25 May 2018 8:45 am
Corinth, Greece — May 15, 2018 — Sean Worthington, CEO and Founder of CloudCoin, recently announced the company’s new partnership with Cryptonomex, and it’s launch on the BitShares DEX, a decentralized asset exchange.
“At CloudCoin, we’ve been looking at different exchanges, trying to find best in the world,” said Worthington during the live stream announcement, “one that gives us the most degrees of freedom, with the least amount of government intrusion. That, in fact, is Bitshares. It’s the best out there.”
Worthington highlights the success of Quintric on the platform as one of the inspirations for the decision. Quintric, also on BitShares, is a digital asset backed by minted gold stored in a depository. “CloudCoin is like Quint in that it’s not in a public ledger, it’s kept in files- the equivalent of a vault.”
Instead of using a private key to access a digital wallet (the practice for most cryptocurrencies), CloudCoins are codes embedded in image or text files that can be written down or remembered. The code is generated, stored, and periodically updated by RAIDA, a cloud network used for a variety of applications ranging from digital communications (video, email, text), to medical and consumer records.
CloudCoins are not mined, but minted and subsequently destroyed. They are not tracked on a blockchain, but are linked to RAIDA, which records the last year and month a coin was spent. Since CloudCoins are not immutable, they can even be recovered after they are lost, provided the user has the necessary serial numbers, and did not spend them for two years. Unclaimed coins are then spent on maintaining the system.
By most definitions, CloudCoins are not cryptocurrency, but instead, are a digital currency backed by a cloud server. No software is required to use them.
“Nobody has done anything like this,” said Stan Larimer, the Godfather of BitShares during the Crypto Connie stream. “This pushes the boundaries of what you can do with blockchain.”
BitShares has continued to gain momentum as Quintric and Billion Hero Campaign have continued to use the platform. They recently announced a new initiative called Bench, which will create interoperability between BitShares and other blockchains.
BitShares’ Graphene Technology has become an attractive technology for many blockchain development companies due to its speed and scalability. By certain accounts, Graphene is capable of 100,000 TPS (Transactions Per Second), while remaining completely decentralized.
Other hints were dropped indicating further collaboration on the Bitshares blckchain and CloudCoins. During the stream, Worthington alluded to “Cloud Server”, a software that allows users to upload CloudCoins to verify their authenticity, or download CloudCoins and write digital checks.
“With blockchain and RAIDA together,” Worthington added, “there’s a huge amount of possibilities out there. You can’t even imagine right now.”
CloudCoins are composed of codes embedded in files, stored on paper or remembered in your mind. These codes can only be used once and then they change making it so that CloudCoins cannot be counterfeited, mined, double-spent or destroyed. The total amount of CloudCoins in the cloud never changes — except if CloudCoin becomes too valuable and then everyone’s CloudCoin is doubled. Unlike Bitcoins that can are mined into existence, CloudCoins were minted and then the mint was destroyed.
RAIDA is a global counterfeit detection system that is indestructible and cannot be tampered with or hacked. Neither nuclear bombs, comet strikes, world wars, dictatorships nor government hackers can bring down RAIDA. Quantum safe, self-healing, simple, fast and reliable, RAIDA can detect the authenticity of a CloudCoin within milliseconds.
BitShares is a technology supported by next-generation entrepreneurs, investors, and developers with a common interest in finding free-market solutions by leveraging the power of globally decentralized consensus and decision making. Consensus technology has the power to do for economics what the internet did for information. It can harness the combined power of all humanity to coordinate the discovery and aggregation of real-time knowledge, previously unobtainable. This knowledge can be used to more effectively coordinate the allocation of resources toward their most productive and valuable use.
The author is not an attorney or financial advisor. The author would like readers to note that he is a co-founder and board member at the Quintric and holds BitShares investments. None of the content presented should be construed as investment advice or as legal advice.