Currency better than Bitcoin? Scientist says 'yes.'
Worthington appeared promoting his new book, Beyond Bitcoin: The Future of Digital Currency and discussed why 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.
Thompson, Cruz and Worthington discussed some of blockchain's shortcomings, including the sheer size of the blockchain (150 GB and growing), the massive amount of power consumed by Bitcoin mining (as much as the entire state of New Mexico each day) and the tremendous length of time it takes to conduct Bitcoin transactions (from two hours to as much as two weeks).
Cruz asked what, beyond Worthington's provisional patent, would prevent others from overtaking CloudCoin the way CloudCoin will overtake Bitcoin.
"We've figured out what it means to be the perfect currency," Worthington said, "We have a model that's based on computer science. We've found that a monetary system is an information system; that money is data. We've applied all the rules applied to information systems and data to monetary systems and created what we believe is the perfect currency. So it's going to be hard to find anything that's better than CloudCoin."
"I'm convinced (digital currencies) is the future. It just has to be," Thompson said, "You make some really good points."
CloudCoins have been trading publicly for several months and the trading price has risen as much as 850%.
Worthington is a tenured faculty member in the Computer Science department at Butte College in Calif. His book is available free at http://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.