This is a quote from the book "B-Money" by Wei Dai
... in the money supply for the next period. Whether or not the account keepers can reach a consensus, they eachbroadcast their money creation quota and any macroeconomic calculationsdone to suppor t the figures.

2. Bidding. Anyone who wants to create b-money broadcasts a bid in theform of where x is the amount of b-money he wants to create, and yis an unsolved problem
from a predetermined problem class. Each problem inthis class should have a nominal cost (in MIPS-years say) which ispublicly agreed on.

3. Computation. After seeing the bids, the ...
read full book block explorer