International Association
for Cryptologic Research

We present the first decentralized secure funds transfer protocol with multiple participants. The protocol ensures that a participant can only lose money, if a peer it trusted is corrupted. Furthermore, the loss is

bounded by the credit allocated to this partner. The protocol supports expiration times for payment orders, and realistic network queuing delay.We achieve this using model and techniques from the Quality of Service area to guarantee delays and avoid payment order expiration. We present rigorous security proof.