International Association for Cryptologic Research
In this paper the authors introduce the first decentralized secure funds transfer protocol, allowing funds transfer from payer to payee without a direct relationship, using the help of a mutually trusted peer, or a chain of trusted-peers connecting between payer and payee. The protocol guarantees that a participant only loses money if a trusted peer happens to be corrupt. Furthermore, the loss is limited to the amount of credit given to that peer. The protocol supports expiration times for payment orders, and takes into consideration actual network queuing delays.