Abstract

The present disclosure provides a method and system for processing micropayments to tackle the inefficiencies and high costs involved in it. The method involves creating Decentralized Autonomous Organizations (DAOs) for each individual or user that joins the network. Blockchain is the underlying technology for the creation of DAOs. Thereafter, the DAO issues a number of tokens for the user for performing payment transactions. Each token represents a certain value of assets or services. Whenever a user wishes to make a micropayment, the user may send the required number of tokens to a smart contract. The smart contract automatically executes the transaction by transferring the tokens from the user's digital wallet into the receiver's digital wallet. Features such as zero-knowledge proofs and secure multi-party computations, which are served to ensure security and privacy of transactions.

Creative Commons License

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.

Share

COinS