What is the difference between digital money and cryptocurrencies?
Cryptocurrencies are a form of digital money, but what we normally understand as digital money is represented in fiat currency. For instance, prepaid cards, virtual credit cards and other forms of digital money are simply fiat money deposited into some account under a traditional banking institution. Parents, for instance, can load up their children’s cards […]
Who is Adam Back?
In today’s Who’s Who section of Crypto.BI, we introduce Adam Back, a cryptographer from Great Britain who created HashCash, one of the most fundamental pieces of the Bitcoin software system. Back obtained a Computer Science PhD degree from University of Exeter in the Distributed Systems research field. Invention of HashCash HashCash was an idea Adam […]
HashCash is an early Proof of Work (PoW) system developed by Adam Back. Its initial purpose was to fight email spam, but HashCash ended up becoming a central component of the Bitcoin consensus mechanism.