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. Centralized exchange designs are vulnerable to theft of funds, while decentralized exchanges cannot offer real-time cross-chain trades. All the existing exchanges are also vulnerable frontrunning attacks. Tesseract overcomes these flaws by using a trusted execution environment, specifically Intel SGX.

The task of committing the recent trades data to independent cryptocurrency systems presents an all-or-nothing fairness problem, that can be solved by means of SPV proofs or multiple SGX-enabled servers. Tesseract also mitigates denial-of-service attacks by running a consensus protocol among SGX-enabled servers.

Tesseract supports not only real-time cross-chain cryptocurrency trading, but also a secure method to tokenize assets pegged to various 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

Contact author: iddobentov at cornell edu

Available format(s): PDF | BibTeX Citation

Version: 20171128:135500 (All versions of this report)

Short URL: ia.cr/2017/1153

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