Founding Digital Currency on Imprecise Commodity

TL;DR

This paper introduces IDCS, a digital currency scheme for imprecise commodities like statistical data, enabling buyers to assess confidence levels and make informed payment decisions amidst uncertainty.

Contribution

It proposes a novel currency scheme for imprecise commodities, incorporating trust weights and confidence levels to aid buyer decision-making.

Findings

IDCS effectively assigns trust weights to providers.

The prototype calculates confidence levels for commodities.

Performance varies with different impact factors.

Abstract

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.