BIXCoin: A Secure Peer-to-Peer Payment System Based on the Public Payments Ledger

摘要

This invention describes a secure peer-to-peer payment system based on the use of a virtual currency, virtual accounts, and a public payments ledger. The virtual currency used in the system is stable, as it is pegged to real-world currencies with unit values equivalent to the national currency of the country of deployment. The virtual accounts are specially designed and cryptographically encapsulated objects that can be opened (created), initially loaded, cleared (suspended/terminated), and used (credited/debited) for direct account-to-account payments. Validation of payment transactions is supported by a public payments ledger that prevents the use of the system by illegal or unauthorized users, eliminates illegal payments, prevents the use of illegal currency, and double-spending. The ledger contains instances of virtual accounts, so validation of payments is instantaneous based on the validation of the balances of the two participating accounts. Validation protocol can be at several assurance levels, reflecting user needs, financial policies, and the value of the payment transactions. The system has no third parties and uses community validation protocols. Furthermore, it does not store any secret, private, or sensitive user credentials, so it is not vulnerable to any type of attack. It provides full security, privacy, and anonymity for users, their virtual accounts, and their payment transactions.