A User-Friendly Centrally Banked Cryptocurrency

In the absence of the trusted third party, the cryptocurrencies headed by Bitcoin realized the consistency of the distributed ledger successfully. However, Bitcoin, based on proof of work, has serious waste of computational resources, poor scalability and bad monetary policy. Compared with Bitcoin, RSCoin utilizes two-phase commit to construct a scalable centrally banked cryptocurrency frame, avoiding the waste of computational resources caused by proof of work. But it does not consider the communication cost of users. We present a user-friendly centrally banked cryptocurrency, UFCBCoin, based on RSCoin. We take advantage of a representative mechanism that the user entrusts a representative to send messages, to reduce half of the communication cost of the user. We also prove that UFCBCoin is secure theoretically in the synchronous network communication model we defined, and introduce an evaluation mechanism to enhance security.