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Now it’s the people that know the money own it

Now it’s the people that know the money own it

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“In the past, the people that had the money in their wallet (had) physical ownership,” Sean Worthington, the founder of RAIDA and CloudCoin said during the recent interview with Chicoer.com. He continued: “Now it’s the people that know the money own it.”

Holders of a digital currency want to be assured their money won’t be erased or taken away by hackers. Bitcoin and other types of cryptocurrency achieve this through something called a blockchain. Essentially, the blockchain tracks every transaction, every place that money has been before, so the system knows when someone is trying to double spend or change the amount of money they own.

Photo credit: Chicoer.com

An issue that comes along with that it time. Eight years after development, Bitcoin transactions can still take days to post, deterring businesses from accepting the currency as payment.

In contrast, CloudCoin’s security system RAIDA — redundant array of independent detection agents — simply determines whether or not the money is authentic.

It works like this: When someone sends a CloudCoin payment, it can process in a moment, coming in the form of a file, in JPEG form for example. Embedded within that file are 25 number clusters, which operate as one-time passwords. There is no chain of transactions to find. When a person accepts the CloudCoin, the RAIDA system will scramble the numbers in a unique way. Since it would be difficult or impossible to memorize the numerical sequences, the new owner saves the file to his or her hard drive.

“In the past, the people that had the money in their wallet (had) physical ownership,” Worthington said. “Now it’s the people that know the money own it.” Click here for the whole interview!

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