swick on Nostr: #Chaumian Ecash, invented by David Chaum in 1982, was a precursor to Bitcoin and ...
#Chaumian Ecash, invented by David Chaum in 1982, was a precursor to Bitcoin and online payments. It allowed for anonymous payments on a bank account, foreseeing the future of online transactions and the need for privacy. The concept of blind signatures was central to #Ecash, where a signature is given without seeing the document, but can be verified later. While Ecash failed to gain traction due to operational problems and the need for cooperation with banks, Bitcoin later solved the problem of a centralized server and became the base currency for the internet. Recent projects like #Fedimint and #Cashu are reviving the idea of Ecash on the Bitcoin ecosystem, offering custodial systems with increased privacy and efficiency.
https://www.youtube.com/watch?v=cit4-edRl70Published at
2024-05-10 09:53:31Event JSON
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"content": "#Chaumian Ecash, invented by David Chaum in 1982, was a precursor to Bitcoin and online payments. It allowed for anonymous payments on a bank account, foreseeing the future of online transactions and the need for privacy. The concept of blind signatures was central to #Ecash, where a signature is given without seeing the document, but can be verified later. While Ecash failed to gain traction due to operational problems and the need for cooperation with banks, Bitcoin later solved the problem of a centralized server and became the base currency for the internet. Recent projects like #Fedimint and #Cashu are reviving the idea of Ecash on the Bitcoin ecosystem, offering custodial systems with increased privacy and efficiency. https://www.youtube.com/watch?v=cit4-edRl70",
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