diff --git a/docs/emails/wei-dai/1.md b/docs/emails/wei-dai/1.md index 795585f..1d983e4 100644 --- a/docs/emails/wei-dai/1.md +++ b/docs/emails/wei-dai/1.md @@ -5,3 +5,47 @@ grand_parent: Emails parent: Wei Dai nav_order: 1 --- + +# Citation of your b-money page + +``` +From: "Satoshi Nakamoto" +Sent: Friday, August 22, 2008 4:38 PM +To: "Wei Dai" +Cc: "Satoshi Nakamoto" +Subject: Citation of your b-money page + +I was very interested to read your b-money page. I'm getting ready to +release a paper that expands on your ideas into a complete working system. +Adam Back (hashcash.org) noticed the similarities and pointed me to your +site. + +I need to find out the year of publication of your b-money page for the +citation in my paper. It'll look like: +[1] W. Dai, "b-money," http://www.weidai.com/bmoney.txt, (2006?). + +You can download a pre-release draft at +http://www.upload.ae/file/6157/ecash-pdf.html Feel free to forward it to +anyone else you think would be interested. + +Title: Electronic Cash Without a Trusted Third Party + +Abstract: A purely peer-to-peer version of electronic cash would allow +online payments to be sent directly from one party to another without the +burdens of going through a financial institution. Digital signatures +offer part of the solution, but the main benefits are lost if a trusted +party is still required to prevent double-spending. We propose a solution +to the double-spending problem using a peer-to-peer network. The network +timestamps transactions by hashing them into an ongoing chain of +hash-based proof-of-work, forming a record that cannot be changed without +redoing the proof-of-work. The longest chain not only serves as proof of +the sequence of events witnessed, but proof that it came from the largest +pool of CPU power. As long as honest nodes control the most CPU power on +the network, they can generate the longest chain and outpace any +attackers. The network itself requires minimal structure. Messages are +broadcasted on a best effort basis, and nodes can leave and rejoin the +network at will, accepting the longest proof-of-work chain as proof of +what happened while they were gone. + +Satoshi +```