This is a quote from the book "B-Money" by Wei Dai
...auction. Each money creation period is divided up into four phases, asfollows:
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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
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...