About Idea of “Digital currency”
The idea of having a digital currency is nothing new. Before the crypto currencies, there have been many attempts to create one. The real problem that most of us encountered was the problem of spending twice. The digital asset somehow needs to be used only once to prevent copying and counterfeiting effectively.
10 years before crypto currencies, this concept was introduced by computer engineer WeDay. In 1998, he published an article in which he discussed “money”. It discussed the idea of digital currency, which can be sent with a group of digital pseudonyms. That same year, another effort called Butt Gold was developed by blockchain pioneer Nick Schebo. BitGold even considered creating a decentralized digital currency. Zazu’s idea gave rise to incompetence in the traditional financial system, such as the need for metal to develop coins and reduce the amount of trust needed to generate transactions. While the two were never officially launched, they were part of the inspiration behind BitCoin.