Paper 2015/502

Centrally Banked Cryptocurrencies

George Danezis and Sarah Meiklejohn


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.

Note: Camera-ready version for NDSS.

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Publication info
Published elsewhere. NDSS 2016
Contact author(s)
s meiklejohn @ ucl ac uk
2015-12-18: revised
2015-05-26: received
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      author = {George Danezis and Sarah Meiklejohn},
      title = {Centrally Banked Cryptocurrencies},
      howpublished = {Cryptology ePrint Archive, Paper 2015/502},
      year = {2015},
      note = {\url{}},
      url = {}
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