METHOD AND SYSTEM FOR MANAGING MICROPAYMENTS LEVERAGING BLOCKCHAIN TECHNOLOGY, DAOS, AND STABLECOINS
Abstract
The present disclosure provides a method and system for processing micropayments to address the inefficiencies and high costs associated with traditional payment systems. The method involves creating Decentralized Autonomous Organizations (DAOs) for each individual or user that joins the network. Blockchain technology underpins the creation and operation of DAOs.Each DAO issues stablecoin tokens, which represent a stable value of assets or services, for the user to perform payment transactions. Whenever a user wishes to make a micropayment, the user sends the required number of stablecoin tokens to a smart contract. The smart contract automatically executes the transaction by transferring the stablecoin tokens from the user's digital wallet to the receiver's digital wallet. Features such as zero-knowledge proofs and secure multi-party computations are incorporated to ensure the security and privacy of transactions. The use of stablecoins mitigates the volatility risks associated with cryptocurrencies, providing a stable and reliable medium for micropayments.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
Recommended Citation
khosa, nandit, "METHOD AND SYSTEM FOR MANAGING MICROPAYMENTS LEVERAGING BLOCKCHAIN TECHNOLOGY, DAOS, AND STABLECOINS", Technical Disclosure Commons, ()
https://www.tdcommons.org/dpubs_series/8056