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Cryptographic Foundations of Blockchain Technology
Published in Rajdeep Chakraborty, Anupam Ghosh, Valentina Emilia Bălaş, Ahmed A Elngar, Blockchain, 2023
Cryptocurrencies like Bitcoin provide pseudo-anonymity. That is, anybody can see every transaction in the blockchain but nobody know which account belongs to whom in real life. In order to obtain anonymity, users use some non-cryptographic techniques like mixing in which n people get together and sign a multi-signature transaction to hide the receiver and the sender of a single transaction. Such techniques are not always practical and it requires trust amongst the participants. Two protocols, Zerocoin [10] and Zerocash [11], incorporate anonymity at the protocol level by using zero-knowledge protocols. The main idea behind zero-knowledge protocols is that one party can prove that they know a value x without revealing it.
A blockchain-based transaction system with payment statistics and supervision
Published in Connection Science, 2022
Liutao Zhao, Jiawan Zhang, Lin Zhong
The Bitcoin (Nakamoto, 2019) and Ethereum (Wood, 2014) blockchain systems are the most successful application. In financial systems, privacy protection is very crucial. Plaintext transaction has many disadvantages. The difference among Ethereum and Bitcoin would be that Bitcoin is merely a currency, but Ethereum is a digital ledger that is being used by businesses to create new initiatives. Both Bitcoin and Ethereum are based on “blockchain” technologies, but Ethereum’s is significantly more reliable. For example, the disclosure of a user’s wealth will endanger his life and property safety; disclosure of the company’s economic status will lead to malicious competition; leakage of the country’s economic strength, will lead to a financial crisis. For museums, digital cultural relics exhibition lacks a complete authorisation verification mechanism, and these digital materials will be arbitrarily spread or even forged (Wang, Chen, et al., 2021; Zhaofeng et al., 2019). Therefore, it is necessary to protect transaction privacy. Monero (Noether, 2015; Noether & Mackenzie, 2016), Zerocoin (Miers et al., 2013) and Zerocash (Ben-Sasson et al., 2014) are typical blockchain systems with good privacy protection. The Monero system was originally built on CryptoNote, which hides the target and source of payment interactions via ring signatures and single-time keys. The strategy is dependent on confidential exchanges which are utilised on Bitcoin’s Elements side-chain, but it also enables their own use in ring signatures. Zerocoin is a Bitcoin-based cryptography option that allows for entirely anonymous monetary transactions. This approach is based on normal cryptography principles and therefore does not make any new providing valuable and otherwise alter Bitcoin’s security architecture. Zerocash is a derivative of Bitcoin that can be used at an equal scale. As a basis of its enhanced performance and efficiency, Zerocash allows for the complete replacement of standard Bitcoin transactions with untraceable equivalents.