Tracing Transactions Across Cryptocurrency Ledgers

One of the defining capabilities of a cryptocurrency is that its ledger, containing all transactions that have ever taken location, is globally visible. In this paper, we use information scraped from ShapeShift more than a thirteen-month period and the data from eight distinctive blockchains to discover this question. As one particular consequence of this degree of transparency, for crypto a extended line of recent investigation has demonstrated that -- even in cryptocurrencies that are specifically made to strengthen anonymity -- it is frequently feasible to track money as it changes hands, and in some instances to de-anonymize users completely. Beyond establishing new heuristics and developing new forms of links across cryptocurrency ledgers, we also recognize various patterns of cross-currency trades and of the general usage of these platforms, with the ultimate goal of understanding no matter if they serve a criminal or a profit-driven agenda. With the recent proliferation of option cryptocurrencies, even so, it becomes relevant to ask not only regardless of whether or not money can be traced as it moves within the ledger of a single cryptocurrency, but if it can in truth be traced as it moves across ledgers. This is particularly pertinent provided the rise in recognition of automated trading platforms such as ShapeShift, which make it effortless to carry out such cross-currency trades.

Blockchain is a distributed ledger, which is protected against malicious modifications by means of cryptographic tools, e.g. digital signatures and hash functions. One particular of the most prominent applications of blockchains is cryptocurrencies, such as Bitcoin. First, we go over a modification that calls for introducing alterations in the Bitcoin protocol and allows diminishing the motivation to attack wallets. Second, an option selection is the construction of specific wise-contracts, which reward the users for providing proof of the brute-force attack. The execution of this smart-contract can operate as an automatic alarm that the employed cryptographic mechanisms, and (particularly) hash functions, have an evident vulnerability. Making use of Bitcoin as an example, we demonstrate that if the attack is implemented successfully, a reputable user is capable to prove that truth of this attack with a high probability. In this work, we consider a distinct attack on wallets for collecting assets in a cryptocurrency network primarily based on brute-force search attacks. We also think about two solutions for modification of current cryptocurrency protocols for dealing with this type of attacks.

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