Paper 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.

Metadata
Available format(s)
PDF
Category
Applications
Publication info
Published elsewhere. IEEE Security & Privacy on the Blockchain 2019
Keywords
CryptocurrencyMoneroproof of assets
Contact author(s)
sarva @ ee iitb ac in
History
2019-04-24: revised
2018-12-19: received
See all versions
Short URL
https://ia.cr/2018/1210
License
Creative Commons Attribution
CC BY

BibTeX

@misc{cryptoeprint:2018/1210,
      author = {Arijit Dutta and Saravanan Vijayakumaran},
      title = {{MProve}: A Proof of Reserves Protocol for Monero Exchanges},
      howpublished = {Cryptology {ePrint} Archive, Paper 2018/1210},
      year = {2018},
      url = {https://eprint.iacr.org/2018/1210}
}
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