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Digital currency has been around of many years now. It actually all started with Dr. David Chaum in 1982 with the publication of his paper ‘Untraceable Electronic Mail, Return Addresses, and Digital Pseudonyms’. This is an excerpt from the paper’s abstract: “A technique based on public key cryptography is presented that allows an electronic mail system to hide who a participant communicates with as well as the content of the communication – in spite of an unsecured underlying telecommunication system. The technique does not require a universally trusted authority.” (Chaum, 1982) These are the elements we recognize in the abstract:

  • Public key cryptography
  • Hide who a participant communicates with as well as the content
  • Universally trusted authority is not required

These elements can also be found in cryptocurrencies today, such as Bitcoin and Litecoin. So we can conclude that Chaum has laid the groundwork for digital currencies. Continue reading Cryptocurrencies: A Brief History and Recent (Legal) Developments