CONCEPTS OF DESIGNING A DECENTRALIZED PAYMENT SYSTEM WITH ITS OWN DIGITAL CURRENCY BASED ON THE BLOCKCHAIN PLATFORM ETHEREUM

Abstract

The study is devoted to the research of design concepts for the development of decentralized payment systems with its own cryptocurrency based on the blockchain platform Ethereum. The study examines the problems associated with traditional models of decentralized payment systems, analyzes the shortcomings in the industry, and proposes approaches to their solution. During the research, the method of creating digital assets was improved by designing a comprehensive solution consisting of a smart contracts part and a web-client part. Also, the expediency of designing its own exchange platform along with the integration of external cryptocurrency exchanges for the possibility of buying developed cryptocurrency for other popular digital currencies was substantiated and visual schemes of the traditional payment system structure with the method of exchange platform integration were presented. The paper substantiates the use of dynamic block size as a method of optimizing system efficiency, which can increase or decrease the maximum block size at the algorithm level, depending on the number of pending transactions, thus providing the required level of bandwidth. Also, the need for one-to-many transfers is justified, which involves the development of new methods of smart contracts for the cryptocurrency transfer from one user to a large number of addresses within a single transaction in order to reduce the load on the network. The problem of high energy consumption required for the functioning of the consensus system in the traditional model was solved by developing a model based on protocols that do not use the computational power of participants as a parameter to maintain consensus. Thus, the results of this study present improved methods for designing decentralized payment systems. The obtained results and generated recommendations can be used in the design of decentralized payment systems.