Peppercoin Micropayments

@inproceedings{Rivest2004PeppercoinM,
  title={Peppercoin Micropayments},
  author={Ronald L. Rivest},
  booktitle={Financial Cryptography},
  year={2004}
}
We present the “Peppercoin” method for processing micropayments efficiently. With this method, a fraction of the micropayments received are determined, via a procedure known as “cryptographic selection,” to qualify for upgrade to a macropayment. The merchant deposits the upgraded micropayments as macropayments, and merely logs locally the non-qualifying micropayments. In this manner, the merchant transforms a large collection of small micropayments into a smaller collection of macropayments, of… CONTINUE READING

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