UCoin: An Efficient Privacy Preserving Scheme for Cryptocurrencies
- Publisher:
- Institute of Electrical and Electronics Engineers
- Publication Type:
- Journal Article
- Citation:
- IEEE Transactions on Dependable and Secure Computing, 2022, PP, (99), pp. 1-1
- Issue Date:
- 2022-01-01
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| Filename | Description | Size | |||
|---|---|---|---|---|---|
| UCoin_An_Efficient_Privacy_Preserving_Scheme_for_Cryptocurrencies.pdf | Accepted version | 6.97 MB |
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In cryptocurrencies, privacy of users is preserved using pseudonymity. However, it has been shown that pseudonymity does not result in anonymity if a users transactions are linkable. This makes cryptocurrencies vulnerable to deanonymization attacks. The current solutions proposed in the literature suffer from at least one of the following issues: (1) requiring a trusted thirdparty entity, (2) poor performance, and (3) incompatible with the standard structure of cryptocurrencies. In this paper, we propose Unlinkable Coin (UCoin), a secure mixbased approach to address these issues. In UCoin, the link between the input (payer) and output (payee) addresses in a transaction is broken. This is done by mixing the transactions of multiple users into a single aggregated transaction in which the output addresses have been secretly shuffled. In our protocol design, we first develop HDCnet, a secure shuffling protocol that enables a group of users to anonymously publish their data. Then, we deploy the proposed HDCnet protocol in the UCoin architecture (as a mixing unit) to generate the aggregate transactions. We show that UCoin (1) does not rely on a trusted thirdparty, (2) can mix 50 transactions in 6.3 seconds that is 18% faster than the current solutions, and (3) is fully compatible with the architecture of cryptocurrencies.
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