Zerocash: Decentralized anonymous payments from bitcoin

Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, Madars Virza

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

Abstract

Bit coin is the first digital currency to see widespread adoption. While payments are conducted between pseudonyms, Bit coin cannot offer strong privacy guarantees: payment transactions are recorded in a public decentralized ledger, from which much information can be deduced. Zero coin (Miers et al., IEEE S&P 2013) tackles some of these privacy issues by unlinking transactions from the payment's origin. Yet, it still reveals payments' destinations and amounts, and is limited in functionality. In this paper, we construct a full-fledged ledger-based digital currency with strong privacy guarantees. Our results leverage recent advances in zero-knowledge Succinct Non-interactive Arguments of Knowledge (zk-SNARKs). First, we formulate and construct decentralized anonymous payment schemes (DAP schemes). A DAP scheme enables users to directly pay each other privately: the corresponding transaction hides the payment's origin, destination, and transferred amount. We provide formal definitions and proofs of the construction's security. Second, we build Zero cash, a practical instantiation of our DAP scheme construction. In Zero cash, transactions are less than 1 kB and take under 6 ms to verify - orders of magnitude more efficient than the less-anonymous Zero coin and competitive with plain Bit coin.

Original languageEnglish
Title of host publicationProceedings - IEEE Symposium on Security and Privacy
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages459-474
Number of pages16
ISBN (Electronic)9781479946860
DOIs
StatePublished - 13 Nov 2014
Event35th IEEE Symposium on Security and Privacy, SP 2014 - San Jose, United States
Duration: 18 May 201421 May 2014

Publication series

NameProceedings - IEEE Symposium on Security and Privacy
ISSN (Print)1081-6011

Conference

Conference35th IEEE Symposium on Security and Privacy, SP 2014
Country/TerritoryUnited States
CitySan Jose
Period18/05/1421/05/14

Keywords

  • Bitcoin
  • decentralized electronic cash
  • zero knowledge

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