Abstract
Bitcoin exchanges function like banks, securely holding their customers’ bitcoins on their behalf. Several exchanges have suffered catastrophic losses with customers permanently losing their savings. A proof of solvency demonstrates that the exchange controls sufficient reserves to settle each customer’s account. We introduce Provisions, a privacy-preserving proof of solvency whereby an exchange does not have to disclose its Bitcoin addresses; total holdings or liabilities; or any information about its customers. We also propose an extension which prevents exchanges from colluding to cover for each other’s losses. We have implemented Provisions and it offers practical computation times and proof sizes even for a large Bitcoin exchange with millions of customers.
| Original language | American English |
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| State | Published - 14 Oct 2015 |
| Externally published | Yes |
| Event | 22nd ACM Conference on Computer and Communications Security - Denver, CO Duration: 14 Oct 2015 → … |
Conference
| Conference | 22nd ACM Conference on Computer and Communications Security |
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| Period | 14/10/15 → … |
EGS Disciplines
- Computer Sciences