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Anonymous Communication and Anonymous
Cash
Danicl R. Sirnon
Microsoft Corp.
One Microsoft Way
Redmond WA 98052 USA
dansimon@
Abstract. We propose considering the problem of electronic cash i n the
context of a network in which anonymous, untraceable commiinicatlon is
assumed to be possible. We present a formal model for such a network,
and define security criteria for an electronic cash system in such a setting.
Finally, we show that there exists a remarkably simple electrortic cash
system which meets the security criteria of the proposed model.
Key words: Electronic cash, anonymous communication
1 Introduction
M o n e y as always there but the pockets change; i t as not zii the s a m e pockets after
a change, and that as a l [ there as t o say about money.
--Gertrude Stein
The ultimate intuitive goal of an electronic cash system is to combine the
best features of physical c,ash (privacy, anonymity, unforgeability) with the best
features of electronic commerce (speed, eme and potential security of transport
and storage). A large nilinher of solutions to the problem have been proposed,
but all have lacked a full, formal model characterizing the necessary and sufficient
conditions for such a scheme to be secure As a result, it has been impossible to
dispel doubts (not always unfounded; see [PWIIl]) about the security of previ-
ously proposed schemes. Moreover, the lack of formality in proposed solutions
has been an obstacle to careful discussion and compar
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