Micro-payment systems have the potential to provide non-intrusive, high-volume and low-cost pay-as-you-use services for a wide variety of web-based applications. We propose an extension, P2P-NetPay, a micro-payment protocol characterized by off-line processing, suitable for peer-to-peer network services sharing. Our approach provides high performance and security using one-way hashing functions for e-coin encryption. In our P2P-NetPay protocol, each peer's transaction does not involve any broker and double spending is detected during the redeeming transaction. We describe the motivation for P2P-NetPay and describe three transactions of the P2P-NetPay protocol in detail to illustrate the approach. We then discuss future research on this protocol. © Springer-Verlag Berlin Heidelberg 2005.
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