The beginning of the idea of digital currencies or cryptocurrencies
In continuation of the idea of electronic transactions and almost at the same time or a little before, there was an idea that was going through the head of an American programmer named David Chaum, the gist of which revolved around financial privacy and an attempt to simulate coins or paper currencies into symbolic money that would have the same ability to deal with payments and move from hand to hand safely and privately. He created an algorithmic formula through which money could be passed between the sender and the recipient in a hidden, untraceable manner via a symbolic currency that he called Chaum at the time. Chaum then established DigiCash as a basic framework for implementing that process, which continued for years until he made several mistakes that caused DigiCash to go bankrupt in 1998, despite which he had laid a strong foundation for the idea of algorithmic formulas for symbolic cash transactions or digital currencies.
