A trusted server exchanged a used token for a fresh one, with remote attestation intended to prove the server was running unmodified code. The design still depended on that single server behaving, which Bitcoin later removed the need for.
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Hal Finney builds reusable proofs of work
Finney released RPOW, a running system that let a proof-of-work token be handed on rather than spent once.
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IN THE SHOWGenesis