Cryptology ePrint Archive: Report 2018/1210

MProve: A Proof of Reserves Protocol for Monero Exchanges

Arijit Dutta and Saravanan Vijayakumaran

Abstract: Theft from cryptocurrency exchanges due to cyberattacks or internal fraud is a major problem. Exchanges can partially alleviate customer concerns by providing periodic proofs of solvency. We describe MProve, a proof of reserves protocol for Monero exchanges which can be combined with a known proof of liabilities protocol to provide a proof of solvency. It is the first protocol for Monero which provides address privacy by allowing an exchange to hide its own addresses within a larger anonymity set. MProve also provides a simple proof of non-collusion between exchanges.

Category / Keywords: applications / Cryptocurrency, Monero, proof of assets

Original Publication (in the same form): IEEE Security & Privacy on the Blockchain 2019

Date: received 15 Dec 2018, last revised 24 Apr 2019

Contact author: sarva at ee iitb ac in

Available format(s): PDF | BibTeX Citation

Version: 20190424:162104 (All versions of this report)

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