http://yw7nc56v4nsudvwewhmhhwltxpncedfuc43qbubj4nmwhdhwtiu4o6yd.onion/t/bit-gold-2005/88
Thus, it would be very nice if there were a protocol whereby unforgeably costly bits could be created online with minimal dependence on trusted third parties, and then securely stored, transferred, and assayed with similar minimal trust. Bit gold. My proposal for bit gold is based on computing a string of bits from a string of challenge bits, using functions called variously “client puzzle function,” “proof of work function,” or “secure benchmark function.”.