MicroBTC: Efficient, Flexible and Fair Micropayment for Bitcoin Using Hash Chains
- 5 Downloads
While Bitcoin gains increasing popularity in different payment scenarios, the transaction fees make it difficult to be applied to micropayment. Given the wide applicability of micropayment, it is crucial for all cryptocurrencies including Bitcoin to provide effective support therein. In light of this, a number of low-cost micropayment schemes for Bitcoin have been proposed recently to reduce micropayment costs. Existing schemes, however, suffer from drawbacks such as high computation cost, inflexible payment value, and possibly unfair exchanges. The paper proposes two new micropayment schemes, namely the basic MicroBTC and the advanced MicroBTC, for Bitcoin by integrating the hash chain technique into cryptocurrency transactions. The basic MicroBTC realizes micropayment by exposing hash pre-images on the hash chain one by one, and it can also make arbitrary micropayments by exposing multiple hash pre-images. We further design the advanced MicroBTC to achieve non-interactive refund and efficient hash chain verification. We analyze the complexity and security of the both MicroBTC schemes and implement them using the Bitcoin source code. Extensive experiments were conducted to validate their performance, and the result showed that a micropayment session can be processed within about 18ms for the basic MicroBTC and 9ms for the advanced MicroBTC on a laptop. Both schemes enjoy great efficiency in computation and flexibility in micropayments, and they also achieve fairness for both the payer and the payee.
Keywordsblockchain micropayment cryptocurrency hash chain Bitcion
Unable to display preview. Download preview PDF.
- Pass R, Shelat A. Micropayments for decentralized currencies. In Proc. the 22nd ACM SIGSAC Conference on Computer and Communications Security, October 2015, pp.207-218.Google Scholar
- Eyal I, Sirer E G. Majority is not enough: Bitcoin mining is vulnerable. In Proc. the 18th International Conference on Financial Cryptography and Data Security, March 2014, pp.436-454.Google Scholar
- Danezis G, Meiklejohn S. Centrally banked cryptocurrencies. arXiv: 1505.06895, 2015. http://arxiv.org/abs/1505.06895, Feb. 2018.
- Luu L, Narayanan V, Zheng C, Baweja K, Gilbert S, Saxena P. A secure sharding protocol for open blockchains. In Proc. the 2016 ACM SIGSAC Conference on Computer and Communications Security, October 2016, pp.17-30.Google Scholar
- Rivest R, Shamir A. Payword and micromint: Two simple micropayment schemes. In Proc. the 4th International Workshop on Security Protocols, April 1996, pp.69-87.Google Scholar
- Hauser R, Steiner M, Waidne M. Micropayments based on iKP. In Proc. the 14th Worldwide Congress on Computer and Communications Security and Protection, June 1996, pp.67-82.Google Scholar
- Anderson R, Manifavas C, Sutherland C. NetCard: A practical electroniccash system. In Proc. the 4th International Workshop on Security Protocols, April 1996, pp.49-57.Google Scholar
- Rivest R. Electronic lottery tickets as micropayments. In Proc. the 1st International Conference on Financial Cryptography, February 1997, pp.307-314.Google Scholar
- Micali S, Rivest R. Micropayments revisited. In Proc. the Cryptographers’ Track at the RSA Conference, February 2002, pp.149-163.Google Scholar
- Rivest R. Peppercoin micropayments. In Proc. the 8th International Conference on Financial Cryptography, February 2004, pp.2-8.Google Scholar
- Jutla C, Yung M. Paytree: “A mortised signature” for flexible micropayments. In Proc. the 2nd USENIX Association Workshop on Electronic Commerce, November 1996, pp.213-221.Google Scholar
- Möser M, Eyal I, Sirer E G. Bitcoin covenants. In Proc. International Conference on Financial Cryptography and Data Security, February 2016, pp. 126-141.Google Scholar
- Ruffing T, Moreno-Sanchez P, Kate A. CoinShuffle: Practical decentralized coin mixing for Bitcoin. In Proc. the 19th European Symposium on Research in Computer Security, September 2014, pp.345-364.Google Scholar
- Bonneau J, Narayanan A, Miller A, Clark J, Kroll J A, Felten E W. Mixcoin: Anonymity for Bitcoin with accountable mixes. In Proc. the 18th International Conference on Financial Cryptography and Data Security, March 2014, pp.486-504.Google Scholar
- Miers I, Garman C, Green M, Rubin A D. Zerocoin: Anonymous distributed e-cash from Bitcoin. In Proc. IEEE Symposium on Security and Privacy, May 2013, pp.397-411.Google Scholar
- Sasson E B, Chiesa A, Garman C, Green M, Miers I, Tromer E, Virza M. Zerocash: Decentralized anonymous payments from Bitcoin. In Proc. IEEE Symposium on Security and Privacy, May 2014, pp.459-474.Google Scholar