Wei dai bitcoin wiki

Satoshi Nakamoto referenced b-money when creating Bitcoin. In his essay, published on the cypherpunks mailing-list in November , 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 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.

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. Myself, Wei Dai, and Hal Finney were the only people I know of who liked the idea or in Dai's case his related idea enough to pursue it to any significant extent until Nakamoto assuming Nakamoto is not really Finney or Dai.

He learned about it afterward and credited me in his paper. So my connection with the project is quite limited. There has been much speculation as to the identity of Satoshi Nakamoto, with suspects including Wei Dai, Nick Szabo , Hal Finney and accompanying denials. From Wikipedia, the free encyclopedia. Peck May 30, The Cryptoanarchists' Answer to Cash". Retrieved 31 August International Association for Cryptologic Research.

Retrieved 16 September University of Maryland, Department of Mathematics. Here's how he describes it". Bitcoin and the ordering machines". Journal of Peer Production 1. Archived from the original on Retrieved 5 December Retrieved 19 May