Virtual Interactive Technologies Corp. announced they have entered into a Memorandum of Understanding on a Joint Venture with CloudCoin Consortium SV (CloudCoin). Virtual Interactive Technologies and CloudCoin Consortium SV will form a Joint Venture based upon a marketing and co-branding relationship utilizing the unique patented privacy features of CloudCoin as a means of payment and a reward system for players of VRVR's interactive games portfolio.

CloudCoin is based on a new counterfeit detection technology called the “RAIDA” (Redundant Array of Independent Detection Agents). Instead of having a public ledger that tracks all transactions, CloudCoin simply checks to see if the coins are authentic. The goal of CloudCoin is very simple: To be the best currency in the world.

CloudCoins were developed based on a new “Theory of Perfect Money” that spells out confidentiality, efficiency, availability and integrity.