SPENDER: A Platform for Secure and Privacy-Preserving Decentralized P2P E-Commerce

Abstract

The blockchain technology empowers secure, trustless, and privacy-preserving trading with cryptocurrencies. However, existing blockchain-based trading platforms only support trading cryptocurrencies with digital assets (e.g., NFTs). Although several payment service providers have started to accept cryptocurrency as a payment method for tangible goods (e.g., Visa, PayPal), customers still need to trust and hand over their private information to centralized E-commerce platforms (e.g., Amazon, eBay). To enable trustless and privacy-preserving trading between cryptocurrencies and real goods, we propose SPENDER, a smart-contract-based platform for Secure and Privacy-PresErviNg Decentralized P2P E-commeRce. The design of our platform enables various advantageous features and brings unlimited future potential. Moreover, our platform provides a complete paradigm for designing real-world Web3 infrastructures on the blockchain, which broadens the application scope and exploits the intrinsic values of cryptocurrencies. The platform has been built and tested on the Terra ecosystem, and we plan to open-source the code later.