http://yw7nc56v4nsudvwewhmhhwltxpncedfuc43qbubj4nmwhdhwtiu4o6yd.onion/t/bit-gold-2005/88
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.”. The resulting string of bits is the proof of work. Where a one-way function is prohibitively difficult to compute backwards, a secure benchmark function ideally comes with a specific cost, measured in compute cycles, to compute backwards.