2,086 research outputs found
Instantaneous Decentralized Poker
We present efficient protocols for amortized secure multiparty computation
with penalties and secure cash distribution, of which poker is a prime example.
Our protocols have an initial phase where the parties interact with a
cryptocurrency network, that then enables them to interact only among
themselves over the course of playing many poker games in which money changes
hands.
The high efficiency of our protocols is achieved by harnessing the power of
stateful contracts. Compared to the limited expressive power of Bitcoin
scripts, stateful contracts enable richer forms of interaction between standard
secure computation and a cryptocurrency.
We formalize the stateful contract model and the security notions that our
protocols accomplish, and provide proofs using the simulation paradigm.
Moreover, we provide a reference implementation in Ethereum/Solidity for the
stateful contracts that our protocols are based on.
We also adopt our off-chain cash distribution protocols to the special case
of stateful duplex micropayment channels, which are of independent interest. In
comparison to Bitcoin based payment channels, our duplex channel implementation
is more efficient and has additional features
Beyond Bitcoin: Issues in Regulating Blockchain Transactions
The buzz surrounding Bitcoin has reached a fever pitch. Yet in academic legal discussions, disproportionate emphasis is placed on bitcoins (that is, virtual currency), and little mention is made of blockchain technology—the true innovation behind the Bitcoin protocol. Simply, blockchain technology solves an elusive networking problem by enabling “trustless” transactions: value exchanges over computer networks that can be verified, monitored, and enforced without central institutions (for example, banks). This has broad implications for how we transact over electronic networks.
This Note integrates current research from leading computer scientists and cryptographers to elevate the legal community’s understanding of blockchain technology and, ultimately, to inform policymakers and practitioners as they consider different regulatory schemes. An examination of the economic properties of a blockchain-based currency suggests the technology’s true value lies in its potential to facilitate more efficient digital-asset transfers. For example, applications of special interest to the legal community include more efficient document and authorship verification, title transfers, and contract enforcement. Though a regulatory patchwork around virtual currencies has begun to form, its careful analysis reveals much uncertainty with respect to these alternative applications
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