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Reusable Proofs of Work by Hal Finney rpow.net
Hal Finney has an interesting technology for electronic money.
The intended application is electronic postage, an anti spam
measure.
The same technique could be used to anonymously transfer
certificates of possession of gold.
The method is like trusted computing in reverse. Instead of
the client computer needing to prove to the server it is
trustworthy, the server must prove to the client it is
trustworthy.
For transactions that involve substantially greater periods
than email, a money based on gold is better than a money based
on proofs of computational work, since the cost of mining gold
changes only slowly, while the cost of doing computations
diminshes rapidly, but for the intended application, a high
inflation rate is not a problem.
--digsig
James A. Donald
6YeGpsZR+nOTh/cGwvITnSR3TdzclVpR0+pr3YYQdkG
qaxLVMrKlZJuFzjYAxmdhu7F4wsAds1g0b9s1d2G
4fcchBYWopL00KqdJyRYp/27QCChV9H4oizZtSKGc
s
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R. A. Hettinga