Recirculating Lost Coins in Cryptocurrency Systems

Conference paper
Part of the Lecture Notes in Business Information Processing book series (LNBIP, volume 183)

Abstract

There is no doubt that the momentum for digital currency has grown the last few years. Numerous businesses have started accepting this alternative form of currency as payment method and digital currency platforms are emerging to seize the opportunity to explore new markets. The potential of digital currency payment protocols to act as replacements of existing monetary systems is faced with challenges related to financial, regulatory, societal, and technological factors. In this paper, we are addressing the issue of deflation that could occur in cryptocurrency systems supporting a finite cap on the total amount of currency that will ever be in circulation. Our approach leaves intact the core functionality of these systems.

Keywords

Deflation Cryptocurrency Private key loss 

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Copyright information

© Springer International Publishing Switzerland 2014

Authors and Affiliations

  1. 1.Department of Computer ScienceUniversity of NicosiaNicosiaCyprus

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