Micropayments for Decentralized Currencies

@inproceedings{Pass2015MicropaymentsFD,
  title={Micropayments for Decentralized Currencies},
  author={Rafael Pass and Abhi Shelat},
  booktitle={ACM Conference on Computer and Communications Security},
  year={2015}
}
Electronic financial transactions in the US, even those enabled by Bitcoin, have relatively high transaction costs. As a result, it becomes infeasible to make micropayments, i.e. payments that are pennies or fractions of a penny. In order to circumvent the cost of recording all transactions, Wheeler (1996) and Rivest (1997) suggested the notion of a probabilistic payment, that is, one implements payments that have expected value on the order of micro pennies by running an appropriately biased… CONTINUE READING

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