New unhackable, untraceable digital currency
can be stored in your mind
An Interview with Sean H. Worthington, author of
Beyond Bitcoin: the Future of Digital Currency
Described as an easy, instant, and anonymous worldwide payment system, Bitcoin has been steadily growing in popularity since its introduction to the public in early 2009.
But, according to one cryptocurrency expert, despite Bitcoin’s enthusiastic acceptance and the dizzying profits it’s been producing for owners and investors, the long-term outlook for Bitcoin is not bright.
“Bitcoin has several fatal flaws which will discourage and ultimately prevent its intended use as a practical, decentralized global currency,” says Sean H. Worthington, author of the book, Beyond Bitcoin: The Future of Digital Currency.
After an intensive review of Bitcoin and other cryptocurrencies, Worthington says he and a consortium of mathematicians and computer scientists have designed a new cyber currency which they have named “CloudCoin”. The new currency, which he says is unhackable, untraceable, and can’t be lost, counterfeited, or double-spent, boasts transaction speeds 1000 times faster than Bitcoin, and can, if desired, be conveniently stored where governments, thieves, and hackers will never find it: in the CloudCoin owner’s mind.
“Not only have we addressed all the failings of Bitcoin, but we’ve reviewed history’s most successful monetary systems and designed CloudCoin to enable society to be more efficient and productive while at the same time safeguarding our natural rights,” says Worthington. “In so doing we’ve created what we believe to be the world’s most perfect currency.”
Worthington says Bitcoin and other cryptocurrencies share several flaws due to their use of a “blockchain” — a public ledger residing on the hard drive of every Bitcoin user’s computer containing the history of every bitcoin transaction, detailing exactly when it was spent or received by an anonymous user identified only by a user ID. Complications created by the use of the blockchain include:
· The potential exposure of all user Bitcoin transactions should the user’s real name become linked to their public address listed in the blockchain.
· The potential exposure of every one of a user’s Bitcoin transactions should Bitcoin’s encryption be successfully hacked by one of the new Quantum computers, which boast 100 million times more processing power than current desktops.
· The potential creation of a new, bogus blockchain for Bitcoin users, changing the history and ownership of every Bitcoin in existence, requiring only 6000 computers.
· Unacceptably slow transaction times due to blockchain file size, often taking over 40 minutes to confirm a single purchase, making it unacceptable for retail use. The slow transaction times will only become worse as more users are added to the blockchain, making Bitcoin unworkable for global application.
· Because low temperatures and low-cost electricity are desirable for Bitcoin mining, thousands of bit coin servers are being placed in locations like Iceland, effectively consolidating and centralizing a currency originally intended to be decentralized.
Worthington says the new CloudCoin currency requires no encrypted database of transactions or users. Using a Web-based interface or desktop software or smart phone app, the recipient of a CloudCoin simply submits the unique set of authentication numbers assigned to the coin to a cloud-based authentication network known as RAIDA (Redundant Array of Independent Detection Agents). The coin’s authenticity is then validated, and the coin is assigned a new set of authentication numbers that will be known only to the recipient, who from that point owns and controls the CloudCoin.
“Today there are bad people in the world that want to tell us what we can do and what we can say. Digital currencies like CloudCoin give us a chance to break free of their control and live as we ought to,” says Worthington. “I urge everyone to learn about and use digital currencies. By doing so, we will make the world a freer place.”
To help everyone learn more about the exciting new world of digital currency and the new CloudCoin technology, Worthington is making a free copy of his book and 5 free CloudCoins available to each person who requests them at www.DigitalFrontierNews.com.