Abstract
In the literature, several “divisible” untraceable off-line electronic cash schemes have been presented. In this paper, an efficient single-term divisible electronic cash based on bit commitment scheme and one-time knowledge proof is proposed. The complexity of every protocol in our scheme is O(logN), where N is the precision of divisibility, i.e., N=(the total coin value)/(minimum divisible unit value). This scheme overcomes the problems of previous schemes through its greater efficiency and clarified assumptions.