This is a quote from the book "B-Money" by Wei Dai
... senderand encrypted to its receiver.
read full book
In the first protocol, every participant maintains a (seperate) databaseof how much money belongs to each pseudonym. These accounts collectivel
ts collectively define the ownership of money, and how these accounts are updated is the subject of this protocol.
1. The creation of money. Anyone can create money by broadcasting
previously unsolved computational problem. The onlyconditions are that it must be easy to determine how much computing effortit took to solve the problem and the solution must otherwise have no...