@INPROCEEDINGS{Brands93untraceableoff-line, author = {Stefan Brands}, title = {Untraceable Off-line Cash in Wallets with Observers}, booktitle = {}, year = {1993}, pages = {302--318}, publisher = {Springer-Verlag} }
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. Incorporating the property of untraceability of payments into off-line electronic cash systems has turned out to be no easy matter. Two key concepts have been proposed in order to attain the same level of security against double-spending as can be trivially attained in systems with full traceability of payments. The first of these, one-show blind signatures, ensures traceability of double-spenders after the fact. The realizations of this concept that have been proposed unfortunately require either a great sacrifice in efficiency or seem to have questionable security, if not both. The second concept, wallets with observers, guarantees prior restraint of double-spending, while still offering traceability of double-spenders after the fact in case tamper-resistance is compromised. No realization of this concept has yet been proposed in literature, which is a serious problem. It seems that the known cash systems cannot be extended to this important setting without significantly worsening ...