Random Bits - The Digital Currency of the 21st Century
- Value embodied in bits (Digital Coins)
- Replaces cryptography-based digital cash
- Security vested in random identity of bits.
- Controlled anonymity
- Dollar linkage control (hard, soft, none)
- Bank-less transactions
Randomat is the random bit digital currency concept at the heart of the ClearBIT Platform. In designing the ClearBIT Platform, our architects refused to store value in a system that resigns to the notion that its assailers are necessarily dumber than its builders. What if the bad guys are smarter than expected? How often have hackers surprised us?.
When any standard cryptography is used for security, then it exhibits vulnerability for a mathematical shortcut. The cryptographic mavens say: "If there were an easy shortcut, we would have discovered it. Since there is no published shortcut in the literature, we may assume that RSA, DES, AES, ECC -- are all safe and secure". "Not good enough" is our response. Not when you propose that banks will stand the risk of bankruptcy, should a hacker come up with a mathematical idea that escaped the community of academic cryptographers.
So we based our design strictly on the unpredictability of a random series. Around this basis we employ a protocol that incorporates cryptography. Albeit, security, integrity, and the protection against bankruptcy are all hinged on strict randomness.
Not Another Virtual Online Currency
Random Bits are NOT an alternative online currency like Beenz or Flooz attempted to become. ClearBIT's random bit currency is completely transparent to merchants and consumers. It enables the ClearBIT Transaction Server to securely transact any denomination of any currency without requiring users to provide any personal information such as account numbers, pins, passwords, etc. Merchants and consumers conveniently interact with the currency of their choice.
Randomat White Paper