Paper 2017/1153

Tesseract: Real-Time Cryptocurrency Exchange using Trusted Hardware

Iddo Bentov, Yan Ji, Fan Zhang, Yunqi Li, Xueyuan Zhao, Lorenz Breidenbach, Philip Daian, and Ari Juels


We propose Tesseract, a secure real-time cryptocurrency exchange service. Existing centralized exchange designs are vulnerable to theft of funds, while decentralized exchanges cannot offer real-time cross-chain trades. All currently deployed exchanges are also vulnerable to frontrunning attacks. Tesseract overcomes these flaws and achieves a best-of-both-worlds design by using Intel SGX as a trusted execution environment. Furthermore, by running a consensus protocol among SGX-enabled servers, Tesseract mitigates denial-of-service attacks. Tesseract supports not only real-time cross-chain cryptocurrency trades, but also secure tokenization of assets pegged to cryptocurrencies. For instance, Tesseract-tokenized bitcoins can circulate on the Ethereum blockchain for use in smart contracts. We provide a reference implementation of Tesseract that supports Bitcoin, Ethereum, and similar cryptocurrencies.

Available format(s)
Cryptographic protocols
Publication info
Preprint. MINOR revision.
cryptocurrencyfairnessconsensustrusted hardwareattested execution
Contact author(s)
iddobentov @ cornell edu
2018-07-03: revised
2017-11-28: received
See all versions
Short URL
Creative Commons Attribution


      author = {Iddo Bentov and Yan Ji and Fan Zhang and Yunqi Li and Xueyuan Zhao and Lorenz Breidenbach and Philip Daian and Ari Juels},
      title = {Tesseract: Real-Time Cryptocurrency Exchange using Trusted Hardware},
      howpublished = {Cryptology ePrint Archive, Paper 2017/1153},
      year = {2017},
      note = {\url{}},
      url = {}
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