Feasibility Study of Future Digital Currency Based on Blockchain Technology

Abstract

The feasibility study for blockchain digital currency is the basis for the future development of digital economy. In this paper, through the study of blockchain cryptography and consensus mechanism, we propose a blockchain-based future digital currency scheme, using associated ring signature to ensure the privacy of both sides of the transaction, introducing a third-party agent authorized by the payer to retrieve the transaction, and conducting performance analysis on the time and space overhead of digital currency transactions through simulation experiments, and studying the security against block interception attacks. The blockchain-based future digital currency has 37.79% less time overhead in the setup phase and 33.88% less in the payment phase than the lightning network under the condition that the number of transactions is 1000. In terms of space overhead, this solution is 29.12%, 27.07%, and 25.99% of Bitcoin at transaction counts of 500, 1000, and 1500, respectively. In the face of block interception attacks between mining pools, the fixed-value strategy and WSFS strategy perform the best. The future digital currency based on blockchain can effectively realize large-scale payments, make user data more difficult to be tampered with, provide more reliable identity authentication, and guarantee the security of digital currency.