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Peppercoin
Peppercoin is a cryptography, cryptographic system for processing micropayments. Peppercoin Inc. was a company that offers services based on the peppercoin method. The peppercoin system was developed by Silvio Micali and Ron Rivest and first presented at the RSA Conference in 2002 (although it had not yet been named.) The core idea is to bill one randomly selected transaction a lump sum of money rather than bill each transaction a small amount. It uses "universal aggregation", which means that it aggregates transactions over users, merchants as well as payment service providers. The random selection is cryptographically secure—it cannot be influenced by any of the parties. It is claimed to reduce the transaction cost per dollar from 27 cents to "well below 10 cents." Peppercoin, Inc. was a privately held company founded in late 2001 by Micali and Rivest based in Waltham, Massachusetts, Waltham, MA. It has secured about $15M in venture capital in two rounds of funding. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Silvio Micali
Silvio Micali (born October 13, 1954) is an Italian computer scientist, professor at the Massachusetts Institute of Technology and the founder of Algorand. Micali's research centers on cryptography and information security. In 2012, he received the Turing Award for his work in cryptography. Personal life Micali graduated in mathematics at La Sapienza University of Rome in 1978 and earned a PhD degree in computer science from the University of California, Berkeley in 1982; for research supervised by Manuel Blum. Micali has been on the faculty at MIT, Electrical Engineering and Computer Science Department, since 1983. His research interests are cryptography, zero knowledge, pseudorandom generation, secure protocols, and mechanism design. Career Micali is best known for some of his fundamental early work on public-key cryptosystems, pseudorandom functions, digital signatures, oblivious transfer, secure multiparty computation, and is one of the co-inventors of zero-knowledge proof ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ron Rivest
Ronald Linn Rivest (; born May 6, 1947) is a cryptographer and an Institute Professor at MIT. He is a member of MIT's Department of Electrical Engineering and Computer Science (EECS) and a member of MIT's Computer Science and Artificial Intelligence Laboratory (CSAIL). His work has spanned the fields of algorithms and combinatorics, cryptography, machine learning, and election integrity. Rivest is one of the inventors of the RSA algorithm (along with Adi Shamir and Len Adleman). He is the inventor of the symmetric key encryption algorithms RC2, RC4, RC5, and co-inventor of RC6. The "RC" stands for "Rivest Cipher", or alternatively, "Ron's Code". (RC3 was broken at RSA Security during development; similarly, RC1 was never published.) He also authored the MD2, MD4, MD5 and MD6 cryptographic hash functions. Education Rivest earned a Bachelor's degree in Mathematics from Yale University in 1969, and a Ph.D. degree in Computer Science from Stanford University in 1974 for rese ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cryptography
Cryptography, or cryptology (from grc, , translit=kryptós "hidden, secret"; and ''graphein'', "to write", or ''-logia'', "study", respectively), is the practice and study of techniques for secure communication in the presence of adversarial behavior. More generally, cryptography is about constructing and analyzing protocols that prevent third parties or the public from reading private messages. Modern cryptography exists at the intersection of the disciplines of mathematics, computer science, information security, electrical engineering, digital signal processing, physics, and others. Core concepts related to information security ( data confidentiality, data integrity, authentication, and non-repudiation) are also central to cryptography. Practical applications of cryptography include electronic commerce, chip-based payment cards, digital currencies, computer passwords, and military communications. Cryptography prior to the modern age was effectively synonymo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Micropayment
A micropayment is a financial transaction involving a very small sum of money and usually one that occurs online. A number of micropayment systems were proposed and developed in the mid-to-late 1990s, all of which were ultimately unsuccessful. A second generation of micropayment systems emerged in the 2010s. While micropayments were originally envisioned to involve very small sums of money, practical systems to allow transactions of less than 1 have seen little success. One problem that has prevented the emergence of micropayment systems is a need to keep costs for individual transactions low, which is impractical when transacting such small sums even if the transaction fee is just a few cents. Definition There are a number of different definitions of what constitutes a micropayment. PayPal defines a micropayment as a transaction of less than £5 while Visa defines it as a transaction under 20 Australian dollars. History The term was coined by Ted Nelson, long before the inventi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Service Provider
A payment service provider (PSP) is a third-party company that assists businesses to accept electronic payments, such as credit cards and debit cards payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers. Some of the most renowned PSPs are: * Adyen * PayPal * Stripe Operation PSPs establish technical connections with acquiring banks and card networks, enabling merchants to accept different payment methods without the need to partner with a particular bank. They fully manage payment processing and external network relationships, making the merchant less dependent on banking institutions. PSP can also offer risk management services for card and bank based payments, transaction payment matching, reporting, fund remittance and fraud protection. Some PSPs provide services to process other next generation methods (payment systems) including cash payments, wallets, prepaid cards or vouchers, and even pap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transaction Cost
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. Oliver E. Williamson defines transaction costs as the costs of running an economic system of companies, and unlike production costs, decision-makers determine strategies of companies by measuring transaction costs and production costs. Transaction costs are the total costs of making a transaction, including the cost of planning, deciding, changing plans, resolving disputes, and after-sales. Therefore, the transaction cost is one of the most significant factors in business operation and management. Oliver E. Williamson's ''Transaction Cost Economics'' popularized the concept of transaction costs. Douglass C. North argues that institutions, understood as the set of rules in a society, are key in the determination of transaction costs. In this sense, institutions that facilitate low transaction costs, boost economic growth.North, Douglass C. 1992. “Transa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Waltham, Massachusetts
Waltham ( ) is a city in Middlesex County, Massachusetts, United States, and was an early center for the labor movement as well as a major contributor to the American Industrial Revolution. The original home of the Boston Manufacturing Company, the city was a prototype for 19th century industrial city planning, spawning what became known as the Waltham-Lowell system of labor and production. The city is now a center for research and higher education, home to Brandeis University and Bentley University as well as industrial powerhouse Raytheon Technologies. The population was 65,218 at the census in 2020. Waltham has been called "watch city" because of its association with the watch industry. Waltham Watch Company opened its factory in Waltham in 1854 and was the first company to make watches on an assembly line. It won the gold medal in 1876 at the Philadelphia Centennial Exposition. The company produced over 35 million watches, clocks and instruments before it closed in 1957. Histo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Companies Established In 2001
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability ass ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Cryptography
Financial cryptography is the use of cryptography in applications in which financial loss could result from subversion of the message system. Financial cryptography is distinguished from traditional cryptography in that for most of recorded history, cryptography has been used almost entirely for military and diplomatic purposes. Financial cryptography includes the mechanisms and algorithms necessary for the protection of financial transfers, in addition to the creation of new forms of money. Proof of work and various auction protocols fall under the umbrella of Financial cryptography. Hashcash is being used to limit spam. Financial cryptography has been seen to have a very broad scope of application. Ian Grigg sees financial cryptography in seven layers, being the combination of seven distinct disciplines: cryptography, software engineering, rights, accounting, governance, value, and financial applications. Business failures can often be traced to the absence of one or more of thes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
