Backed by new Skywallet ledger, CloudCoin introduces new retail and security applications for the digital currency that works like cash
CloudCoin, the world’s first digital currency network based on a DNS system instead of a blockchain, announced the launch of its new Cloudcoin Wallet 4.0, which includes new features that increase the retail and security utility of digital cash.
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CloudCoin Wallet 4.0 will act as a counterfeit detection system for the file-based CloudCoin, allowing coins to be passed from person-to-person using email or other file transfer protocols without the need for any user accounts, ledgers, or blockchains recording transactions, just like real cash. Each CloudCoin has its own serial number and user-generated authenticity numbers (passwords) that change when the CloudCoin changes hands.
CloudCoin Wallet 4.0 is the easiest, most advanced version with an “on-ledger” option called Skywallet that gives it blockchain-like capabilities. The Skywallet has data supremacy like the blockchain and cannot be brought down or hacked. It can also interact with other exchanges and blockchains. However, unlike the blockchain, it is super-efficient, uses easy addresses like “JohnDoe.Skywallet.cc,” trades in seconds, is scalable, and charges no fees.
Public ledger blockchain technology is over a decade old, but continues to be hindered by slow transaction times and high transaction fees. CloudCoin Wallet 4.0 brings the benefits of a ledger to CloudCoin without those significant drawbacks, facilitating the use of digital currency as an actual currency,” said Sean Worthington, Founder of CloudCoin.
The new Skywallet technology also allows CloudCoin to quickly plug into exchanges, banking systems and online and supermarket sales systems, creating new avenues of retail adoption for digital currencies.
CloudCoin was designed from the “Theory of Perfect Money” and seeks to overcome current flaws found in blockchain and digital currency. CloudCoin’s unique recovery system is powered by the innovative makeup of each coin, which consists of a file that contains a serial number and 400 bytes of secret authenticity numbers. The DNS that powers CloudCoin processes 2 trillion queries each day and its distributed infrastructure means it cannot be hacked or taken down by any government. CloudCoin can be bought, sold or traded 24/7 from anywhere in the world.
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