Cryptology ePrint Archive: Report 2015/502

Centrally Banked Cryptocurrencies

George Danezis and Sarah Meiklejohn

Abstract: Current cryptocurrencies, starting with Bitcoin, build a decentralized blockchain based transaction ledger, maintained through proofs-of-work that also serve to generate a monetary supply. Such decentralization has benefits, such as independence from national political control, but also significant limitations in terms of computational costs and scalability. We introduce RSCoin, a cryptocurrency framework in which central banks maintain complete control over the monetary supply, but rely on a distributed set of authorities, or mintettes, to prevent double-spending. While monetary policy is centralized, RSCoin still provides strong transparency and auditability guarantees. We demonstrate, both theoretically and experimentally, the benefits of a modest degree of centralization, such as the elimination of wasteful hashing and a scalable system for avoiding double-spending attacks.

Category / Keywords: applications /

Original Publication (in the same form): NDSS 2016

Date: received 26 May 2015, last revised 18 Dec 2015

Contact author: s meiklejohn at ucl ac uk

Available format(s): PDF | BibTeX Citation

Note: Camera-ready version for NDSS.

Version: 20151218:092419 (All versions of this report)

Short URL: ia.cr/2015/502

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