Experiment Design Building on the hypothesis that the essential attribute of money is that it cannot be counterfeited, a process was developed and implemented to provide for the detection of counterfeits. Assuming the hypothesis “money is data” is true, a monetary system was designed to give its money integrity in the same way that a database would be designed to give its data integrity. To achieve the general goal of data integrity, a redundant and robust system of clouds governed by a consortium of independent multinational organizations was designed. The end result is called RAIDA. It should be noted that a patent was filed for Cloud-Based authentication systems, a “CloudCoin Consortium” was created and a digital currency was minted and deployed in the RAIDA.
Simple Explanation Of How The Currency Works I have a JPEG image with twenty-five random GUIDs(Globally Unique Identifiers) embedded in it that only I know. We call this JPEG a CloudCoin. Each RAIDA cloud knows one of the twenty-five GUIDs. I can prove to you that I am the owner by authenticating the GUIDs in parallel with the RAIDA using simple free open-source software made by the Consortium. If I want to buy something from you, I will give you the JPEG image and now we both know the secret numbers. Anyone who knows the secret numbers can change them by contacting the RAIDA. Now you can use the secret numbers to change them to your own secret numbers. Now, you are the owner of the CloudCoin, and I no longer know the numbers registered in the RAIDA. Stuff and yet they are all used as money, and all of them are valuable. Monetary systems made of gold, paper money, and Bitcoin are very difficult to counterfeit but IT IS not impossible. Gold can be mined and minted into duplicate coins. Paper money can be printed by expert counterfeiters and by a treasury itself, Bitcoins can be “mined” by solving puzzles. However, “perfect money” cannot be counterfeited.
Components Of The Cloud Currency The three major components of the system are the e-Mint, CloudCoin, and the RAIDA.
e-Mint: The entity that creates the CloudCoin, disperses it to the initial owners and registers them in the RAIDA. After the minting process is complete, the e-Mint is destroyed along with any resulting data. After minting, the amount of money in the system will not increase nor decrease.
CloudCoin: JPEG images used as electronic money that contain codes that prevent them from being counterfeited. The codes include:
RAIDA: SN (Serial Number): A 32-bit number displayed in dot-decimal like an IP address (e.g. 126.96.36.199). the SN is used to determine the denomination of the money and help the RAIDA cloud store and protect it. The first octet of the SN is the network address and shows which RAIDA the CloudCoin belongs to. There is now only one RAIDA. However, should CloudCoin become too valuable, the networks are to be doubled/replicated so that all owners will have twice the money they had before. This doubling can occur as many as eight times, each time adding more fault tolerance to the system. The second octet is the subnet. This allows users and software to identify the denomination of the currency and take measures to protect more valuable currencies. The last two octets are the address. The length of the address fixes the exact number of monetary units in the system.
ANs (Authenticity Numbers): Randomly generated binary numbers 16 bytes in length only known to the owner of the currency and the disparate RAIDA Clouds. There are 25 ANs, one for each primary RAIDA Cloud. Parity information is calculated based on these ANs to be stored by the RAIDA Parity Clouds.
Denomination: There is a fixed amount of each denomination of currency in the system. These denominations correspond to the subnet portion of the SN. For more information about CloudCoin, go to CloudCoin’s official website.