The Practical Problems of Implementing MicroMint
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Rivest and Shamir proposed a system for generating micro-payment ‘coins’ using an engine that finds collisions in the output of a hash function. Such coins, they argued, would be quick to verify. Furthermore, by virtue of the birthday paradox, the cost of generation a large number of coins could be kept to an acceptable level through economies of scale while the cost of generating a small number of forgeries would be high compared to the return.
In this paper we examine the practicalities of building a MicroMint and we question some of the security statements made in the original paper.
KeywordsMicro-payments electronic cash system engineering
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