I email Wei Dai about b-money and electronic cash
2008 Aug 22
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I email Wei Dai about b-money and electronic cash @ Satoshi Nakamoto
- Author
-
Satoshi Nakamoto
- Email
-
satoshinakamotonetwork@proton.me
- Site
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https://satoshinakamoto.network
I have sent an email about b-money to Wei Dai. Adam Back told me
about his b-money paper.
Here is the email:
I was very interested to read your b-money page. I'm getting ready to
release a paper that expands on your ideas into a complete working
system. Adam Back (hashcash.org) noticed the similarities and pointed me
to your site.
I need to find out the year of publication of your b-money page for
the citation in my paper. It'll look like:
[1] W. Dai, "b-money," http://www.weidai.com/bmoney.txt, (2006?).
You can download a pre-release draft at http://www.upload.ae/file/6157/ecash-pdf.html. Feel free
to forward it to anyone else you think would be interested.
Title:
Electronic Cash Without a Trusted Third Party
Abstract: A purely peer-to-peer version of
electronic cash would allow online payments to be sent directly from one
party to another without the burdens of going through a financial
institution. Digital signatures offer part of the solution, but the main
benefits are lost if a trusted party is still required to prevent
double-spending. We propose a solution to the double-spending problem
using a peer-to-peer network. The network timestamps transactions by
hashing them into an ongoing chain of hash-based proof-of-work, forming
a record that cannot be changed without redoing the proof-of-work. The
longest chain not only serves as proof of the sequence of events
witnessed, but proof that it came from the largest pool of CPU power. As
long as honest nodes control the most CPU power on the network, they can
generate the longest chain and outpace any attackers. The network itself
requires minimal structure. Messages are broadcasted on a best effort
basis, and nodes can leave and rejoin the network at will, accepting the
longest proof-of-work chain as proof of what happened while they were
gone.
Satoshi
Wei Dai's reply to me:
Hi Satoshi. b-money was announced on the cypherpunks mailing list in
1998. Here's the archived post:
http://cypherpunks.venona.com/date/1998/11/msg00941.html
There are some discussions of it at
http://cypherpunks.venona.com/date/1998/12/msg00194.html.
Thanks for letting me know about your paper. I'll take a look at it
and let you know if I have any comments or questions.
I email Wei Dai about b-money and electronic cash
2008 Aug 22 See all postsSatoshi Nakamoto
satoshinakamotonetwork@proton.me
https://satoshinakamoto.network
I have sent an email about b-money to Wei Dai. Adam Back told me about his b-money paper.
Here is the email:
I was very interested to read your b-money page. I'm getting ready to release a paper that expands on your ideas into a complete working system. Adam Back (hashcash.org) noticed the similarities and pointed me to your site.
I need to find out the year of publication of your b-money page for the citation in my paper. It'll look like:
[1] W. Dai, "b-money," http://www.weidai.com/bmoney.txt, (2006?).
You can download a pre-release draft at http://www.upload.ae/file/6157/ecash-pdf.html. Feel free to forward it to anyone else you think would be interested.
Title: Electronic Cash Without a Trusted Third Party
Abstract: A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution. Digital signatures offer part of the solution, but the main benefits are lost if a trusted party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as honest nodes control the most CPU power on the network, they can generate the longest chain and outpace any attackers. The network itself requires minimal structure. Messages are broadcasted on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
Satoshi
Wei Dai's reply to me: