A secure non-interactive electronic cash system is presented. The system requires no interaction between users. All transactions in this system consist of sending a message and possibly appending data to a public le. This system improves on the only other non-interactive electronic cash system in the areas of security and untraceability.

................................................................................................................................................. 2 Why digital cash? .................................................................................................................................... 2 Fiat Currency .....................................................................................

February 2000 www.dcrco.com n recent years, collateralized debt obligations (CDOs) have emerged as one of the largest and fastest growing sectors of the asset-backed securities (ABS) market. Due to increasing use of bond and loan collateral within one transaction, the term collateralized debt obligation is becoming more popular, and the terms collateralized bond obligation (CBO) and collaterali...

David Chaum proposed the idea of digital cash over three decades ago [6], back in 1982. It used novel cryptographic constructs to imbue electronic transactions with the anonymity of physical cash, to ensure that digital cash could only be created by banks [7], and to prevent individuals from spending the same digital cash more than once [8]. Over the years, thousands of academic papers have bee...

In an electronic cash (e-cash) system, a user can withdraw coins from the bank, and then spend each coin anonymously and unlinkably. For some applications, it is desirable to set a limit on the dollar amounts of anonymous transactions. For example, governments require that large transactions be reported for tax purposes. In this work, we present the first e-cash system that makes this possible ...

Bitcoin originated with the white paper that was published in 2008 under the pseudonym “Satoshi Nakamoto.” It was published via a mailing list for cryptography and has a similar appearance to an academic paper. The creators’ original motivation behind Bitcoin was to develop a cash-like payment system that permitted electronic transactions but that also included many of the advantageous characte...

Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China’s listed firms from 2004 to 2009, we explore the relationship between product market competition and normal related party transactions and find a significant positive relationship. In addition, we investigate the substitutive eff...

This note considers the application of electronic cash to transactions in which many small amounts must be paid to the same payee and in which it is not possible to just pay the total amount afterwards. The most notable example of such a transaction is payment for phone calls. If currently published electronic cash systems are used and a full payment protocol is executed for each of the small a...

Payments can be classified as high-value or low-value. High-value transactions are typically related to purchases and sales of financial assets, mainly foreign exchange and securities. These transactions usually involve only financial institutions, large companies or high net-worth individuals. Payment instruments are either cash or non-cash. Cash is probably the most important instrument for l...