Cryptology ePrint Archive: Report 2021/1306

Probabilistic micropayments with transferability

Taisei Takahashi and Akira Otsuka

Abstract: Micropayments are one of the challenges in cryptocurrencies. The problems in realizing micropayments in the blockchain are the low throughput and the high blockchain transaction fee. As a solution, decentralized probabilistic micropayment has been proposed. The winning amount is registered in the blockchain, and the tickets are issued to be won with probability $p$, which allows us to aggregate approximately $\frac{1}{p}$ transactions into one. Unfortunately, existing solutions do not allow for ticket transferability, and the smaller $p$, the more difficult it is to use them in the real world.

We propose a novel decentralized probabilistic micropayment Transferable Scheme. It allows tickets to be transferable among users. By allowing tickets to be transferable, we can make $p$ smaller. We also propose a novel Proportional Fee Scheme. This is a scheme where each time a ticket is transferred, a portion of the blockchain transaction fee will be charged. With the proportional fee scheme, users will have the advantage of sending money with a smaller fee than they would generally send through the blockchain. For example, sending one dollar requires only ten cents.

Category / Keywords: applications / blockchain, micropayment, transferability, tamperproof wallet

Original Publication (with minor differences): the 26th European Symposium on Research in Computer Security (ESORICS) 2021

Date: received 27 Sep 2021, last revised 29 Sep 2021

Contact author: dgs194102 at iisec ac jp

Available format(s): PDF | BibTeX Citation

Version: 20210929:022802 (All versions of this report)

Short URL: ia.cr/2021/1306


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