Mobile Payment Transfer Using Edwards Curve Digital Signature Algorithm Based on the Proof of Work in Blockchain

Abstract

Blockchain is a distributed digital ledger that stores any data and can record data about the transaction of cryptocurrency and Non-Fungible Token (NFT) ownership.Recently, cryptocurrency has become the most commonly used blockchain, it provides the potential to help a large wide range of applications.People prefer online transactions for speed, convenience, and the ability to generate financial activities from anywhere while also benefiting from features such as increased security measures and digital record-keeping.In the blockchain, hashing generates the network for transactions.However, due to unexpected conditions or external attacks, transaction failures can occur and require high security.This research proposes the Edwards-curve Digital Signature Algorithm (EdDSA) based on the Proof of Work (PoW) consensus algorithm for mobile payment transfer to provide effective transaction and security.In the verification phase, the receivers utilize the sender's public key and the received signature to verify the message using the PoW approach.When compared to existing approaches like Robust Payment Routing with an Approximation Guarantee (RobustPay+) and Multiple Charges Payment Channel Network based on Routing Protocol (MPCN-RP), EdDSA-PoW achieves a better success ratio of 1.2 in 50 nodes and success ratio and fee of 0.96 and 0.10 in 200 nodes.The proposed method achieves better values of 1.5 in Average maximum fee and 39 in Average accepted payment in 50 nodes compared to existing methods like e-commerce payment, RobustPay+, and Cryptocurrency Transactionbased Graph Convolutional Network (CTGAN).