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Author Topic: [History] Wei Dai's B-Money  (Read 522 times)
AdoboCandies (OP)
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June 18, 2020, 04:43:08 PM
Merited by DdmrDdmr (3), dkbit98 (3), OgNasty (2), Lucius (1), OcTradism (1)
 #1

I like reading about the greatest contributors to cryptography and also, searching and finding the accounts of the people who have contributions in the cryptocurrency especially Bitcoin, and upon searching, I came across on the account of Wei Dai. and it interests me on what his contributions are.
So here are some little background about B-money and small biography oh Wei Dai.



Wei Dai
-According to different sources, Wei Dai graduated from the University of Washington, having a degree in computer science but other sources says he's a software engineer. He worked in the Cryptography Research Group at Microsoft Corporation in Redmond, Washington. Wei Dai was a member of Cypherpunks, Extropians, and SL4 mailing lists in the 1990s. He is widely known for his different contributions to cryptography. He developed programs such as: (you can see all of his contributions and programs at his website)
  • Crypto++ cryptographic library
  • B-money
  • Cryptocurrency System
  • Co-proposed the VMAC message authentication algorithm.
-Wei Dai also listed as an inventor on U.S. patents 5724279 and 6081598 which were assigned to Microsoft.
  • 5724279-Computer-implemented method and computer for performing modular reduction
  • 6081598-Cryptographic system and method with fast decryption

Here is Wei Dai's Bitcointalk account:
https://bitcointalk.org/index.php?action=profile;u=1954
Website:
http://www.weidai.com/
Lesswrong Account:
https://www.lesswrong.com/users/wei_dai

B-Money
-B-money is simply and anonymous distributer digital currency or electronic cash system through computer network trade with each other that is verified with SHA-1 hash functions. In 1998, Dai helped to spark interest in cryptocurrencies with the publication of the B-Money white paper, In the paper, Dai outlines the basic properties of all modern-day cryptocurrency systems:
-The white paper proposes an alternative money creation that is divided into four phases:
  • Planning
  • Bidding
  • Computation
  • Money Creation
-"Wei Dai outlined his version of a crypto-anarchist dream for a community where violence would not be possible due to the fact that the physical locations and real identities of people would be obscured from public knowledge. Due to the lack of violence, Dai believed there would be no need for governments and the institution would become permanently unnecessary. However, Dai recognized that for his dream to become a reality, a community that could communicate and transact in a peer-to-peer way would have to be created."
-Wei Dai was the author of B-money, in which the protocols of B-Money which Bitcoin was based on. The concept of proof-of-work, the broadcast and signing of transactions as well as the decentralized ledger come from B-money.
-The incentivization of currency creators through the mining process, as is seen in bitcoin, is also based on Dai’s proposal. It is important to note that Dai’s paper on b-money was cited as a reference by bitcoin’s pseudonymous creator Satoshi Nakamoto.

Quote
From: "Satoshi Nakamoto" <satoshi@anonymousspeech.com>
Sent: Friday, August 22, 2008 4:38 PM
To: "Wei Dai" <weidai@ibiblio.org>
Cc: "Satoshi Nakamoto" <satoshi@anonymousspeech.com>
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.

https://bitcoin.org/bitcoin.pdf
http://www.weidai.com/bmoney.txt


Trivia:
Wei was named after Wei Dai which is the smallest denomination of ether.
1 Ether = 1,000,000,000,000,000,000 Wei (10^18)


-Wei Dai is Satoshi? what do you think.

