by Sean Worthington , CloudCoin Lead Scientist
We could call CloudCoin the “Last Digital Currency” because it is the first currency to near perfection based on the “Theory of Perfect Money” and nothing more is needed.
What is perfection? Perfection is a coin that can trade 24/7 in any part of the world with no fees. A coin that uses nearly zero electricity and bandwidth. A coin that is 100 percent private because it requires no usernames, logins, passwords or public ledgers. A coin that can be recovered if lost and for which theft can be mitigated. A coin with a fixed amount so that there is never any inflation. A coin that is file-based and separates data from logic so that it can be hidden in jpeg files or imported into software and video games. A coin that is patented and will not have thousands of copy-coins. A coin with a wallet that allows sending coins using easy to remember DNS names. A coin that is quantum-safe and will survive the extinction of cryptocurrencies that could occur in just a few years.
Digital currencies built on blockchains come with a host of challenges, making it difficult to do simple things like buy a cup of coffee. Transactions take too long, fees are too high and it is still too difficult to scale.
We developed CloudCoin to overcome these challenges and pave the way for mass adoption. CloudCoin enables millions of users globally to buy, sell and exchange with superior privacy and zero fees.
The security of CloudCoin is due to shredding, not encryption. A fixed amount of CloudCoins means zero inflation. CloudCoins also feature quantum security and require no consensus mechanism.
Over 150 million CloudCoins were traded in the month of June alone. That number of transactions on a blockchain would have cost millions in electricity and server power. CloudCoin instead offers a fast, secure and green alternative, eliminating massive server rooms and costly energy consumption.
CloudCoin will be the last digital currency needed and will result in a more globally sound, efficient monetary system primed for the future of the digital economy.