B-money - Revision history

AllEd01: corrected grammar

2022-06-29T20:02:50Z

corrected grammar

← Older revision		Revision as of 20:02, 29 June 2022
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	'''B-money''' was an early proposal created by [[Wei Dai]] for an "anonymous, distributed electronic cash system". [[Satoshi Nakamoto]] referenced b-money when creating [[Bitcoin]]. In his essay, published on the cypherpunks mailing-list in November 1998, Dai proposed two protocols. The first protocol is impractical as it requires a broadcast channel that is unjammable as well being synchronous.		'''B-money''' was an early proposal created by [[Wei Dai]] for an "anonymous, distributed electronic cash system". [[Satoshi Nakamoto]] referenced b-money when creating [[Bitcoin]]. In his essay, published on the cypherpunks mailing-list in November 1998, Dai proposed two protocols. The first protocol is impractical as it requires a broadcast channel that is unjammable as well as being synchronous.

	In the first protocol in the essay, the use of a [[proof of work]] function is ~~proposed~~ as a means of creating money. Dai's B-Money was proposed in the context of cypherpunks mailing-list discussions relating to possible applications of [[Hashcash]], the first symmetric proof-of-work function, which was itself also published on the same mailing-list, the previous year - May 1997. (Like the B-money proposal, bitcoin itself also uses the hashcash cost-function as the proof-of-work during coin minting). In B-Money, money is transferred by broadcasting the transaction to all participants, all of whom keep accounts of all others. Contracts can be made with possible reparation in case of default, with a third party agreeing to be the arbitrator. If there is no agreement, each party broadcasts arguments or evidence in its favor and each of the participants determines the reparations/fines in his accounts for himself.		In the first protocol in the essay, the use of a [[proof of work]] function is recommended as a means of creating money. Dai's B-Money was proposed in the context of cypherpunks mailing-list discussions relating to possible applications of [[Hashcash]], the first symmetric proof-of-work function, which was itself also published on the same mailing-list, the previous year - May 1997. (Like the B-money proposal, bitcoin itself also uses the hashcash cost-function as the proof-of-work during coin minting). In B-Money, money is transferred by broadcasting the transaction to all participants, all of whom keep accounts of all others. Contracts can be made with possible reparation in case of default, with a third party agreeing to be the arbitrator. If there is no agreement, each party broadcasts arguments or evidence in its favor and each of the participants determines the reparations/fines in his accounts for himself.

	The second protocol has only a subset of the participants (the "servers") keeping accounts, which they have to publish, and the participants who do transactions verifying their balances by asking many of them. The participants also verify that the money supply is not being inflated. An amount of money as bail is required to become a server, which is lost if the server is found to be dishonest.		The second protocol has only a subset of the participants (the "servers") keeping accounts, which they have to publish, and the participants who do transactions verifying their balances by asking many of them. The participants also verify that the money supply is not being inflated. An amount of money as bail is required to become a server, which is lost if the server is found to be dishonest.

JonathanCross: Linking Wei Dai and updating into + title of b-money proposal

2016-01-29T16:31:24Z

Linking Wei Dai and updating into + title of b-money proposal

← Older revision		Revision as of 16:31, 29 January 2016
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	~~Wei Dai's~~ '''B-money ~~proposal~~''' ~~is a precursor idea to~~ [[Bitcoin]]. In his essay, published on the cypherpunks mailing-list in November 1998, he proposed two protocols. The first protocol is impractical as it requires a broadcast channel that is unjammable as well being synchronous.		'''B-money''' was an early proposal created by [[Wei Dai]] for an "anonymous, distributed electronic cash system". [[Satoshi Nakamoto]] referenced b-money when creating [[Bitcoin]]. In his essay, published on the cypherpunks mailing-list in November 1998, Dai proposed two protocols. The first protocol is impractical as it requires a broadcast channel that is unjammable as well being synchronous.

	In the first protocol in the essay, the use of a [[proof of work]] function is proposed as a means of creating money. Dai's B-Money was proposed in the context of cypherpunks mailing-list discussions relating to possible applications of [[Hashcash]], the first symmetric proof-of-work function, which was itself also published on the same mailing-list, the previous year - May 1997. (Like the B-money proposal, bitcoin itself also uses the hashcash cost-function as the proof-of-work during coin minting). In B-Money, money is transferred by broadcasting the transaction to all participants, all of whom keep accounts of all others. Contracts can be made with possible reparation in case of default, with a third party agreeing to be the arbitrator. If there is no agreement, each party broadcasts arguments or evidence in its favor and each of the participants determines the reparations/fines in his accounts for himself.		In the first protocol in the essay, the use of a [[proof of work]] function is proposed as a means of creating money. Dai's B-Money was proposed in the context of cypherpunks mailing-list discussions relating to possible applications of [[Hashcash]], the first symmetric proof-of-work function, which was itself also published on the same mailing-list, the previous year - May 1997. (Like the B-money proposal, bitcoin itself also uses the hashcash cost-function as the proof-of-work during coin minting). In B-Money, money is transferred by broadcasting the transaction to all participants, all of whom keep accounts of all others. Contracts can be made with possible reparation in case of default, with a third party agreeing to be the arbitrator. If there is no agreement, each party broadcasts arguments or evidence in its favor and each of the participants determines the reparations/fines in his accounts for himself.
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	==External Links==		==External Links==
	*[http://weidai.com/bmoney.txt B-money ~~proposal~~]		*[http://weidai.com/bmoney.txt b-money, an anonymous, distributed electronic cash system]
	*[http://www.hashcash.org/ hashcash cost-function]		*[http://www.hashcash.org/ hashcash cost-function]
	[[Category:Economics]]		[[Category:Economics]]

