What is the first #crypto coin invented / released /…
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What is the first #crypto coin invented / released / traded ?
everyone will say #BTC ... no ... WRONG . Bitcoin is not the first cryptocurrency.
DigiCash was founded in 1983 and eCash become the first fully electronic money, in 1993. First decentralised and cryptographic digital money by the american cryptographer David Schaum.
Focused on privacy, he laid the groundwork of a new concept, the so-called public key encryption ("Blind signatures for untraceable #payments "). [1]
Chaum developed a so-called "blinding formula" to be used to encrypt information passed between individuals.
"Blinded Cash" could thus be safely transferred between individuals, bearing a signature of authenticity and the ability to be modified without traceability.[2]
eCash was arguably the first cryptographic electronic money. After facing pressure from central banks, DigiCash made an agreement that its eCash product would only be sold to banks.
The first bank to deal with it was the "Mark Twain Bank " in St. Louis, Missouri -USA (1995-1998).
The bank acted as the primary issuer for the digital cash system ... allowing users to withdraw digital "coins" from their accounts and spend them with participating merchants without revealing their personal identities [AI research output ] ... ( very familiar concept today) .
Although he struck deals with big names like Deutsche Bank, the newly created alternative money system lacked traction and some promising deals were turned down, like the one with Bill Gates, which aimed to incorporate eCash in every copy of Windows 95. [1] .
At one point Microsoft offered Chaum $180 million to put DigiCash on every Windows PC. But Chaum said that it was not enough money, and the deal fell through. [3]
In the end it was a plethora of problems that lead to the eventual demise of DigiCash and their revolutionary eCash . Eventually they had to declare bankruptcy
in 1998. [1]
The ideas the company put forward and some of its formulas and encryption tools played an important role in developing later digital currencies. [2]
Few other #cryptocurrency projects (B-money , E-gold , Bit-gold, Hash-cash ... ) didn't succeed for almost the same reasons , dominance of traditional bank system , lack of adopters, electronic commerce was at its beginnings, and of course legal things were popping like popcorn to prevent such revolution ... like today. those projects were the fuel for bitcoin and earlier modern crypto projects and made it easier to see the light.
last verdict :
BTC is not the first cryptocurrency. 🫤
dig and you will find more interesting info like satoshi nakamoto who said he had nothing to do with BTC (need to find the video, lost it)
#learn #history #finance
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sources :
1- https://ec.europa.eu/newsroom/cef/items/658303
2- https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/#toc-ecashthe-first-cryptocurrency
3- https://bitcoinmagazine.com/business/quick-history-cryptocurrencies-bbtc-bitcoin-1397682630#:~:text=The%20private%20compromise%20that%20they,Digicash%20ran%20out%20of%20money .
4- gif : https://tenor.com/view/%D0%B0-%D1%87%D0%B5-%D1%82%D0%B0%D0%BA-%D0%BD%D0%B0%D0%B4%D0%BE-%D0%B1%D1%8B%D0%BB%D0%BE-gif-27234670
everyone will say #BTC ... no ... WRONG . Bitcoin is not the first cryptocurrency.
DigiCash was founded in 1983 and eCash become the first fully electronic money, in 1993. First decentralised and cryptographic digital money by the american cryptographer David Schaum.
Focused on privacy, he laid the groundwork of a new concept, the so-called public key encryption ("Blind signatures for untraceable #payments "). [1]
Chaum developed a so-called "blinding formula" to be used to encrypt information passed between individuals.
"Blinded Cash" could thus be safely transferred between individuals, bearing a signature of authenticity and the ability to be modified without traceability.[2]
eCash was arguably the first cryptographic electronic money. After facing pressure from central banks, DigiCash made an agreement that its eCash product would only be sold to banks.
The first bank to deal with it was the "Mark Twain Bank " in St. Louis, Missouri -USA (1995-1998).
The bank acted as the primary issuer for the digital cash system ... allowing users to withdraw digital "coins" from their accounts and spend them with participating merchants without revealing their personal identities [AI research output ] ... ( very familiar concept today) .
Although he struck deals with big names like Deutsche Bank, the newly created alternative money system lacked traction and some promising deals were turned down, like the one with Bill Gates, which aimed to incorporate eCash in every copy of Windows 95. [1] .
