Double spending prevention of digital Euros using a web-of-trust

TL;DR

This paper proposes a web-of-trust system for digital EuroTokens to prevent double-spending, enhancing security and trustworthiness in digital euro transactions through user recommendations and trust dissemination.

Contribution

It introduces a novel web-of-trust approach integrated with the TrustChain ecosystem for digital euros, leveraging the EVA protocol for trust-based data transfer.

Findings

Enhanced double-spending prevention in digital euro system

Implementation of trust recommendations for users

Improved usability through trust dissemination

Abstract

In order to provide more security on double-spending, we have implemented a system allowing for a web-of-trust. In this paper, we explore different approaches taken against double-spending and implement our own version to avoid this within TrustChain as part of the ecosystem of EuroToken, the digital version of the euro. We have used the EVA protocol as a means to transfer data between users, building on the existing functionality of transferring money between users. This allows the sender of EuroTokens to leave recommendations of users based on their previous interactions with other users. This dissemination of trust through the network allows users to make more trustworthy decisions. Although this provides an upgrade in terms of usability, the mathematical details of our implementation can be explored further in other research.