· 2014
Zerocash: Decentralized Anonymous Payments from Bitcoin
- 1,892citations
- 2014year
Short summary
Zerocash introduces a new digital currency enabling fully private transactions, hiding origin, destination, and amount, outperforming prior anonymous systems and rivaling Bitcoin's efficiency.
AI-generated from the title and abstract; the full text is not read.
Key points
- Zerocash enables fully anonymous digital currency transactions, concealing sender, receiver, and amount.
- The system utilizes zk-SNARKs for privacy and efficiency.
- Zerocash transactions are small (<1 kB) and fast to verify (<6 ms).
- It offers superior privacy compared to Bitcoin and Zero coin while maintaining competitive transaction speeds.
AI-generated from the title and abstract; the full text is not read.
Abstract
Bit coin is the first digital currency to see widespread adoption. While payments are conducted between pseudonyms, Bit coin cannot offer strong privacy guarantees: payment transactions are recorded in a public decentralized ledger, from which much information can be deduced. Zero coin (Miers et al., IEEE S&P 2013) tackles some of these privacy issues by unlinking transactions from the payment's origin. Yet, it still reveals payments' destinations and amounts, and is limited in functionality. In this paper, we construct a full-fledged ledger-based digital currency with strong privacy guarantees. Our results leverage recent advances in zero-knowledge Succinct Non-interactive Arguments of Knowledge (zk-SNARKs). First, we formulate and construct decentralized anonymous payment schemes (DAP schemes). A DAP scheme enables users to directly pay each other privately: the corresponding transaction hides the payment's origin, destination, and transferred amount. We provide formal definitions and proofs of the construction's security. Second, we build Zero cash, a practical instantiation of our DAP scheme construction. In Zero cash, transactions are less than 1 kB and take under 6 ms to verify - orders of magnitude more efficient than the less-anonymous Zero coin and competitive with plain Bit coin.
The authors' abstract, as published at the source., 2014 · DOI ↗
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Field: Information Systems
Information SystemsComputer Science