Taras: Taras moved page B-money Proposal to B-money

2015-07-15T21:55:09Z

Taras moved page B-money Proposal to B-money

← Older revision		Revision as of 21:55, 15 July 2015
(No difference)

Adam2us: fix url atext

2012-11-30T10:16:08Z

fix url atext

← Older revision		Revision as of 10:16, 30 November 2012
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	==External Links==		==External Links==
	*[http://weidai.com/bmoney.txt B-money proposal]		*[http://weidai.com/bmoney.txt B-money proposal]
	*[http://www.hashcash.org/]		*[http://www.hashcash.org/ hashcash cost-function]
	[[Category:Economics]]		[[Category:Economics]]

Adam2us: reference to b-money use of hashcash, and bitcoin use of hashcash

2012-11-30T10:15:35Z

reference to b-money use of hashcash, and bitcoin use of hashcash

← Older revision		Revision as of 10:15, 30 November 2012
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	Wei Dai's '''B-money proposal''' is ~~the~~ precursor idea to [[Bitcoin]]. In his essay, he ~~proposes~~ two protocols. The first ~~proposal~~ is impractical as it requires a broadcast channel that is unjammable as well being synchronous.		Wei Dai's '''B-money proposal''' is a precursor idea to [[Bitcoin]]. In his essay, published on the cypherpunks mailing-list in November 1998, he proposed two protocols. The first protocol is impractical as it requires a broadcast channel that is unjammable as well being synchronous.

	In the first protocol in the essay, the [[proof of work]] ~~concept~~ is proposed as a means of creating money. Money is transferred by broadcasting the transaction to all participants, all of whom keep accounts of all others. Contracts can be made with possible reparation in case of default, with a third party agreeing to be the arbitrator. If there is no agreement, each party broadcasts arguments or evidence in its favor and each of the participants determines the reparations/fines in his accounts for himself.		In the first protocol in the essay, the use of a [[proof of work]] function is proposed as a means of creating money. Dai's B-Money was proposed in the context of cypherpunks mailing-list discussions relating to possible applications of [[Hashcash]], the first symmetric proof-of-work function, which was itself also published on the same mailing-list, the previous year - May 1997. (Like the B-money proposal, bitcoin itself also uses the hashcash cost-function as the proof-of-work during coin minting). In B-Money, money is transferred by broadcasting the transaction to all participants, all of whom keep accounts of all others. Contracts can be made with possible reparation in case of default, with a third party agreeing to be the arbitrator. If there is no agreement, each party broadcasts arguments or evidence in its favor and each of the participants determines the reparations/fines in his accounts for himself.

	The second protocol has only a subset of the participants (the "servers") keeping accounts, which they have to publish, and the participants who do transactions verifying their balances by asking many of them. The participants also verify that the money supply is not being inflated. An amount of money as bail is required to become a server, which is lost if the server is found to be dishonest.		The second protocol has only a subset of the participants (the "servers") keeping accounts, which they have to publish, and the participants who do transactions verifying their balances by asking many of them. The participants also verify that the money supply is not being inflated. An amount of money as bail is required to become a server, which is lost if the server is found to be dishonest.
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	==External Links==		==External Links==
	*[http://weidai.com/bmoney.txt B-money proposal]		*[http://weidai.com/bmoney.txt B-money proposal]
			*[http://www.hashcash.org/]
	[[Category:Economics]]		[[Category:Economics]]

Prcarter at 21:02, 19 February 2011

2011-02-19T21:02:04Z

← Older revision		Revision as of 21:02, 19 February 2011
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	Wei Dai's '''B-money proposal''' is the precursor idea to [[Bitcoin]]. In his essay, he proposes two ~~protocol~~. The first proposal is ~~impracticable~~ as it requires a broadcast channel that is unjammable as well being synchronous.		Wei Dai's '''B-money proposal''' is the precursor idea to [[Bitcoin]]. In his essay, he proposes two protocols. The first proposal is impractical as it requires a broadcast channel that is unjammable as well being synchronous.

