The CloudCoin Consortium was created in October 2016 by its founding member Sean Worthington. June of 2016, Mr. Worthington was sitting in his bath listening to the Stephan Molynuex Philosophy program when he realized that monetary systems are physical implementations of information systems and that money is data. If the principles of good data could be applied to money then the a perfect monetary system could be created. Worthington was working on a PhD (Computer Information Systems) dissertation on artificial intelligent object recognition system that could recognize money for vending machines. The system used Worthington's "Magic Neuron" design that required many computes to act like neurons. The data store could be taught and memorize the notes. He understood that he could create a brain in the cloud that could identify millions of individual notes and even be taught to recognize changes.
In August 2017, Worthington minted 16,777,216 CloudCoin notes and registered them with the RAIDA - then in experimental development.
After filing a provisional patent. He set out to create the currency in three phases, the first was to create the RAIDA. The provisional patent was granted (#62354022). Because monetary systems are information systems, Worthington first needed to recruited world-class Systems Administrators throughout the world. This has been completed and System Administrators and Programmers joined the Consortium from countries including Taiwan, Philippines, Japan, India, Serbia, Russia, Germany, UK, Macedonia, Venezuela, Columbia, USA, Serbia, Italy and many more. The proof of concept tests conducted in January 2017 showed conclusively that the CloudCoin Concept works in practice as in theory. The RAIDA was now a permanent data store.
Unfortunately, one of the RAIDA Administrators was found dead at this computer during the proof of concept test. This caused the loss of RAIDA data. However, the system self-repaired just as predicted.
The CloudCoin Consortium's Constitution is still in development but was begun in order to create a system of governance that would last hundreds of years. The Constitution draws on a modern approach to John Locke's philosophies and the Constitution of the United States of America.
The next phase is to develop client software for all platforms. This is hoped to be done by the end of April 2017.
The last phase is to create a decentralized digital exchange and escrow service so that everyone can buy and sell CloudCoins without crazy exchange accounts.
On March 15 2017, sales of CloudCoins began at the price of $.01. A second site selling CloudCoins in India was setup a few weeks later.