WhoIsSatoshi - Candidate 11: David Chaum ✨ American cryptographer David Chaum has significantly impacted the fields of digital security and privacy, and was the creator of Ecash — the first attempt at building a working digital currency.
, the creator of the Hashcash function that Hal Finney and Satoshi both used in their respective inventions. But were it not for David Chaum’s efforts and influence, the Cypherpunks might not have existed at all.
Chaum lectured at the New York University Graduate School of Business Administration and afterwards at the University of California, Santa Barbara after earning his PhD from Berkeley. As interest in his theories began to grow, Chaum made the decision to put theory into action by creatingEcash, which Chaum built through the DigiCash corporation, was the first attempt to build a working digital currency.
Several theories seek to explain why DigiCash failed. Two cryptographers who participated on the project, Nick Szabo and Zooko Wilcox O'Hearn, hypothesized that Ecash's major issue was centralization. Most of the big banks lacked faith in DigiCash, a single company that oversees the complete operation of a digital currency. Instead, a decentralized network was needed so users could send virtual currency directly to one another. A network like Bitcoin, for instance.
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