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Centrally Banked Cryptocurrencies

Danezis, G; Meiklejohn, S; (2016) Centrally Banked Cryptocurrencies. In: Proceedings of the NDSS Symposium 2016. Internet Society: San Diego, CA, USA. Green open access

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Abstract

Current cryptocurrencies, starting with Bitcoin, build a decentralized blockchain-based transaction ledger, maintained through proofs-of-work that also serve to generate a monetary supply. Such decentralization has benefits, such as independence from national political control, but also significant limitations in terms of computational costs and scalability. We introduce RSCoin, a cryptocurrency framework in which central banks maintain complete control over the monetary supply, but rely on a distributed set of authorities, or mintettes, to prevent double-spending. While monetary policy is centralized, RSCoin still provides strong transparency and auditability guarantees. We demonstrate, both theoretically and experimentally, the benefits of a modest degree of centralization, such as the elimination of wasteful hashing and a scalable system for avoiding double-spending attacks.

Type: Proceedings paper
Title: Centrally Banked Cryptocurrencies
Event: NDSS Symposium 2016
Open access status: An open access version is available from UCL Discovery
Publisher version: https://www.internetsociety.org/sites/default/file...
Language: English
Additional information: Copyright © 2016 Internet Society.
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science
URI: http://discovery.ucl.ac.uk/id/eprint/1503775
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