Adam Back Invents Hashcash, a Proof-of-Work System that Inspired the One Bitcoin Uses to Mine New Coins

Well over a decade before Bitcoin ever came to fruition, British cryptographer Adam Back came up with an algorithm that would prove crucial to the digital currency. Specifically, in March 1997 he devised the “hashcash” proof of work data that inspired the system that Bitcoin uses to mine new coins. “To implement a distributed timestamp […]