Designing One's Own Blockchain-Based Crypto Currency Protected from Unrelated Third Party Payment Receipt
VISION 2025: EDUCATION EXCELLENCE AND MANAGEMENT OF INNOVATIONS THROUGH SUSTAINABLE ECONOMIC COMPETITIVE ADVANTAGE
Authors: Rogacheva, Sofya; Dorofeev, Roman; Dorofeev, Andrey; Bazhenov, Ruslan
Abstract
The paper observes a method of generating the original crypto currency based on the well-established blockchain technology coupled with a new approach of unrelated third-party payments receipt and double-layer encryption for security reasons. At the first stage, the scholars studied and reviewed blockchain operating principles for using them in the crypto currency being developed. The researchers chose an optimal method of encrypting the transmitted data based on the irredundant SHA-256 algorithm that answered the required encryption complexity. The authors used the Proofof-work method for cybercrime defences and block verification. The next step for the scholars was to develop and test a distributed database for storing information about coins, users, keys, transactions made and being processed. This database includes MySQL database management system, which has an application programming interface API and connectors for numerous programming languages, a library for NET platform languages. Double-layer encryption was added to the resulting system in order to improve data crypto reliability (soundness). Specialized applications for generating user keys and validating operations were actualized. 6000 coins were generated for that purpose. Finally, a graphical web-interface was designed for users' work with coins in PHP scripting programming language, simulations were performed, and all maintained processes were tested. The presented stages allow the developers to introduce their own crypto currencies with various additional features, which can be limited only by their own imagination and technological means, and can be launched on the cryptomarket.
PrivateEx: Privacy Preserving Exchange of Crypto-assets on Blockchain
PROCEEDINGS OF THE 35TH ANNUAL ACM SYMPOSIUM ON APPLIED COMPUTING (SAC'20)
Authors: Xu, Lei; Chen, Lin; Gao, Zhimin; Kasichainula, Keshav; Fernandez, Miguel; Carbunar, Bogdan; Shi, Weidong
Abstract
Bitcoin introduces a new type of cryptocurrency that does not rely on a central system to maintain transactions. Inspired by the success of Bitcoin, all types of alt cryptocurrencies were invented in recent years. Some of the new cryptocurrencies focus on privacy enhancement, where transaction information such as value and sender/receiver identity can be hidden, such as Zcash and Monero. However, there are few schemes to support multiple types of cryptocurrencies/assets and offer privacy enhancement at the same time. The major challenge for a multiple asset system is that it needs to support two-way assets exchange between participants besides one-way asset transfer. Thus, we propose a privacy-preserving exchange scheme, PrivateEx, which preserves the privacy of the exchange of different assets. PrivateEx utilizes zero-knowledge proof and a novel way to "lock" assets involved in the exchange to guarantee the correctness, fairness, and privacy of exchange of assets in the system. We also implement a prototype of PrivateEx and evaluate its performance to show that it is practical with modern computers.