to allow users to recover their lost coins if users can remember their serial numbers and the date they were lost. All users have to do is file a loss claim, and RAIDA verifies the coins to send back. Finally, a system in place to prevent the loss of money.
Buy and Sell on XYZBuys.com
Some stores accept some altcoins while others only accept ETH. For the first time, there’s a true alternative: XYZBuys.com. In the same vein as Amazon or Alibaba, XYZBuys.com will be the CloudCoin alternative to traditional e-commerce options. Products include kitchenware, electronic gadgets, pet food, construction hardware, books, movies, and other products and services available for sale. Everything will be purchasable through USD and CloudCoin.
CloudCoin Adopts BitShares Platform
CloudCoin has shown promise in the progress through its timeline, such as the recent announcement of a partnership with BitShares DEX. XYZBuys will be worth watching as well, as the inclusion of more products and services and the ability to use CloudCoins will attract more users. Keep an eye out for this coin!
“Nobody has done anything like this,” said Stan Larimer, the self-proclaimed Godfather of BitShares during the Crypto Connie stream. “This pushes the boundaries of what you can do with blockchain.”
The author is not an attorney or financial advisor. None of the content presented should be construed as investment advice or as legal advice.
