Penny Black (research project)
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The Penny Black Project is a research project at Microsoft that tries to find effective and practical ways of fighting spam. Because deleting spams consumes a recipient's time, the idea is to make the sender of emails "pay" a certain amount for sending them. The currency or the mode of payment could be CPU cycles, Turing tests or memory cycles. Such a payment would limit spammers' ability to send out large quantities of emails quickly.
The project's name is derived from the Penny Black: the world's first adhesive stamp used for pre-paid postage.
External link
An overview of the Penny Black Project from Microsoft (http://research.microsoft.com/research/sv/PennyBlack/)