Blockchain Transaction Management System

Blockchain Transaction Management System

It mainly introduces the method and system for processing cryptocurrency payments using smart contracts. The following is a summary of the core points of the document:

Technical field:

It involves the field of cryptocurrency transactions, specifically the blockchain transaction management system and method.

Background technology:

Blockchain systems are divided into UTXO (unspent transaction output) model and account-based model. Account-based systems lack identifiers directly associated with each transaction when recording transactions, making it difficult to generate a unique address for each transaction.

Existing systems usually have problems such as high costs and complex transaction processing when using cryptocurrency payments.

System composition:

Blockchain application system (such as Coinbase): responsible for blockchain operations, such as reading blockchain data, generating transactions, etc.

Payment source client and payment target client: represent buyers and sellers respectively, and can be devices running through digital wallets, browser applications, native applications, etc.

Blockchain node: contains a copy of blockchain data, executes smart contracts, etc.

Method overview:

Configure payment processing: Configure payment processing for payment targets, including generating login credentials, payment account identifiers, deploying general smart contracts, etc.

Receive payment request: Receive payment request through API, including payment source wallet address, purchase information, merchant identifier, etc.

Provide proxy blockchain destination: Generate a proxy blockchain destination (such as smart contract address) for each payment request, without directly exposing the payment target.

Detect payment transfer: Monitor the blockchain to detect transactions to the proxy blockchain destination.

Generate payment event: After detecting payment, record payment event, such as generating log entry or sending payment event notification.

Deploy smart contract: After detecting payment, deploy smart contract to transfer funds from proxy blockchain destination to payment target.

Transfer payment: Smart contract performs transfer operation, transferring funds from proxy address to payment target address.

Smart contract implementation:

Smart contract is deployed using CREATE2 opcode, which allows to generate unique contract address based on bytecode and salt.

Smart contract includes transfer function, which can be activated by blockchain application system or payment target.

Smart contract can self-destruct to save resources.

Cost and efficiency advantages:

Non-custodial payment method: Smart contract directly forwards tokens to non-custodial payment target without intermediate custody.

Transaction association: Each transaction is associated through a smart contract, without the need for the payment source wallet to contain the invoice identifier.

Delayed deployment: The smart contract is deployed after the payment is detected, reducing the cost of early deployment.

Small smart contracts: By referencing common bytecode, the size of each smart contract is reduced, reducing costs.

User interface and application examples:

User interface examples for online sales and peer-to-peer sales are provided, demonstrating the payment process.

An example of integrating cryptocurrency payments in a shopping cart application is shown.

These points provide a comprehensive overview of the system, method and its advantages described in the document, providing readers with a framework for in-depth understanding of blockchain transaction management systems.