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SecureCoin: A Robust Secure and Efficient Protocol for Anonymous Bitcoin Ecosystem
International Journal of Network Security (2017)
  • Maged H Ibrahim, Helwan University
Abstract
Bitcoin is the rst decentralized peer-to-peer electronic
virtual asset and payment cryptocurrency, through which,
users can transact digital currency directly, without the
need for an intermediary (or authority), using a hashed
version of cryptographic public keys, as pseudonyms
called addresses. The Bitcoin ecosystem was supposed
to be anonymous and untraceable. However, transactions
from input to output addresses of the Bitcoin users are
observed to be linkable, therefore, missing unlinkability
as an important requirement of anonymity. Several pro-
tocols appeared to enhance Bitcoin users' anonymity and
to ensure unlinkability of input-output addresses, to make
input and output addresses of transactions unlinkable to
each other, and hence untraceable. In this paper, we spot
several vulnerabilities in the most recently proposed pro-
tocols, then we propose SecureCoin as an ecient protocol
for anonymous and unlinkable Bitcoin transactions that
covers these vulnerabilities in a robust and secure way and
in full compatibility with the standard Bitcoin ecosystem.
Our protocol provides better protection for the participat-
ing peers against malicious behavior of minority of the
peers and protection against the most serious sabotage
attack attempted by any number of saboteur peers. We
analyze the security properties of our protocol and eval-
uate its eciency. Finally, we compare the performance
of our protocol with the recently proposed protocols and
show that our protocol is computationally ecient and
requires less Bitcoin fees.
Keywords
  • Silk Road,
  • Bitcoin,
  • Anonymity
Disciplines
Publication Date
Spring March 2, 2017
DOI
10.6633/IJNS.201703.19(2).14
Citation Information
Maged H Ibrahim. "SecureCoin: A Robust Secure and Efficient Protocol for Anonymous Bitcoin Ecosystem" International Journal of Network Security Vol. 19 Iss. 2 (2017) p. 295 - 312
Available at: http://works.bepress.com/maged-hamada-ibrahim/25/
Creative Commons license
Creative Commons License
This work is licensed under a Creative Commons CC_BY International License.