B-Money, an Anonymous, Distributed Electronic Cash SystemBy Feb 26, 2019 1 Min Read
Approximately a decade before the creation of Bitcoin, B-Money was proposed by Washington University graduate Wei Dai. Under the constructs of his paper, Dai proposed a medium of exchange that is decentralized and operated by a community rather than any government entity and uses a proof of work protocol for the generation of money. He envisioned that under this model, members of the community would be identified only by digital signatures and transactions be enforced through contracts. Many of the basic concepts outlined in the white paper can be found in many of the modern-day blockchain projects. Thanks to Dai the basic foundation of the blockchain architecture was formed and has sparked the continuous innovations that continue until this day. An interesting fact to note is that the smallest unit of Ether is called a “wei” in honor of the creator of B-money.
Excerpt from B-Money
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