Sources
https://en.wikipedia.org/wiki/Wei_Dai
https://en.bitcoin.it/wiki/Wei_Dai
https://patents.google.com/patent/US5724279A/en
https://patents.google.com/patent/US6081598A/en
https://www.gwern.net/docs/bitcoin/2008-nakamoto
https://btcmanager.com/the-history-of-bitcoin-part-3-what-is-b-money/
https://www.investopedia.com/terms/w/wei.asp
https://btcmanager.com/the-history-of-bitcoin-part-3-what-is-b-money/
http://crypto.marketswiki.com/index.php?title=Wei_Dai
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June 18, 2020, 05:28:59 PM
Merited by AdoboCandies (1)
 #2

Is Wei Dai the mysterious Satoshi Nakamoto? Why don't we ask Adam Back? Oh wait, Adam Back is Satoshi too and he is only talking to his other two personalities. Too bad CSW ain't part of the conversation hehehe.

https://news.bitcoin.com/many-facts-wei-dai-being-satoshi/
https://news.bitcoin.com/the-many-facts-pointing-to-adam-back-being-satoshi/
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June 19, 2020, 08:49:34 AM
 #3

Nice article OP  Smiley
I remember looking at Wei Dai as a possible Satoshi a few years back . He’s definitely an interesting character, but imho opinion he’s not Satoshi. Strangely though, there doesn’t seem to be any 100% confirmed pictures/photos of him on the web when I searched ? Anyone found a genuine photo ?
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June 19, 2020, 01:15:44 PM
Merited by AdoboCandies (1)
 #4

Nice article OP  Smiley
I remember looking at Wei Dai as a possible Satoshi a few years back . He’s definitely an interesting character, but imho opinion he’s not Satoshi. Strangely though, there doesn’t seem to be any 100% confirmed pictures/photos of him on the web when I searched ? Anyone found a genuine photo ?
Wei Dai's last login date is on June 16, 2017
satoshi's last login date is on December 13, 2010

At least we see Wei Dai was more lately around the forum, 7 years later than satoshi. The creation date of Wei Dai is on October 20, 2010, about one month before the last active date of satoshi. Is it a preparation of satoshi?  Huh

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June 19, 2020, 04:37:01 PM
Last edit: June 19, 2020, 07:49:34 PM by AdoboCandies
 #5

Wei Dai's last login date is on June 16, 2017
satoshi's last login date is on December 13, 2010

At least we see Wei Dai was more lately around the forum, 7 years later than satoshi. The creation date of Wei Dai is on October 20, 2010, about one month before the last active date of satoshi. Is it a preparation of satoshi?  Huh

-There are also discussions on Martti Malmi being Satoshi Nakamoto, Martti Malmi was the second registered member here in Bitcointalk, I saw his profile
Sirius and recognized as the co-creator of this forum, it's said that Malmi emailed Satoshi offering his help in Bitcoin. Their interaction is very fun to read you can read the source here:
https://www.theverge.com/2015/6/10/8751933/the-shy-college-student-who-helped-build-bitcoin-into-a-global
-That's a crazy lengthy and calculated preparation to hide someone's identity if it's Wei Dai or Martti Malmi, But I guess they definitely know the identity of Satoshi Nakamoto.

Google can be interesting sometimes
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September 15, 2021, 06:29:26 AM
 #6

Now is the time to honor the people who have taken important steps in the crypto world.

Behind the power of today's cryptocurrencies, including Bitcoin, there are many scientific and social steps taken by great people. Wei Dai's B-money is cited as the first reference in Bitcoin's whitepaper.  One of the most important milestones in blockchain history. Defined as an Anonymous Distributed Electronic Cash System ten years earlier than bitcoin. B-MONEY CC is the first digital adaptation of the Mint's Commemorative Coin. The first cryptocurrency of the B-money DAO is B-MONEY. The DAO and pioneer Memento CC take their names from Wei Dai's 1998 b-money project which inspired Satoshi Nakamoto while creating Bitcoin and the blockchain in use today. The DAO honors and rewards people -known to have played an important role in historical events- for their contributions. Every Memento CC is based on a historical fact and allocates a stake to the person behind the event or to their relatives. We started with the B-Money project to remember the project most likely to inspire Satoshi Nakamoto to build the blockchain behind Bitcoin.
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