publication . Preprint . Conference object . 2014

Bitcoin meets strong consistency

Christian Decker; Roger Wattenhofer; Jochen Seidel;
Open Access English
  • Published: 26 Dec 2014
Abstract
The Bitcoin system only provides eventual consistency. For everyday life, the time to confirm a Bitcoin transaction is prohibitively slow. In this paper we propose a new system, built on the Bitcoin blockchain, which enables strong consistency. Our system, PeerCensus, acts as a certification authority, manages peer identities in a peer-to-peer network, and ultimately enhances Bitcoin and similar systems with strong consistency. Our extensive analysis shows that PeerCensus is in a secure state with high probability. We also show how Discoin, a Bitcoin variant that decouples block creation and transaction confirmation, can be built on top of PeerCensus, enabling r...
Subjects
free text keywords: Computer Science - Distributed, Parallel, and Cluster Computing, Computer Science - Cryptography and Security, Internet privacy, business.industry, business, Secure state, Everyday life, Blockchain, Certificate authority, Database transaction, Computer science, Payment, media_common.quotation_subject, media_common, Strong consistency, Eventual consistency, Computer security, computer.software_genre, computer
33 references, page 1 of 3

[1] Gaving Andreesen. BIP 0050: March 2013 Chain Fork Post-Mortem. https://github.com/bitcoin/bips, 2013. [Online; accessed December 12, 2014].

[2] Elli Androulaki, Ghassan Karame, Marc Roeschlin, Tobias Scherer, and Srdjan Capkun. Evaluating user privacy in bitcoin. IACR Cryptology ePrint Archive, 2012:596, 2012.

[3] M. Babaioff, S. Dobzinski, S. Oren, and A. Zohar. On bitcoin and red balloons. In Proc. of Electronic Commerce, 2012.

[4] Adam Back, Matt Corallo, Luke Dashjr, Mark Friedenbach, Gregory Maxwell, Andrew Miller, Andrew Poelstra, Jorge Timón, and Pieter Wuille. Enabling blockchain innovations with pegged sidechains, 2014.

[5] Tobias Bamert, Christian Decker, Lennart Elsen, Samuel Welten, and Roger Wattenhofer. Have a snack, pay with bitcoin. In IEEE Internation Conference on Peer-to-Peer Computing (P2P), Trento, Italy, 2013.

[6] Vitalik Butterin et al. A next-generation smart contract and decentralized application platform, 2014.

[7] Miguel Castro, Barbara Liskov, et al. A correctness proof for a practical byzantine-fault-tolerant replication algorithm. Technical report, Technical Memo MIT/LCS/TM-590, MIT Laboratory for Computer Science, 1999.

[8] Miguel Castro, Barbara Liskov, et al. Practical byzantine fault tolerance. In OSDI, volume 99, pages 173-186, 1999.

[9] David Chaum. Blind signatures for untraceable payments. In Advances in cryptology, 1983. [OpenAIRE]

[10] David Chaum, Amos Fiat, and Moni Naor. Untraceable electronic cash. In Advances in cryptology, 1990.

[11] Jeremy Clark and Aleksander Essex. Commitcoin: Carbon dating commitments with bitcoin. In Financial Cryptography and Data Security. 2012. [OpenAIRE]

[12] Christian Decker and Roger Wattenhofer. Information propagation in the bitcoin network. In IEEE International Conference on Peer-to-Peer Computing (P2P), Trento, Italy, September 2013.

[13] Christian Decker and Roger Wattenhofer. Bitcoin Transaction Malleability and MtGox. In 19th European Symposium on Research in Computer Security (ESORICS), Wroclaw, Poland, September 2014.

[14] C Dwork and M Naor. Pricing via processing or combating junk mail. Lecture Notes in Computer Science, 576:114-128, 1992.

[15] Ittay Eyal and Emin Gün Sirer. Majority is not enough: Bitcoin mining is vulnerable. arXiv preprint arXiv:1311.0243, 2013.

