PrivateEx: Privacy preserving exchange of crypto-assets on blockchain

Lei Xu, Lin Chen, Zhimin Gao, Keshav Kasichainula, Miguel Fernandez, Bogdan Carbunar, Weidong Shi

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

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.

Original languageEnglish
Title of host publication35th Annual ACM Symposium on Applied Computing, SAC 2020
PublisherAssociation for Computing Machinery
Pages316-323
Number of pages8
ISBN (Electronic)9781450368667
DOIs
StatePublished - Mar 30 2020
Event35th Annual ACM Symposium on Applied Computing, SAC 2020 - Brno, Czech Republic
Duration: Mar 30 2020Apr 3 2020

Publication series

NameProceedings of the ACM Symposium on Applied Computing

Conference

Conference35th Annual ACM Symposium on Applied Computing, SAC 2020
CountryCzech Republic
CityBrno
Period03/30/2004/3/20

Keywords

  • Crypto assets
  • Exchange
  • Privacy

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