Cryptology ePrint Archive: Report 2017/1153

Tesseract: Real-Time Cryptocurrency Exchange using Trusted Hardware

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

Abstract: 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.

Category / Keywords: cryptographic protocols / cryptocurrency, fairness, consensus, trusted hardware, attested execution

Date: received 28 Nov 2017, last revised 3 Jul 2018

Contact author: iddobentov at cornell edu

Available format(s): PDF | BibTeX Citation

Version: 20180703:221100 (All versions of this report)

Short URL: ia.cr/2017/1153


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