Bitcoin has a contender. Meet RAIDA – otherwise known as ‘redundant array of independent detection agents’ – which is claimed to be the only technology after blockchain to solve the physical integrity problem presented by digital currencies.
RAIDA has created by inventor, Sean H. Worthington, who is a tenured computer science instructor in northern California. The idea behind developing RAIDA was that Worthington noticed monetary systems were actually information systems, and he applied the rules of data integrity used in databases to create a philosophical model for a ‘perfect’ currency. The result was the RAIDA, CloudCoin and the C3.
CloudCoin is a new digital currency that aims to transact in milliseconds unlike Bitcoin, which takes minutes. CloudCoin also claims to be 100% anonymous and does not require encryption, whereas Bitcoin is pseudonymous and requires massive computational resources, storage space and electricity.
“There are big problems with cryptocurrencies that cannot be ignored,” the company writes. “Quantum computers are now in operation, and the blockchain is not quantum-safe. This means that Bitcoin is vulnerable and can be destroyed.”
“In traditional authentication systems, you have one username, one password, one login server and one database. You may have many databases that sync with each other,” said William Caput, a member of the CloudCoin Consortium. “With RAIDA, each CloudCoin has over 24 clouds of servers that all have different usernames and passwords, and they don’t synchronise.
“If one RAIDA cloud goes down – say by a nuclear bomb or a government – others just pop up and self-repair.”