First Smart Contract Allowing Cryptoasset Recovery

【Author】 Kim, Beomjoong; Kim, Hyoung Joong; Lee, Junghee

【Source】KSII TRANSACTIONS ON INTERNET AND INFORMATION SYSTEMS

【影响因子】0.972

【Abstract】Cryptoassets such as Bitcoin and Ethereum are widely traded around the world. Cryptocurrencies are also transferred between investors. Cryptocurrency has become a new and attractive means of remittance. Thus, blockchain-based smart contracts also attract attention when central banks design digital currencies. However, it has been discovered that a significant amount of cryptoassets on blockchain are lost or stranded for a variety of reasons, including the loss of the private key or the owner's death. To address this issue, we propose a method for recoverable transactions that would replace the traditional transaction by allowing cryptoassets to be sent to a backup account address after a deadline has passed. We provide the computational workload required for our method by analyzing the prototype. The method proposed in this paper can be considered as a good model for digital currency design, including central bank digital currency (CBDC).

【Keywords】Blockchain; central bank digital currency (CBDC); cryptoasset; distributed ledger technology (DLT); smart contract

【发表时间】2022 MAR 31

【收录时间】2022-05-07

【文献类型】实证性文章

【主题类别】

区块链技术-核心技术-智能合约