This is a quote from the book "B-Money" by Wei Dai
...ribe two protocols. The first one is impractical,because it makes heavy use of a synchronous and unjammable anonymousbroadcast channel. However it will motivate the second, more practicalprotoco al protocol. In both cases I will assume the existence of an untraceable network, where senders and receivers are identified only by digital pseudonyms (i.e. public keys) and every messages is s senderand encrypted to its receiver.

In the first protocol, every participant maintains a (seperate) databaseof how much money belongs to each pseudonym. These accounts collectivel...
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