This is a quote from the book "B-Money" by Wei Dai
...one in the first protocol, or the servers in the secondprotocol) instead decide and agree on the amount of b-money to be createdeach period, with the cost of creating that money determined by an auction. Each money creation period is divided up into four phases, asfollows:

1. Planning. The account keepers compute and negotiate with each other todetermine an optimal increase
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...
read full book block explorer