Analysis of the Bitcoin UTXO set

Bitcoin relies on the Unspent Transaction Outputs (UTXO) set to efficiently verify new generated transactions. Every unspent out- put, no matter its type, age, value or length is stored in every full node. In this paper we introduce a tool to study and analyze the UTXO set, along with a detailed description of the set format and functionality. Our analysis includes a general view of the set and quantifies the difference between the two existing formats up to the date. We also provide an ac- curate analysis of the volume of dust and unprofitable outputs included in the set, the distribution of the block height in which the outputs where included, and the use of non-standard outputs

The Evolution of Embedding Metadata in Blockchain Transactions

The use of blockchains is growing every day, and their utility has greatly expanded from sending and receiving crypto-coins to smart-contracts and decentralized autonomous organizations. Modern blockchains underpin a variety of applications: from designing a global identity to improving satellite connectivity. In our research we look at the ability of blockchains to store metadata in an increasing volume of transactions and with evolving focus of utilization. We further show that basic approaches to improving blockchain privacy also rely on embedding metadata. This paper identifies and classifies real-life blockchain transactions embedding metadata of a number of major protocols running essentially over the bitcoin blockchain. The empirical analysis here presents the evolution of metadata utilization in the recent years, and the discussion suggests steps towards preventing criminal use. Metadata are relevant to any blockchain, and our analysis considers primarily bitcoin as a case study. The paper concludes that simultaneously with both expanding legitimate utilization of embedded metadata and expanding blockchain functionality, the applied research on improving anonymity and security must also attempt to protect against blockchain abuse.Comment: 9 pages, 6 figures, 1 table, 2018 International Joint Conference on Neural Network

Tracing Transactions Across Cryptocurrency Ledgers

One of the defining features of a cryptocurrency is that its ledger, containing all transactions that have evertaken place, is globally visible. As one consequenceof this degree of transparency, a long line of recent re-search has demonstrated that even in cryptocurrenciesthat are specifically designed to improve anonymity it is often possible to track money as it changes hands,and in some cases to de-anonymize users entirely. With the recent proliferation of alternative cryptocurrencies, however, it becomes relevant to ask not only whether ornot money can be traced as it moves within the ledgerof a single cryptocurrency, but if it can in fact be tracedas it moves across ledgers. This is especially pertinent given the rise in popularity of automated trading platforms such as ShapeShift, which make it effortless to carry out such cross-currency trades. In this paper, weuse data scraped from ShapeShift over a thirteen-monthperiod and the data from eight different blockchains to explore this question. Beyond developing new heuristics and creating new types of links across cryptocurrency ledgers, we also identify various patterns of cross-currency trades and of the general usage of these platforms, with the ultimate goal of understanding whetherthey serve a criminal or a profit-driven agenda.Comment: 14 pages, 13 tables, 6 figure

Centrally Banked Cryptocurrencies

Current cryptocurrencies, starting with Bitcoin, build a decentralized blockchain-based transaction ledger, maintained through proofs-of-work that also generate a monetary supply. Such decentralization has benefits, such as independence from national political control, but also significant limitations in terms of scalability and computational cost. 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.Comment: 15 pages, 4 figures, 2 tables in Proceedings of NDSS 201

A Petri Nets Model for Blockchain Analysis

A Blockchain is a global shared infrastructure where cryptocurrency transactions among addresses are recorded, validated and made publicly available in a peer- to-peer network. To date the best known and important cryptocurrency is the bitcoin. In this paper we focus on this cryptocurrency and in particular on the modeling of the Bitcoin Blockchain by using the Petri Nets formalism. The proposed model allows us to quickly collect information about identities owning Bitcoin addresses and to recover measures and statistics on the Bitcoin network. By exploiting algebraic formalism, we reconstructed an Entities network associated to Blockchain transactions gathering together Bitcoin addresses into the single entity holding permits to manage Bitcoins held by those addresses. The model allows also to identify a set of behaviours typical of Bitcoin owners, like that of using an address only once, and to reconstruct chains for this behaviour together with the rate of firing. Our model is highly flexible and can easily be adapted to include different features of the Bitcoin crypto-currency system

SHARVOT: secret SHARe-based VOTing on the blockchain

Recently, there has been a growing interest in using online technologies to design protocols for secure electronic voting. The main challenges include vote privacy and anonymity, ballot irrevocability and transparency throughout the vote counting process. The introduction of the blockchain as a basis for cryptocurrency protocols, provides for the exploitation of the immutability and transparency properties of these distributed ledgers. In this paper, we discuss possible uses of the blockchain technology to implement a secure and fair voting system. In particular, we introduce a secret share-based voting system on the blockchain, the so-called SHARVOT protocol. Our solution uses Shamir's Secret Sharing to enable on-chain, i.e. within the transactions script, votes submission and winning candidate determination. The protocol is also using a shuffling technique, Circle Shuffle, to de-link voters from their submissions.Comment: WETSEB'18:IEEE/ACM 1st International Workshop on Emerging Trends in Software Engineering for Blockchain. 5 pages, 2 figure