Back in the 1960s, professional cryptographers discussed the possibility of creating a global information network. The first practical steps in this direction were made in the 80s. With the help of the information network they began to exchange brokerage data, which were necessary for trading on stock exchanges.

At the same time the idea of digital money appeared. The main value of the concept was reduced to the possibility of quick purchase of shares, various financial assets and their derivatives.

At that time, American cryptographers David Chaum and Stephan Brands worked on the realization of the idea of electronic money. They described the principles of an anonymous digital payment system and proposed the first “electronic cash” protocols.

In 1990, David and Stephan created DigiCash, a company that specialized in the development and implementation of the eCash money system. It had a feature to support the privacy of electronic payments and cryptographic data protection was present.

The main difference between eCash and modern cryptocurrencies was centralized management. In 1998, this platform went bankrupt. But the very idea of using fast anonymous payments was noticed by many cryptocurrencies.

A significant contribution to the formation of cryptocurrency was made by Adam Bakov. It was he who in 1997 applied HashCash - a technology resistant to spam and DoS-attacks. Later, Hal Finney was engaged in its improvement. He managed to create a more advanced algorithm for controlling electronic payments. The essence of the improvement was the introduction of a chain of

Translated with DeepL.com (free version)

Back in the 1960s, professional cryptographers discussed the possibility of creating a global information network. The first practical steps in this direction were made in the 80s. With the help of the information network they began to exchange brokerage data, which were necessary for trading on stock exchanges.

At the same time the idea of digital money appeared. The main value of the concept was reduced to the possibility of quick purchase of shares, various financial assets and their derivatives.

At that time, American cryptographers David Chaum and Stephan Brands worked on the realization of the idea of electronic money. They described the principles of an anonymous digital payment system and proposed the first “electronic cash” protocols.

In 1990, David and Stephan created DigiCash, a company that specialized in the development and implementation of the eCash money system. It had a feature to support the privacy of electronic payments and cryptographic data protection was present.

The main difference between eCash and modern cryptocurrencies was centralized management. In 1998, this platform went bankrupt. But the very idea of using fast anonymous payments was noticed by many cryptocurrencies.

A significant contribution to the formation of cryptocurrency was made by Adam Bakov. It was he who in 1997 applied HashCash - a technology resistant to spam and DoS-attacks. Later, Hal Finney was engaged in its improvement. He managed to create a more advanced algorithm for controlling electronic payments. The essence of the improvement was the introduction of a chain of

Translated with DeepL.com (free version)