Banklaves: Concept for a Trustworthy Decentralized Payment Service for Bitcoin

Abstract

We explore challenges of and present a concept for a decentralized payment service which is based on trusted execution environments. The system guarantees that users can always cash out their funds without depending on the cooperation of other network members, hence minimizing the trust required in other network members. We present an overview of the system, motivate key components for a secure architecture and provide a communication protocol. We prove that the payment service users can cash out their funds at any time without any dependence on other network members.