This paper addresses the cons of normal P2P (peer to peer) applications, by means of rewarding the individual that contribute to the network with e-cash. This virtual coin “e-cash” gives a user the monetary means to buy from another user an amount of data, and provides to the other user with a mean to acquire more money that can later be used to download data.
Approaching the P2P community as an economy market, where an individual makes money by the excess of content uploaded vs content downloaded is an effective approach to get rid of selfish individuals that populate existing P2P networks nowadays. As those individuals will have no e-cash money to pay for a transaction to download content. Thus this approach proves effective to reward those individuals that contribute to the network, and a way to punish or get rid of those who don’t.
The proposed e-cash implementation goes in hand with two centralized entities, a bank and a Trusted Third Party (TTP). The role of the bank is to verify the amount of currency own by each individual has been properly acquire, by validating each coin spend or earned by individuals – thus solving a potential problem of a user trying to do multiple transactions with a single coin. The role of the TTP is to resolve the problems generated by a failed transaction. If a fraudulent seller doesn’t provide the buyer with the promised contract, the buyer can retrieve its money and the seller can’t make a profit.
The implementation of this e-cash P2P is enable by the used of encryption. A buyer who which to download a content ask the tracker of P2P content the source from where it can download, the tracker connects the buyer with a seller, then the seller transmits the encrypted content with a key K to the buyer through a secure connection. After receiving the encrypted content the buyer endorses a coin to the seller and generates an exchange ID, with that a contract for what she is paying is form (hash of block transfered, a timeout, endorsed coin, ID), after the seller receives the endorsed coin it transmit the key K to the buyer to decrypt the content. If anything goes wrong, and the buyer can not successfully decrypt the content, the buyer can refer the problem to the TTP to get its money back.
One of the main drawbacks of the proposed e-cash approach is the overhead paid for transaction and the need of at least one centralized entity – the bank. Becoming a single point of attack and a possible bottle neck as all users must register their acquires coins with them – under this methodology a simple denial of service attack to the bank is all is needed to bring the P2P connection to its knee.
Another concern is the multiple coin denomination, a scheme used to perform fewer amount of buy-sell contracts for longer contents, thus alleviating the overhead pay by the e-cash P2P. Under this approach users of the network might cluster eve more by bandwidths and potentially users can start denying transactions with low contents as the ratio of (overhead paid)/(money earn) is lower.