Issuer-Independent Decentralized Exchange for E-Cash

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Despite decades of cryptographic advances, electronic cash (e-cash) remains largely confined to payments and lacks the broader decentralized financial applications built around cryptocurrencies. As a step toward broadening its application layer, we present an issuer-independent e-cash exchange in which a liquidity provider holds inventories of two independently issued e-cash currencies and users trade between them without requiring either issuer to participate in individual swaps. Our design co