eCash

What is eCash?

eCash is a leading digital-based system that has facilitated the process of transferring funds anonymously. eCash is quite famous in the cryptocurrency Industry. Its main objective is to secure the overall privacy of the individuals who might be making use of the web for ensuring micropayments.

Dr. David Chaum invented the concept of eCash in 1990 under his ownership company named “DigiCash.” While the large banks out there were interested in the given concept, eCash was not able to make it that big. In the year 1998, DigiCash filed for Bankruptcy. The company, along with its other eCash patents, eventually got sold off.

In the year 2018, Dr. David Chaum introduced another startup that focused completely on cryptography.

Understanding eCash

As per eCash meaning, its idea was launched by Dr. Chaum. He was believed to be quite ahead of his time as the idea was conceptualized during the time of 1983. Even before the age of the Internet, Dr. Chaum had visualized about security and privacy concerns of individuals. He was not capable of advocating for privacy, but he was also successful in implementing effective steps towards the creation of some anonymous payment system for the modern digital age.

All of this had happened way before the Internet was introduced in the world for public use. In the year 1990, Chaum had created a company named DigiCash for realizing the concept of eCash.

The basic concept behind the working of eCash was utilizing blind signatures. A blind signature was referred to as a type of signature in its digital form. In this type of signature, the content of the message remains invisible before signing. As such, no one was able to create the link between spending and withdrawal transactions. The money that was utilized in the given system was referred to as “CyberBucks.”

eCash and the Scenario of Online Security in the Modern Era

Even after the failure of DigiCash and its concept of eCash, online security continues to remain a major issue in the digital domain – even until today. Vital financial information that is stored on the computer systems or some electronic device is highly vulnerable to attacks by potential hackers. The famous cryptocurrencies like Bitcoin tend to be quite popular. All of these owe their launch to the concept of eCash. As a matter of fact, Dr. Chaum is regarded as the father of digital currency.

In the year 2018, Dr. Chaum went ahead with launching another startup named Elixxir. Its primary purpose was the creation of a dedicated cryptography network that was focused on ensuring communication anonymity. The given network is controlled by the end users for protecting their information. This is quite a contrast to the current situation in which companies tend to have in-depth access to consumer-centric information while using the same for targeting advertisements to generate more revenue.