Founding Digital Currency on Imprecise Commodity
This addresses a specific issue in digital transactions for imprecise goods, but it appears incremental as it builds on existing currency schemes.
The paper tackles the problem of digital currency for imprecise commodities, such as statistical data with errors, by designing IDCS, a scheme that helps buyers make payment decisions based on confidence levels, and presents a prototype with performance characterization under varying factors.
Current digital currency schemes provide instantaneous exchange on precise commodity, in which "precise" means a buyer can possibly verify the function of the commodity without error. However, imprecise commodities, e.g. statistical data, with error existing are abundant in digital world. Existing digital currency schemes do not offer a mechanism to help the buyer for payment decision on precision of commodity, which may lead the buyer to a dilemma between having to buy and being unconfident. In this paper, we design a currency schemes IDCS for imprecise digital commodity. IDCS completes a trade in three stages of handshake between a buyer and providers. We present an IDCS prototype implementation that assigns weights on the trustworthy of the providers, and calculates a confidence level for the buyer to decide the quality of a imprecise commodity. In experiment, we characterize the performance of IDCS prototype under varying impact factors.