Menu Close

PayWord is a merchant-specific payment system

After an appropriate period, the merchant will contact with the broker to request redemption. For each chain, the merchant sends the latest paywords s/he received and the customer’s commitment to the broker; therefore, hashing from latest paywords to the root of the chain can valídate the correctness of transactions. If the validating is correct, the broker debits customer’s account with the used length of the chain and credits merchant’s account with the same amount. We depict the transaction process of the PayWord system in Figure 2. Potential social problems include access barriers, adjusting ingrained Internet habits, and the need to consistently justify the cost of the content.

The Wallets are the “”accounts”” to which the points have to be connected to. They work very similar to bank accounts, or real life wallets. We think this technology, when implemented through open protocols and standards, is both a necessary change to enable the next generation of digital media, and an opportunity to fix some of the problems with today’s web. Finextra carried an article entitledThe Big Story of Micropayments in 2015. “”Thomas Baekdal is one of Scandinavia’s most sought-after experts in the digitization of media companies. He has made ​​himself known for his analysis of how digitization has changed the way we consume media.””

The computational complexity of the remaining phases remains same in both schemes. We use the following notation to measure the efficiency of the schemes. PayWord is a merchant-specific payment system, that is, the paywords chain is spent only to a particular merchant. When a customer contacts a new merchant M for requesting service, besides generating a new chain, the customer must send a commitment to M. The commitment contains the identity of the merchant, the certificate issued by the broker, the root of an unused chain, the current date and other information. The company’s data shows that this system largely attracts people who don’t pay at all for journalism, tapping into an entirely new market of consumers. Click here 

Artists would also be able to engage with patrons directly, rather than losing a percentage of revenue to a third-party site, further securing their financial futures. The news should always be available and easily accessible, but the switch to online newsstands has locked many newspapers and magazines behind incessant ads and paywalls. Sensor data collected by a smart car is an illustrative example as data on traffic, potholes, or empty parking spots (Frederiksen, 2019; Jaguar Land Rover, 2019) could help other car drivers to save time and cost . Car owners would probably not object to selling this data, particularly if it would be anonymous and if they can profit from it in some manner.

Web Game Credits – Run an online game and let users earn points according to the levels they complete. The MicroPayments plugin lets administrators and web developers batch in-site transactions in a simple and flexible system. Most of us have Netflix and Disney+, but somehow, we still end up relying on Prime Video for the movies the rest are missing. This means paying high prices for a few days’ worth of access.

Leave a Reply

Your email address will not be published. Required fields are marked *