Paper 2023/697
NFT Trades in Bitcoin with Off-chain Receipts
Abstract
Abstract. Non-fungible tokens (NFTs) are digital representations of assets stored on a blockchain. It allows content creators to certify authenticity of their digital assets and transfer ownership in a transparent and decentralized way. Popular choices of NFT marketplaces infrastructure include blockchains with smart contract functionality or layer-2 solutions. Surprisingly, researchers have largely avoided building NFT schemes over Bitcoin-like blockchains, most likely due to high transaction fees in the BTC network and the belief that Bitcoin lacks enough programmability to implement fair exchanges. In this work we fill this gap. We propose an NFT scheme where trades are settled in a single Bitcoin transaction as opposed to executing complex smart contracts. We use zero-knowledge proofs (concretely, recursive SNARKs) to prove that two Bitcoin transactions, the issuance transaction
Metadata
- Available format(s)
- Category
- Cryptographic protocols
- Publication info
- Published elsewhere. Application Intelligence and Blockchain Security Workshop (AIBlock) in conjunction with ACNS 2023
- Keywords
- BlockchainZero-knowledge proofsNFT
- Contact author(s)
-
mehmet kiraz @ dmu ac uk
e larraia @ nchain com
o vaughan @ nchain com - History
- 2023-05-22: revised
- 2023-05-16: received
- See all versions
- Short URL
- https://ia.cr/2023/697
- License
-
CC BY-NC-ND
BibTeX
@misc{cryptoeprint:2023/697, author = {Mehmet Sabir Kiraz and Enrique Larraia and Owen Vaughan}, title = {{NFT} Trades in Bitcoin with Off-chain Receipts}, howpublished = {Cryptology {ePrint} Archive, Paper 2023/697}, year = {2023}, url = {https://eprint.iacr.org/2023/697} }