'David Chaum, whose vision then seemed to have been ahead of its time, had founded
DigiCash in 1989.
So promising was the idea that the Dutch ING Bank wanted to buy into the company and Bill Gates wanted to integrate
DigiCash into every Windows 95 installation, willing to pay Chaum $100 million.
As organizations in both the private and the public sectors routinely exchange such information, individuals have no way of knowing if the information is inaccurate, obsolete, or otherwise inappropriate." He proposed an approach using which surveillance of electronic transactions could be rendered "obsolete (Chaum, 1985)." Chaum went on to create a digital currency based on cryptography that he called E-Cash, and in 1990 founded a company called
DigiCash, an electronic money corporation.
The bank said that it has launched
Digicash M-Payment App on the Luxembourg market.
Virtual money, like Cyberbuck (
Digicash) or Beenz, were pure electronic currencies.
The following scenario might then unfold, based on ideas first proposed by
DigiCash's David Chaum.
Key ones included: directories (including Yahoo and Excite); search engines (AltaVista, Infoseek); malls (BarklaySquare, Buckingham Gate); virtual resellers (Amazon, CDNow); financial intermediaries (
Digicash); forums fan clubs, and user groups (virtual communities); evaluators (site reviewers); and virtual marketplaces (Covisint).
The development of other more advanced payment systems, although not often used or accepted by most businesses today, include the use of smart cards and computer-generated cash, such as
Digicash and e-cash.
DigiCash, a pioneering firm in the field, declared bankruptcy in 1998 and sold its 16 patents and its domain name to eCash Technologies.
The difference between this version and
DigiCash, however, is that the original was not actual U.S.