KEY POINTS

  • CloudCoin partnered with B4U Financial to make the crypto more accessible globally
  • Its new protocol is considered secure from attacks by quantum computers
  • CloudCoin is ‘greener,’ and takes just microseconds to complete transactions

(Correction: This article has been corrected to show CloudCoin is built on a new protocol called RAIDA, and is not blockchain-based. The error is regretted.)

CloudCoin, a digital currency built using RAIDA, or Redundant Array of Independent Detection Agents, will soon be available in around 40,000 ATM machines across the globe. Some 15,000 of these ATMs would be in the United States, CloudCoin Founder Sean Worthington said in a statement.

The ATM machines, which are owned and operated by B4U Financial, can be used to withdraw cash from the user’s CloudCoin account, while also enabling them to buy and sell the cryptocurrency from the machines itself.

You can have a deeper look into the locations of these ATMs here.

CloudCoin is labeled as “Quantum Safe,” which means the RAIDA protocol on which CloudCoin is built is considered secure against cryptanalytic attacks by a quantum computer. The network has a new approach to ownership identification, which involves authentication and not encryption. 

It is expected that the RAIDA technology will form the foundation of a sound and secure system of financial transactions on a global scale. 

With concerns regarding cryptocurrencies and carbon emissions, institutional investors are looking for alternative currencies and firms to invest in. In comparison to other currencies, CloudCoin is said to be ‘greener,’ as it takes just microseconds to complete a transaction.

The coin can be sent or received through e-mail, Telegram, or any other means. An issue with Bitcoin is that 20% of the supply has been ‘lost’, and to counter this, CloudCoin has found a way to recover lost tokens.

The growing number of crypto-related ATMs enables us to envision a future in which crypto will be integrated into the traditional monetary system. Even giants like Walmart have started hosting Bitcoin ATMs in their stores wherein users can buy, sell, or transfer their Bitcoins.

This file photo taken in December 2020 shows a physical imitation of a Bitcoin at a cryptocurrency "Bitcoin Change" shop in Istanbul This file photo taken in December 2020 shows a physical imitation of a Bitcoin at a cryptocurrency "Bitcoin Change" shop in Istanbul Photo: AFP / Ozan KOSE