both approaches can be used to serve as the backbone of a cryptocurrency.
The concept of decentralized digital currency, as well as alternative applications like property registries, has been around for decades.See my selected quotes regarding bitcoin.If you are really privacy-aware, Bitmessage gives you the opportunity to communicate with peers in a way that nobody is able to notice any communication (meta-) data at all.My notes on the Ethereum Whitepaper. And much easier to use than GnuPG with all of its related stuff like key management, web of trust, and so forth. I guess this is almost even easier to use than email. In order to do this in a user-friendly way, I added a feature wish to the Github repository of PyBitmessage. In case you need authentication, you might as well sign (or also sign and encrypt) you message using GnuPG/OpenPGP and paste the result into the message window. This way, somebody contacted me not telling me, who he/she is, which is somewhat weird/funny.
I published one of my Bitmessage addresses on Twitter. The sender gets an acknowledgment in case the message gets delivered.
If the receiving person is not online for those two days, the network keeps sending the message in larger periods of time. Each message stays on each node for two days. (Exception: when the network grows, it gets splitted into distinct sections called streams.) This is usually not instant. Messages are transferred through the whole Bitmessage network. This way, spam should not be of any issue with Bitmessage. Sending of each message needs a certain amount of computation. You have to know Bitmessage address of your peers (funny looking character sequences starting with "BM-" as shown above). You first generate you first set of addresses (this takes a couple of minutes on current hardware). It is very easily set up on GNU/Linux, OS X, and even Windows. In contrast to GnuPG/OpenPGP, most people should be able to use Bitmessage without any deeper knowledge of cryptography. So far, I am really pleased by Bitmessage. (Please refer to the whitepaper for more details.) As with any serious security-aware software, Bitmessage is open source ( MIT license). However, there are certain mechanisms that compensate things so that Bitmessage should be able to grow to a large number of participants. With Bitmessage, every message gets encrypted and sent to everybody in the Bitmessage network. If you want more privacy, you can now test Bitmessage. This way, anybody is able to determine to which other parties you are communicating with. ) is clear-text even when you encrypt your mail body with GnuPG. One disadvantage of email is that the header information (who is sending when an email to who subject other time-stamps. This whitepaper describes the basic principles. From now on, you can reach me via BM-NBPFzM7jqFjpHkBB3nLRau4RdLtLTGxw which is an address used by the rather new Bitmessage protocol.
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