Single term off-line coins
Niels Ferguson · Centrum Wiskunde & Informatica (CWI), the national research institute for mathematics and computer science in the Netherlands · 1993
We present a new construction for off-line electronic coins that is both far more efficient and much simpler than previous systems. Instead of using many terms, each for a single bit of the challenge, our system uses a single term for a large number of possible challenges. The withdrawal protocol does not use a cut-and-choose methodology as with earlier systems, but uses a direct construction.