Paper 2023/1902

A Transaction-Level Model for Blockchain Privacy

François-Xavier Wicht, University of Bern
Zhipeng Wang, Imperial College London
Duc V. Le, Visa (United States)
Christian Cachin, University of Bern

Considerable work explores blockchain privacy notions. Yet, it usually employs entirely different models and notations, complicating potential comparisons. In this work, we use the Transaction Directed Acyclic Graph (TDAG) and extend it to capture blockchain privacy notions (PDAG). We give consistent definitions for untraceability and unlinkability. Moreover, we specify conditions on a blockchain system to achieve each aforementioned privacy notion. Thus, we can compare the two most prominent privacy-preserving blockchains -- Monero and Zcash, in terms of privacy guarantees. Finally, we unify linking heuristics from the literature with our graph notation and review a good portion of research on blockchain privacy.

Available format(s)
Publication info
Published elsewhere. Minor revision. Financial Cryptography 24
Blockchain privacyUntraceabilityUnlinkability
Contact author(s)
francois-xavier wicht @ unibe ch
zhipeng wang20 @ imperial ac uk
duc le @ visa com
christian cachin @ unibe ch
2023-12-12: approved
2023-12-11: received
See all versions
Short URL
Creative Commons Attribution


      author = {François-Xavier Wicht and Zhipeng Wang and Duc V. Le and Christian Cachin},
      title = {A Transaction-Level Model for Blockchain Privacy},
      howpublished = {Cryptology ePrint Archive, Paper 2023/1902},
      year = {2023},
      note = {\url{}},
      url = {}
Note: In order to protect the privacy of readers, does not use cookies or embedded third party content.