The primary reason for his recommendation is the proposal of a b-money and Bitcoin Cash, which will offer numerous opportunities to fund the development of necessary applications and other artifacts on top of the bitcoin cash blockchain.
What Is B-Money?
b-money was intended to be an anonymous, distributed Electronic Machine system. In this way, it endeavored to provide many of the same services and features that contemporary crypto currencies today do as well.
Although digital currencies have risen to new levels of prominence around the world in the last several years, it’s important to remember that crypto has a history dating back decades. While the oldest of the current generation of virtual tokens is Bit coin (BTC), there were many important predecessors to Bitcoin. B-money was one of these early, proposed crypto currencies. B-money was never officially launched.
Understanding B-Money
Concept for b-money included a number of specific features that have become common to crypto currencies today, including the requirement for computational work in order to facilitate the digital currency, the stipulation that this work must be verified by the community in a collective ledger, and rewarding workers for their input. To ensure that transactions remained organized, scientist wai Dai proposed that collective bookkeeping would be necessary, with cryptographic protocols helping to authenticate transactions. This proposal is very similar to present-day block chain technology. Further, Dai suggested the use of digital signatures, or public keys, for authentication of transactions and enforcement of contracts.
Concept for b-money included two proposals. The first was seen as largely impractical and relied on a proof-of-work (PoW) function in order to generate b-money. The second proposal more closely predicts the structure of many modern-day block chain systems.
Goals of B-Money
Scientist dreamed of a community where there would be little to no violence because the physical locations and real identities of people would be obscured from public knowledge. Because there would be no violence, this community would have no need for a government.
However, some people knew that in order for the institution of government to become permanently unnecessary, a community would need to communicate and transact in a peer-to-peer way. people said, "Until now it’s not clear, even theoretically, how such a community could operate. A community is defined by the cooperation of its participants, and efficient cooperation requires a medium of exchange (money) and a way to enforce contracts. Traditionally these services have been provided by the government or government-sponsored institutions and only to legal entities."
B-money's protocol was conceived of in such a way that it could preserve the privacy of all participants while still acting as a medium of exchange and providing executable contracts to a community.