{"id":99967,"date":"2019-12-20T06:42:37","date_gmt":"2019-12-20T14:42:37","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2019\/12\/randpay-a-technology-for-blockchain-micropayments-that-requires-a-recipients-consent"},"modified":"2019-12-20T06:42:37","modified_gmt":"2019-12-20T14:42:37","slug":"randpay-a-technology-for-blockchain-micropayments-that-requires-a-recipients-consent","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2019\/12\/randpay-a-technology-for-blockchain-micropayments-that-requires-a-recipients-consent","title":{"rendered":"Randpay: a technology for blockchain micropayments that requires a recipient\u2019s consent"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/randpay-a-technology-for-blockchain-micropayments-that-requires-a-recipients-consent2.jpg\"><\/a><\/p>\n<p>Two researchers at Emercoin, a decentralized peer-to-peer (p2p) network providing secure blockchain business services, have recently developed a new technology called Randpay that only allows users to complete payments and transactions with a recipient\u2019s consent. Using this new technology, presented in <a href=\"https:\/\/arxiv.org\/abs\/1912.00007\">a paper pre-published on arXiv<\/a>, users can also safely and easily micropay specific data values derived from sensors, individual stock quotes, downloaded pictures, search engine results, road tolls and other sources.<\/p>\n<p>\u201cRandpay opens a new niche in the <a href=\"https:\/\/techxplore.com\/tags\/business+processes\/\" rel=\"tag\" class=\"\">business processes<\/a>,\u201d Oleg Khovayko, one of the researchers who developed the technology, told TechXplore. \u201cAll other micropayment technologies have minimal sum limitations because of the low bound limit of <a href=\"https:\/\/techxplore.com\/tags\/transaction\/\" rel=\"tag\" class=\"\">transaction<\/a> fees. With Randpay, transaction fees are reduced along with <a href=\"https:\/\/techxplore.com\/tags\/payment\/\" rel=\"tag\" class=\"\">payment<\/a> amounts. As a result, there is no payment minimum and payments can be as small as 1\/100000 part of cent, if needed.\u201d<\/p>\n<p>The <a href=\"https:\/\/techxplore.com\/tags\/blockchain\/\" rel=\"tag\" class=\"\">blockchain<\/a> protocol developed by the researchers draws inspiration from <a href=\"https:\/\/people.csail.mit.edu\/rivest\/pubs\/Riv97b.pdf\">a system of electronic lottery tickets based on micropayments invented by Ronald Rivest in 1997<\/a>. In his work, Rivest introduced the concept of electronic lottery tickets, where there is a centralized system and payments can only go through in the presence of a trusted third party and, where possible, a \u2018lottery facilitator\u2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two researchers at Emercoin, a decentralized peer-to-peer (p2p) network providing secure blockchain business services, have recently developed a new technology called Randpay that only allows users to complete payments and transactions with a recipient\u2019s consent. Using this new technology, presented in a paper pre-published on arXiv, users can also safely and easily micropay specific data [\u2026]<\/p>\n","protected":false},"author":377,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1318,43],"tags":[],"class_list":["post-99967","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-business"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/99967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/377"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=99967"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/99967\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=99967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=99967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=99967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}