Danezis, G;
Meiklejohn, S;
(2016)
Centrally Banked Cryptocurrencies.
In:
Proceedings of the NDSS Symposium 2016.
Internet Society: San Diego, CA, USA.
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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 |
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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 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: | https://discovery.ucl.ac.uk/id/eprint/1503775 |
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