Webcash is a peer-to-peer cryptocurrency of new technology that no blockchain and can mining.

Overview

Webcash is a peer-to-peer bearer cryptocurrency with a strong focus on payments, simplicity, and Proof-of-Work mining. Unlike other altcoins, Webcash has a radically different architecture: there's no blockchain. Instead, Webcash wallets check for double-spending by querying the Webcash server. It's based on the "e-cash" concept which was originally conceived in the 1980s.^[1]

History

Webcash was created in January 2022 by Bryan Bishop (Kanzure)^[2], a Bitcoin core developer^[3] and co-founder of Custodia Bank, current a biohacker and board member of LedgerX.

Despite Bitcoin's success, there are numerous users around the world who use centralized or trust-based systems. Centralized servers can also mitigate risks associated with servers using technologies developed for large-scale services. For the reason, he thought about whether blockchain is necessary for cryptocurrency. He created Webcash with the thought that although Webcash may not replace Bitcoin, it may be necessary for users who want such system that significantly increases efficiency, simplicity and ease of use at the expense of some decentralized characteristics.

Currently, Bryan Bishop is focused on maintaining Webcash server, with most development being driven by other developers in Webcash community. One of Webcash community developers, Mark Friedenbach (Maaku)^[4] is developing Webcash mining program and another developer, Juzybits created web wallet^[5] and faucet^[6] dedicated to Webcash for new users can easily obtain and use Webcash.

Design

Unlike other cryptocurrencies, Webcash does not use blockchain.

Server

The central server helps webcash wallets detect double-spending and ensure the integrity of the monetary supply according to the supply schedule. For this reason, it is pointed out that Webcash has a trust model unlike existing blockchain cryptocurrencies.

However, since user's wallet communicates with server only to protect against double spending and is fundamentally a P2P transaction in which private keys are exchanged between users, it is unreasonable to call it a fully centralized cryptocurrency. To be precise, it should be seen as semi-centralized, located in the middle between centralized (ex: CBDC) and decentralized (ex: Bitcoin).

Transaction

Webcash, unlike other cryptocurrencies, sender copies their Webcash private key and sends it to the receiver, and the receiver pastes received private key into their wallet to make transactions. So, there are no fees and payments are made instantly.

In addition, since Webcash is a method of pasting private key rather than remittance between address, Webcash does not have address and explorer.

Mining

Webcash can be mined only through CPU, and since mining is simply a means to obtain Webcash and does not use mining for consensus, it is easy to change mining algorithm if negative things happen to the network due to excessive growth.

Due to these characteristics, Webcash is not subject to 51% attack, and there is no risk of slowdown or network collapse if miners decrease or all users give up mining.^[7]