Nick Szabo Recalls Pre-Bitcoin Digital Currency Experiments from 1995
Speaking at a 2021 Bitcoin conference, Szabo referenced early decentralized finance concepts such as virtual banks and a proposed digital currency featured in Extropy magazine.
BTC
VIRTUAL
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Terms & Concepts
Smart Contract: Self-executing blockchain code that automatically enforces agreed-upon terms without intermediaries.
Decentralized Finance (DeFi): A blockchain-based financial system enabling transactions without traditional intermediaries like banks.
Virtual Bank: An entirely digital financial institution offering banking services without physical branches.