Paper 2024/1981
Shutter Network: Private Transactions from Threshold Cryptography
, University of Warsaw, TU DarmstadtAbstract
With the emergence of DeFi, attacks based on re-ordering transactions have become an essential problem for public blockchains. Such attacks include front-running or sandwiching transactions, where the adversary places transactions at a particular place within a block to influence a financial asset’s market price. In the Ethereum space, the value extracted by such attacks is often referred to as miner/maximal extractable value (MEV), which to date is estimated to have reached a value of more than USD 1.3B. A promising approach to protect against MEV is to hide the transaction data so block proposers cannot choose the order in which transactions are executed based on the transactions’ content. This paper describes the cryptographic protocol underlying the Shutter network. Shutter has been available as an open-source project since the end of 2021 and has been running in production since Oct. 2022.
Note: Description of the cryptographic protocol used by Shutter Network
Metadata
- Available format(s)
-
PDF
- Category
- Applications
- Publication info
- Preprint.
- Keywords
- MEVthreshold cryptographyblockchain
- Contact author(s)
-
stefan dziembowski @ crypto edu pl
sebastian faust @ tu-darmstadt de
jannik @ brainbot com - History
- 2024-12-12: approved
- 2024-12-06: received
- See all versions
- Short URL
- https://ia.cr/2024/1981
- License
-
CC BY
BibTeX
@misc{cryptoeprint:2024/1981,
author = {Stefan Dziembowski and Sebastian Faust and Jannik Luhn},
title = {Shutter Network: Private Transactions from Threshold Cryptography},
howpublished = {Cryptology {ePrint} Archive, Paper 2024/1981},
year = {2024},
url = {https://eprint.iacr.org/2024/1981}
}
