-- 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 --- You are currently subscribed to e-gold-list as: rah@shipwright.com To unsubscribe send a blank email to leave-e-gold-list-507998N@talk.e-gold.com Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses. --- end forwarded text -- ----------------- R. A. Hettinga <mailto: rah@ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'