This is a quote from the book "B-Money" by Wei Dai
...n of its participants,and efficient cooperation requires a medium of exchange (money) and a wayto enforce contracts. Traditionally these services have been provided bythe government or governmen
t sponsored institutions and only to legalentities. In this article I describe a protocol by which these servicescan be provided to and by untraceable entities.
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I will actually desc
ribe two protocols. The first one is impractical,because it makes heavy use of a synchronous and unjammable anonymousbroadcast channel. However it will motivate the second, more practicalprotoco...