A Scalable Architecture for Electronic Payments
- URL: http://arxiv.org/abs/2110.13840v3
- Date: Mon, 11 Apr 2022 22:35:38 GMT
- Title: A Scalable Architecture for Electronic Payments
- Authors: Geoff Goodell, D. R. Toliver, Hazem Danny Nakib
- Abstract summary: We present a scalable architecture for electronic retail payments via central bank digital currency.
We offer a solution to the perceived conflict between robust regulatory oversight and consumer affordances such as privacy and control.
- Score: 0.0
- License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
- Abstract: We present a scalable architecture for electronic retail payments via central
bank digital currency and offer a solution to the perceived conflict between
robust regulatory oversight and consumer affordances such as privacy and
control. Our architecture combines existing work in payment systems and digital
currency with a new approach to digital asset design for managing unforgeable,
stateful, and oblivious assets without relying on either a central authority or
a monolithic consensus system. Regulated financial institutions have a role in
every transaction, and the consumer affordances are achieved through the use of
non-custodial wallets that unlink the sender from the recipient in the
transaction channel. This approach is fully compatible with the existing
two-tiered banking system and can complement and extend the roles of existing
money services businesses and asset custodians.
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