Secure ECash Payment Method Based on Pseudo-Random Functions in Centralized and Decentralized Systems

Abstract

One of the first online payment systems was eCash, which was discovered in the previous century and is still used worldwide. In this communication system, we are talking about more participants and contributors, but the main characters are the buyer and the seller. Their identity should stay anonymous and that is what this protocol can afford. Taking into consideration its advantages and disadvantages, the system works in real life centralized and decentralized systems and is spreading its usage to a higher level. Maintaining secure protocol must be obtained, so we discussed a few methods in order to achieve this property. We have also shown some basic principals for good implementation and what should be fulfilled in order to provide the best version of the eCash payment system. Basically, starting from the beginnings of eCash, we studied its implementation and design and then presented its security aspects and how this system works in eeal life examples in both centralized and decentralized systems.