33 references, page 1 of 3
Abstract
The Bitcoin system only provides eventual consistency. For everyday life, the time to confirm a Bitcoin transaction is prohibitively slow. In this paper we propose a new system, built on the Bitcoin blockchain, which enables strong consistency. Our system, PeerCensus, acts as a certification authority, manages peer identities in a peer-to-peer network, and ultimately enhances Bitcoin and similar systems with strong consistency. Our extensive analysis shows that PeerCensus is in a secure state with high probability. We also show how Discoin, a Bitcoin variant that decouples block creation and transaction confirmation, can be built on top of PeerCensus, enabling r...
Subjects
free text keywords: Computer Science - Distributed, Parallel, and Cluster Computing, Computer Science - Cryptography and Security, Internet privacy, business.industry, business, Secure state, Everyday life, Blockchain, Certificate authority, Database transaction, Computer science, Payment, media_common.quotation_subject, media_common, Strong consistency, Eventual consistency, Computer security, computer.software_genre, computer
33 references, page 1 of 3

[1] Gaving Andreesen. BIP 0050: March 2013 Chain Fork Post-Mortem. https://github.com/bitcoin/bips, 2013. [Online; accessed December 12, 2014].

[2] Elli Androulaki, Ghassan Karame, Marc Roeschlin, Tobias Scherer, and Srdjan Capkun. Evaluating user privacy in bitcoin. IACR Cryptology ePrint Archive, 2012:596, 2012.

[3] M. Babaioff, S. Dobzinski, S. Oren, and A. Zohar. On bitcoin and red balloons. In Proc. of Electronic Commerce, 2012.

[4] Adam Back, Matt Corallo, Luke Dashjr, Mark Friedenbach, Gregory Maxwell, Andrew Miller, Andrew Poelstra, Jorge Timón, and Pieter Wuille. Enabling blockchain innovations with pegged sidechains, 2014.

[5] Tobias Bamert, Christian Decker, Lennart Elsen, Samuel Welten, and Roger Wattenhofer. Have a snack, pay with bitcoin. In IEEE Internation Conference on Peer-to-Peer Computing (P2P), Trento, Italy, 2013.

[6] Vitalik Butterin et al. A next-generation smart contract and decentralized application platform, 2014.

[7] Miguel Castro, Barbara Liskov, et al. A correctness proof for a practical byzantine-fault-tolerant replication algorithm. Technical report, Technical Memo MIT/LCS/TM-590, MIT Laboratory for Computer Science, 1999.

[8] Miguel Castro, Barbara Liskov, et al. Practical byzantine fault tolerance. In OSDI, volume 99, pages 173-186, 1999.

[9] David Chaum. Blind signatures for untraceable payments. In Advances in cryptology, 1983. [OpenAIRE]

[10] David Chaum, Amos Fiat, and Moni Naor. Untraceable electronic cash. In Advances in cryptology, 1990.

[11] Jeremy Clark and Aleksander Essex. Commitcoin: Carbon dating commitments with bitcoin. In Financial Cryptography and Data Security. 2012. [OpenAIRE]

[12] Christian Decker and Roger Wattenhofer. Information propagation in the bitcoin network. In IEEE International Conference on Peer-to-Peer Computing (P2P), Trento, Italy, September 2013.

[13] Christian Decker and Roger Wattenhofer. Bitcoin Transaction Malleability and MtGox. In 19th European Symposium on Research in Computer Security (ESORICS), Wroclaw, Poland, September 2014.

[14] C Dwork and M Naor. Pricing via processing or combating junk mail. Lecture Notes in Computer Science, 576:114-128, 1992.

[15] Ittay Eyal and Emin Gün Sirer. Majority is not enough: Bitcoin mining is vulnerable. arXiv preprint arXiv:1311.0243, 2013.

33 references, page 1 of 3
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