Paper 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.

Metadata
Available format(s)
PDF
Category
Applications
Publication info
Published elsewhere. Minor revision.the 26th European Symposium on Research in Computer Security (ESORICS) 2021
Keywords
blockchainmicropaymenttransferabilitytamperproof wallet
Contact author(s)
dgs194102 @ iisec ac jp
History
2022-03-09: last of 4 revisions
2021-09-28: received
See all versions
Short URL
https://ia.cr/2021/1306
License
Creative Commons Attribution
CC BY

BibTeX

@misc{cryptoeprint:2021/1306,
      author = {Taisei Takahashi and Akira Otsuka},
      title = {Probabilistic micropayments with transferability},
      howpublished = {Cryptology ePrint Archive, Paper 2021/1306},
      year = {2021},
      note = {\url{https://eprint.iacr.org/2021/1306}},
      url = {https://eprint.iacr.org/2021/1306}
}
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