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The idea was independently rediscovered by Adam Back who developed hashcash, a proof-of-work scheme for spam control in 1997. The first proposals for distributed digital scarcity-based cryptocurrencies were Wei Dai’s b-money and Nick Szabo’s bit gold. Hal Finney developed reusable proof of work using hashcash as its proof of work algorithm. On the other end of the pair is the American dollar, the world’s primary reserve currency.