	In the first protocol in the essay, the [[proof of work]] concept is proposed as a means of creating money. Money is transferred by broadcasting the transaction to all participants, all of whom keep accounts of all others. Contracts can be made with possible reparation in case of default, with a third party agreeing to be the arbitrator. If there is no agreement, each party broadcasts arguments or evidence in its favor and each of the participants determines the reparations/fines in his accounts for himself.		In the first protocol in the essay, the [[proof of work]] concept is proposed as a means of creating money. Money is transferred by broadcasting the transaction to all participants, all of whom keep accounts of all others. Contracts can be made with possible reparation in case of default, with a third party agreeing to be the arbitrator. If there is no agreement, each party broadcasts arguments or evidence in its favor and each of the participants determines the reparations/fines in his accounts for himself.

Prcarter at 21:01, 19 February 2011

2011-02-19T21:01:13Z

← Older revision		Revision as of 21:01, 19 February 2011
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	~~{{stub}}~~
	Wei Dai's '''B-money proposal''' is the precursor idea to [[Bitcoin]]. In his essay, he proposes two protocol. The first proposal is impracticable as it requires a broadcast channel that is unjammable as well being synchronous.		Wei Dai's '''B-money proposal''' is the precursor idea to [[Bitcoin]]. In his essay, he proposes two protocol. The first proposal is impracticable as it requires a broadcast channel that is unjammable as well being synchronous.

			In the first protocol in the essay, the [[proof of work]] concept is proposed as a means of creating money. Money is transferred by broadcasting the transaction to all participants, all of whom keep accounts of all others. Contracts can be made with possible reparation in case of default, with a third party agreeing to be the arbitrator. If there is no agreement, each party broadcasts arguments or evidence in its favor and each of the participants determines the reparations/fines in his accounts for himself.

			The second protocol has only a subset of the participants (the "servers") keeping accounts, which they have to publish, and the participants who do transactions verifying their balances by asking many of them. The participants also verify that the money supply is not being inflated. An amount of money as bail is required to become a server, which is lost if the server is found to be dishonest.

			An alternate method of creating money is proposed, via an auction where participants bid on the solution of computational problems of known complexity.

	==External Links==		==External Links==

	*[http://weidai.com/bmoney.txt B-money proposal]		*[http://weidai.com/bmoney.txt B-money proposal]
	[[Category:Economics]]		[[Category:Economics]]

Sgornick: /* Links */ Change Links to External Links, doing a global search and manual replace for consistency across this wiki.

2011-01-15T04:24:21Z

Links: Change Links to External Links, doing a global search and manual replace for consistency across this wiki.

← Older revision		Revision as of 04:24, 15 January 2011
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	{{stub}}		{{stub}}
	Wei Dai's '''B-money proposal''' is the precursor idea to [[Bitcoin]]. In his essay, he proposes two protocol. The first proposal is impracticable as it requires a broadcast channel that is unjammable as well being synchronous.		Wei Dai's '''B-money proposal''' is the precursor idea to [[Bitcoin]]. In his essay, he proposes two protocol. The first proposal is impracticable as it requires a broadcast channel that is unjammable as well being synchronous.
	==Links==		==External Links==

	*[http://weidai.com/bmoney.txt B-money proposal]		*[http://weidai.com/bmoney.txt B-money proposal]
	[[Category:Economics]]		[[Category:Economics]]

Sgornick: spelling.

2010-12-31T01:47:12Z

spelling.

← Older revision		Revision as of 01:47, 31 December 2010
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	{{stub}}		{{stub}}
	Wei Dai's '''B-money proposal''' is the precursor idea to [[Bitcoin]]. In his ~~easy~~, he ~~propose~~ two protocol. The first proposal is impracticable as it ~~require~~ a broadcast channel that is unjammable as well being synchronous.		Wei Dai's '''B-money proposal''' is the precursor idea to [[Bitcoin]]. In his essay, he proposes two protocol. The first proposal is impracticable as it requires a broadcast channel that is unjammable as well being synchronous.
	==Links==		==Links==
	*[http://weidai.com/bmoney.txt B-money proposal]		*[http://weidai.com/bmoney.txt B-money proposal]
	[[Category:Economics]]		[[Category:Economics]]

Kiba at 03:42, 19 December 2010

2010-12-19T03:42:16Z

← Older revision		Revision as of 03:42, 19 December 2010
Line 1:		Line 1:
	{{stub}}		{{stub}}
	Wei Dai's '''B-money proposal''' is the precursor idea to [[Bitcoin]]. In his easy, he propose two protocol. The first proposal is ~~impractable~~ as it require a broadcast channel that is unjammable as well being synchronous.		Wei Dai's '''B-money proposal''' is the precursor idea to [[Bitcoin]]. In his easy, he propose two protocol. The first proposal is impracticable as it require a broadcast channel that is unjammable as well being synchronous.
	==Links==		==Links==
	*[http://weidai.com/bmoney.txt B-money proposal]		*[http://weidai.com/bmoney.txt B-money proposal]
	[[Category:Economics]]		[[Category:Economics]]