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Computer scientist: New digital currency better than Bitcoin
Worthington appeared promoting his new book, Beyond Bitcoin: The Future of Digital Currency and discussed why he believes Bitcoin is flawed. He listed the advantages of his alternative, CloudCoin.
CloudCoin is a digital currency that Worthington says is superior to Bitcoin because CloudCoin's underlying technology, the patent-pending RAIDA system, solves the problems faced by Bitcoin's blockchain technology.
Price and Worthington discussed those problems.
"Bitcoin is not scalable. The more people that use it, the slower it gets. And it's not quantum safe, so quantum computers will be able to crack, and probably already can crack it," Worthington said.
He also addressed the "consensus" problem of the blockchain, where a majority of "miners" can make decisions.
"The Chinese could put up 6,000 servers and just say they own all the money and take over," Worthington said.
Bitcoin and other blockchain-based currencies, Worthington said, lack anonymity and security because of the downloadable public ledger. He said CloudCoin has no public ledger.
CloudCoins have been trading publicly for a few months and the price has already risen 800%.
Worthington is a tenured faculty member in the Computer Science department at Butte College in Calif. His book is available free at digitalfrontiernews.com for a limited time, along with five free CloudCoins.
Visit http://cloudcoin.global for more information about CloudCoin and the patent-pending RAIDA technology.
Contact Ace Fogerson at 919.548.9024 for more information or to arrange an interview with Worthington.