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New Technology to Challenge Blockchain – Bitcoin Vulnerable
Only Kashmir Desk, 02 September 2017
A provisional patent has been granted for a new technology that will challenge Bitcoin and the underlying Blockchain technology used in cryptocurrencies. This technology, called RAIDA (Redundant Array of Independent Detection Agents), is only the second technology (the Blockchain being the first) to solve the physical integrity problem presented by digital currencies.
RAIDA is superior in every way to the Blockchain, and a new currency – CloudCoin – has been created. 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 human history that cannot be counterfeited or lost. Bitcoin “mining” is actually counterfeiting used to support infrastructure. CloudCoin is self-funded.
There are big problems with cryptocurrencies that cannot be ignored. 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 C3 (CloudCoin Consortium) predicts this time will increase to 2 days within a few years as more accounts and more transactions are completed using Bitcoin. The C3 also predicts that the Blockchain will soon be too large to fit on most hard drives and to move around the Internet. CloudCoin has none of these problems, and will go into circulation this week.
The inventor of RAIDA – Sean H. Worthington, a tenured computer science instructor in northern California – noticed that monetary systems are actually information systems, and he applied the rules of data integrity used in databases to create a philosophical model for a perfect currency. The result was the RAIDA, CloudCoin and the C3.
The RAIDA is the first ever distributed, fault-tolerant and self-healing authentication system. It is spread out over 20 different countries in different jurisdictions, and like the fault-tolerant TCP/IP protocol that makes the Internet indestructible, the RAIDA is a permanent storage protocol that can have large parts wiped out and still provide authentication.
William Caput, who works as the chief security officer of a major dot com, is a member of the CloudCoin Consortium, where he oversees the operation of one RAIDA Cloud. He says that, “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 globally-significant RAIDA technology has been given free to the CloudCoin Consortium in order to produce theoretically “perfect” money. The C3 is made up of 20 independent Cloud providers in 20 different countries like Russia, Switzerland, USA, UK, Taiwan and India. The C3 has implemented RAIDA and will now begin its work.