An Efficient Micro-Payment Protocol Based on a Single Hash Chain

Abstract:

Micro-payments are very small sums of money, typically used to pay for content access or for small quantities of network resources. However, the existing micro-payments have the following drawbacks: firstly, generated e-coins only connecting with one particular merchant; secondly, only one unit value or one kind of currency is provided; and thirdly, needs multiple hash chain. In this paper, we constructed an efficient micro-payment protocol based single hash chain. The user only generates a hash chain to do business with multiple merchants. Using the hash value of monetary value generated by the broker, the user can spend different monetary value by a hash chain.

• Periodical: Applied Mechanics and Materials (Volumes 511-512)
• Pages: 1167-1171
• DOI: https://doi.org/10.4028/www.scientific.net/AMM.511-512.1167
• Online since: February 2014
• Authors: Guo Juan Li*, Hai Bin Wang, Xu Guang Chai
• Keywords: Double Spending, Electronic Commerce, Hash Chain, Micro-Payment

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