*
Stroem
A Protocol for Microtransactions
Jarl Fransson - Strawpay AB
Bitcoin
"Internet Base Money"
Microtransactions
- 1B People x 25 Daily Transactions
- 1 - 3 USD / User / Day
⇒ 300 000 tx/s
User Experience
- Simple
- No Waiting
- No Login
- No Register
- Mobile Devices
Efficiency
- Scalable
- Sell for Cents
- Low Transaction Cost
Larger Economy
Merchants -
Consumers -
- Fine with using bitcoin, not holding
- Easily trade in and out of bitcoin
How?
- Plain Bitcoin?
- Payment Channels to PSP?
- Open Protocol: PSP ⇒ Issuers
- A Liquid Market for Payments
Stroem Middleware
- Consumer-Merchant Interaction
- Concepts: Offer, Order, Payment, and Reciept
- Flexible Settlement:
- Bitcoin
- Payment Channels
- Lightning
- Fiat
Promissory Note Construction
Issuance
Consumer Payment
Merchant Redemption
Payment Metadata
Payment + Order
- This represents an authorized order.
- Non-repudiation: payer cannot dispute the order.
Aggregation
Double Spend Verification
Off-Line Properties
To transact:
- Issuer - always online
- Consumer - when making payments
- Merchant can be off-line and still do validation
- POS, Vending Machines etc.
Time Limited
- Limit Double Spend Records
- Not a Money Substitute
Using Markets
- Payments are sold when routed
- Markets decide -
- Fee / Smallest transaction
- Aggregation vs immediate redemption
- Validity time of notes
- Which redeemers and issuers to trust
Stroem Scalability / tx
| Role |
B Sign |
B Verify |
S Sign |
S Verify |
| Issuer |
ε |
1 |
1 |
4 |
| Issuer* |
ε |
1 |
1 |
1 + 2ε |
| Redeemer* |
ε |
|
ε |
2 + ε |
| Merchant* |
|
ε |
ε + 1 |
2 |
| Consumer |
1 |
|
1 |
|
B - Bitcoin, S - Stroem, * - Large Redemption Blocks