This is a quote from the book "B-Money" by Wei Dai
...t the figures.
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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
ones who placed bids in thebidding phase may now solve the problems in their bids and broadcast thesolutions.
4. Money creation. Each account keeper accepts the highest bids (amongt...