Peppercoin is a 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[1] (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."[2]
Peppercoin, Inc. was a privately held company founded in late 2001 by Micali and Rivest based in Waltham, MA. It has secured about $15M in venture capital in two rounds of funding.[3][4] Its services have seen modest adoption.[5][6] Peppercoin collects 5-9% of transaction cost from the merchant.[7] Peppercoin, Inc. was bought out in 2007 by Chockstone for an undisclosed amount.[4]
References
- ^ S. Micali and R. L. Rivest. Micropayments revisited. In B. Preneel, editor, Proc. Cryptography Track at RSA Conference 2002, pages 149–263. Springer, 2002. Lecture Notes in Computer Science No. 2271.
- ^ 2003 press release
- ^ Company history
- ^ a b Micro-payment's Peppercoin Bought Out
- ^ Peppercoin picked by Wurld Media for P2P payment system
- ^ Peppercoin scoops up customer for loyalty program
- ^ Peppercoin, Inc. Response to the Request for Information By the Joint Committee of the Higher Education and Entertainment Communities Technology Task Force
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