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CloudCoin is a digital asset that does not use a blockchain

Cryptocurrency

The new digital currency may be the first of its kind to challenge blockchain technology

CloudCoin, a cloud-based digital currency, went live yesterday. It claims to be the most secure digital currency ever created, because it has no association with any public reason, encryption or blockchain.

The CloudCoin base was reformulated based on the well-known DNS (Domain Name Service); instead of developing a blockchain to avoid the perceived shortcomings of cryptocurrencies.

CloudCoin runs on a platform called RAIDA (Redundant Array of Independent Detection Agents), with the ability to process 100,000 CloudCoin in 3.5 seconds. It is completely safe and has been approved and implemented in more than 25 jurisdictions.

In addition, RAIDA technology takes so little energy to operate that it eliminates energy charges – unlike traditional cryptocurrencies.

In the situation of a cyber attack, RAIDA cannot take the attacker to the investors' currencies, as its only job is to authenticate.

β€œHe knows nothing about who owns the coin and there is no way to determine the previous or current owners. Like money, money is distributed among its owners, not centralized on a blockchain. ” declared the website CloudCoin.

It claims that each currency will exist exclusively as archives. The owner of the file is the owner of the authenticity code. When a purchase occurs, it is just a simple file transfer.

CloudCoin thinks blockchain is becoming obsolete

Blockchain operates by distributing its ledger in an open and public way. Each reason is sealed and requires that certain encryption problems be resolved in order to gain access. The more difficult the problem is to solve, the more secure it is.

Traditional computers, even those with first-rate specifications, are still struggling to solve these encryption functions. But with the introduction of quantum computing just around the corner, the future of blockchain seems to be under siege.

Quantum computers today can be 100 million times faster than the average computer. This means that it will ignore any security measure that the blockchain has implemented, solving any algorithm it finds.

Dr. Michele Mosca, deputy director of the Institute of Quantum Computing at the University of Waterloo, said that in 2026, quantum computers could have one chance in seven to break any public key encryption and, in 2031, one chance in two.

Unlike a blockchain, where authenticated data is encrypted, RAIDA destroys that data and distributes it, making it quantum. Obviously, the future of quantum computing is highly speculative and may not advance at all from its current point.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.