At one point Microsoft offered Chaum $180 million to put DigiCash on every Windows PC. But Chaum said that it was not enough money, and the deal fell through. [3]
In the end it was a plethora of problems that lead to the eventual demise of DigiCash and their revolutionary eCash . Eventually they had to declare bankruptcy
in 1998. [1]
The ideas the company put forward and some of its formulas and encryption tools played an important role in developing later digital currencies. [2]
Few other #cryptocurrency projects (B-money , E-gold , Bit-gold, Hash-cash ... ) didn't succeed for almost the same reasons , dominance of traditional bank system , lack of adopters, electronic commerce was at its beginnings, and of course legal things were popping like popcorn to prevent such revolution ... like today. those projects were the fuel for bitcoin and earlier modern crypto projects and made it easier to see the light.
last verdict :
BTC is not the first cryptocurrency. 🫤
dig and you will find more interesting info like satoshi nakamoto who said he had nothing to do with BTC (need to find the video, lost it)
#learn #history #finance
------------
sources :
1- https://ec.europa.eu/newsroom/cef/items/658303
2- https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/#toc-ecashthe-first-cryptocurrency
3- https://bitcoinmagazine.com/business/quick-history-cryptocurrencies-bbtc-bitcoin-1397682630#:~:text=The%20private%20compromise%20that%20they,Digicash%20ran%20out%20of%20money .
4- gif : https://tenor.com/view/%D0%B0-%D1%87%D0%B5-%D1%82%D0%B0%D0%BA-%D0%BD%D0%B0%D0%B4%D0%BE-%D0%B1%D1%8B%D0%BB%D0%BE-gif-27234670
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Mmmm not into crypto anyways, but i do appreciate the fact that it exist in this electronics era. However, what you can't hold in real life, can able to deceived you as you don't hold them directly, and exclusively. Any in-evitable circumstances can either put you into an un-relentless pursuit of digging and aiming something, that is totally different from reality. Maybe just a room of it can help you grow but being a full time make your presence, becomes delusional from the real world.
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Gm 😼
I agree with you on it.
At least for the financial part.
Crypto world goes beyond cryptocurrency and money, it's mostly about anonymity and "secrets" regarding informations (data in general) Wich is the real part of it.
Dealing with coins is an addiction , bittersweet reality, the crypto fever.. became like the gold fever .
(Waiting for the horse kick is real though 😁)
I agree with you on it.
At least for the financial part.
Crypto world goes beyond cryptocurrency and money, it's mostly about anonymity and "secrets" regarding informations (data in general) Wich is the real part of it.
Dealing with coins is an addiction , bittersweet reality, the crypto fever.. became like the gold fever .
(Waiting for the horse kick is real though 😁)
True! DigiCash and David Chaum pioneered early digital cash concepts like eCash long before Bitcoin. But Bitcoin was the first to solve decentralization at scale without a trusted issuer, which is why it’s still seen as the first successful cryptocurrency.
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slt sylvie, glad you took time to read it, thank you .
i suppose you are talking about the byzantine mathematical thing.
as i searched a lot about it , the byzantine fault tolerance (BFT), and as i found everywhere that "bitcoin" brought it ... i can't swallow it lol
trying to understand why among many cryptocurrencies created at the beginning of cryto era, BTC got such big hype and skyrocket price. why just BTC.
why ETH didn't fly higher with the smart contracts + Dapps + DeFi + ERC standards ... ?!
when you ask about cryptocoin price, you hear utility , scarcity, tokenomics... lately they added legal status to the cocktail.
don't want you to stuck in my ideas labyrinth lol , i'll stop here and just say there's a secret behind it... a key
i suppose you are talking about the byzantine mathematical thing.
as i searched a lot about it , the byzantine fault tolerance (BFT), and as i found everywhere that "bitcoin" brought it ... i can't swallow it lol
trying to understand why among many cryptocurrencies created at the beginning of cryto era, BTC got such big hype and skyrocket price. why just BTC.
why ETH didn't fly higher with the smart contracts + Dapps + DeFi + ERC standards ... ?!
when you ask about cryptocoin price, you hear utility , scarcity, tokenomics... lately they added legal status to the cocktail.
don't want you to stuck in my ideas labyrinth lol , i'll stop here and just say there's a secret behind it... a key
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