Anonymous and Transferable Coins in Pay-Fair Ecommerce

  • Authors:

  • Lih-Chyau Wuu;Chih-Ming Lin;Wen-Fong Wang

  • Affiliations:

  • The authors are with National Yunlin University of Science and Technology, Touliu, 640, Taiwan, R.O.C. E-mail: wuulc@yuntech.edu.tw;The authors are with National Yunlin University of Science and Technology, Touliu, 640, Taiwan, R.O.C. E-mail: wuulc@yuntech.edu.tw;The authors are with National Yunlin University of Science and Technology, Touliu, 640, Taiwan, R.O.C. E-mail: wuulc@yuntech.edu.tw

  • Venue:
  • IEICE - Transactions on Information and Systems
  • Year:
  • 2006

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Abstract

In this paper, we propose an on-line e-coin system with four parties: Consumer, Merchant, Bank and Issuer. The proposed system not only circulates anonymous e-coins but also protects the profits of the Merchant and the Consumer during a transaction. An e-coin, consisting of a secret value c and a public value c'= h(c) where h() is a secure one-way hash function with collision resistant property, is generated by its owner. The public value of a legal e-coin is published on the bulletin board of Issuer. Only the owner who releases the secret values of the published e-coins can spend money. Instead of Bank, Issuer has to be on-line to verify and replace the public values of the Consumer's e-coins with the Merchant's while the Consumer pays money to the Merchant in a transaction. Such a replacement represents that the coins are passed from one person to another.