Digitizing end to end payments processes is now a need of the hour, in part due to the Covid-19 pandemic. But what do businesses usually struggle with when streamlining their payments? Sean Worthington, President at CloudCoin Consortium joins us in this interview to share a few thoughts:
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Can you tell us a little about yourself Sean? How have you observed the last few weeks play out in finance and fintech given the pandemic – what newer innovations have been inspired because of the effects of the pandemic?
I am a Computer Science Instructor who has been granted the first viable patent on digital currency by the USPTO. I am the author of “The Theory of Perfect Money” and “Beyond Bitcoin, The Future of Digital Currency”. The CCP virus has given me and many of my American colleagues’ large amount of loans and hand outs. Lots of money has been pumped into the economy. Investments have gone up and so has the price of all assets including digital currencies. The pandemic has been good for my business and I enjoy working from home and being with my kids. On the other hand both my 80 year old parents got CCP and one almost died. However, being able to work from home has increased my ability to turn out many innovations in the digital currency space. These include digital coins that can be recovered if lost. Unhackable digital banks, achieving the fastest payment authentication times in history.
Digital payments and digital banking means are taking a forefront now (they have for a while), how do you see this segment shape up and how according to you will never tech and currencies (like crypto) create a change here in time?
All monetary systems provide people with information so that they can become more productive (by taking higher paying jobs), become more efficient (by making purchasing decisions based on price) and to invent new technologies (by using surplus money for investments). But not all monetary systems are created equal. Most are corrupted by governments. Digital currencies are posed to provide money that has more confidentiality, more availability and more integrity than paper money. This will stop the logical errors that monetary inflation causes. Inflation tricks people into making bad decisions including buying things that are overpriced, taking the wrong job and giving value to those who have not earned it. Good digital money will give us truer information so that we can create the best possible economy for us all.
What are some of the challenges you see end-users and even businesses struggling with, when it comes to digitizing their end to end payments processes?
The biggest problem is fees and the costs of developing crypto applications. But, Cryptos have many other serious problems. The usability is terrible because of bad addressing scheems and lack of directories to look people up. Crypto’s have systemic risk of theft and loss due to the need of a Private key makes people very wary. People have to sign up for accounts and this creates a lot of friction. Then, governments have regulated exchanges to death and that destroys needed liquidity to switch to digital. Furthermore, the blockchain is so huge that it can hardly fit on a desktop computer, let alone a smart phone. So you have to trust others with your keys and that’s not the security that cryptos claim to have.
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How has CloudCoin evolved as a platform over time and because of the pandemic – what are some of the features that have been worked on? We would love to know about your near-future plans too, for the platform!
CloudCoin was designed from the beginning using my “Theory of Perfect Money.” Cloudcoin uses the RAIDA (Redundant Array of Independent Detection Agents) instead of Blockchain. The RAIDA is based on the DNS system whose root servers have never gone down since they were created in 1985. CloudCoin users do not need accounts or passwords and no records are stored in a ledger. Instead, CloudCoins have authenticity numbers in themselves. CloudCoin is already the fastest payment authentication system in the world and can now handle all paper dollar transactions (digitally) that transact everyday. In otherwords, CloudCoin is scalable. We just implemented our “Recover By Email” system and that allows you to lose your coins and get them back. We have a “Store in Mind” protocol that allows CloudCoin to be remembered. We calculate that we are over 300K times more efficeint than Bitcoin and all CloudCoin transactions are free. We are not getting ready to market!
Before we wrap up, would you like to share specific finance management or business tips for Marketing and Sales or Finance teams struggling through this uncertain time due to the Covid-19 pandemic?
I think now an excellent time to find American investors and partners and to use that money for innovations. This is because there is so much money sloshing around out there. The crypto world is at a crossroads as the hype phase is over. But, the technology goes forward and we have some real needs. Any technology that supports liquidity (like exchanges and merchant systems) will be highly valued. Marketers need to focus on American investors.
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CloudCoin Consortium helps authenticators be safe and marketable. Their opensource software works for the better management of CloudCoins and takes steps to reduce theft.
Sean Worthington is founder and CEO of CloudCoin, the world’s “Last Digital Currency” and the first currency to obtain perfection based on the “Theory of Perfect Money.” CloudCoin’s patented currency features the fastest payment authorization system in the world and offers 100% percent scalability, built in authentication, full privacy and no fees. With a PhD in computer information systems and over 15 years teaching and learning protocol languages, Sean developed CloudCoin with a mission to overcome flaws in the global currency market. CloudCoin is the most energy efficient, secure, payment system without a blockchain that cannot be counterfeited, double-spent, mined or lost.
