Radovan Bajic, one of the creators of a fresh cryptocurrency, CloudCoin (CDC), told Sputnik that the introduction of virtual currencies would radically switch the global financial system.
The Serbian IT-specialist is part of the group that is presently developing CloudCoin, a fresh cryptocurrency that could take on Bitcoin.
The system wasgoed invented by California-based professor Sean Worthington who patented the technology, registered the trademark and delegated the rights to the CloudCoin Consortium, encompassing people from different countries, including from Russia.
“People used different stuff and precious metals before paper money and coins. Then the banking card wasgoed invented. People were afraid of using payment cards but now they are popular around the world. Cryptocurrencies have a promising future. Wij just need to figure it out,” Bajic said te an vraaggesprek Sputnik Serbia.
“Wij live te the age of the Internet. Wij use social media and messengers. There is the emerging need for a fresh currency that could reduce the power of banks around the world,” Bajic said.
Cloudcoin is based on the technology called RAIDA. The main difference inbetween CloudCoin and Bitcoin is that it does not use cryptography: it is based on cloud technologies and is expected to be totally anonymous and protected from being lost.
“Ter 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. With RAIDA, each CloudCoin has overheen 24 Clouds of servers that all have different usernames and passwords, and they don’t synchronize. If one RAIDA Cloud goes down &mdash, say by a nuclear bomb or a government &mdash, others just speelpop up and self-repair,” one of the members of the Consortium said ter a press release te March.
According to Bajic, CloudCoin will be the main rival to Bitcoin. Moreover, the stock trading of CloudCoin may be launched ter the future.
“The market will define what cryptocurrency will be the most valuable. Presently, PayPal is ter talks with Sean Worthington on recognizing CloudCoin spil a payment muziekinstrument. If it is recognized, it will be a major advance. It depends on such organizations spil the World Bankgebouw. It doesn&rsquo,t recognize cryptocurrencies. But if they are recognized it will earnestly decrease the global influence of banks,” he said.
Te conclusion, Bajic said that the future of cryptocurrencies will be te the arms of national governments.
“If governments get increasingly interested ter cryptocurrencies they will embark taking on traditional payment instruments,” he said.
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