A company, DigiCash, has pioneered the use of electronic cash or e-cash. Anonymity of the buyer is the key feature of this system.
There are three participants in it, namely, buyer, merchant and bank.
Both, symmetric and asymmetric type of cryptography is used in this system.
Buyers and merchants, both, have accounts in the E-cash bank.
Buyers withdraw coins against their account and store them in e-cash wallet software (Cyber wallet) on their computer. Cyber wallet stores and manages coins and records every transaction.
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