Inventor says his tech model is more scalable and private than blockchain
The man behind CloudCoin says the fledgling currency is ripe for profit and that its unique technology is a smarter bet than the plethora of blockchain-based alternatives.
Sean Worthington invented its RAIDA (Redundant Array of Independent Detection Agents) platform, which, unlike bitcoin, does not require public ledgers or accounts and is instead based on the CloudCoins themselves possessing that information. Passwords allow people to transfer coins on what Worthington calls the “most private currency in the history of humanity”.
CloudCoin is set to be tradeable on BitShares within two months, although the currency, which went live just over a year ago, can still be bought in the meantime.
Worthington said that while blockchain was the first system to address the physical integrity problem of digital money, his RAIDA database is the superior model.
He said: “We built on DNS technology and created the RAIDA, a database that cannot be brought down. It’s a super base. It doesn’t track anything except for money that is counterfeit.”
He added: “Just in general it’s better in every single metric. But the way that the blockchain works is that it tracks every single transaction that ever happens and so it takes a database that you can write to and add to but you cannot delete or alter records that have happened in the past because of the structure of this thing.”
Worthington argues that blockchain has to grow and grow with each transaction and currently sits at about 160 gigabytes. CloudCoin, he believes, has more potential.
He said: “It’s globally scalable. Bitcoin only does seven transactions but we can do 100,000 transactions per second once we get up and going – we’re doing about 25,000 right now.”
While admitting the space is ultra-competitive, Worthington believes the RAIDA is what separates his currency from rivals. He also believes now is the time for investors to take a punt on its success, predicting at least a double-your-money return.
“I think we have a right to be in the market; we are competing very well and we are going to rise to the top. There are 1,500 other currencies but they are all dependent on the blockchain for integrity and ours is the only one that uses the RAIDA. We have a lot of unique advantages over all of them.”
He added: “Cloudcoin is very new and it’s not even on an exchange so it’s very cheap. You are getting in on a new technology that’s on the bottom floor, so the chances of it rising greatly are much more than with other currencies, who are well established.
“Also, currencies usually take about two years before they start taking off. If someone was to hold on to it for year, they would double their money at least or do quite a bit better.”