Projects per year
Abstract
Monero, ranked as one of the top privacy-preserving cryptocurrencies by market cap, introduced semi-annual hard fork in 2018. Although hard fork is not an uncommon event in the cryptocurrency industry, the two hard forks in 2018 caused an anonymity risk to Monero where transactions became traceable due to the problem of key reuse. This problem was triggered by the existence of multiple copies of the same coin on different Monero blockchain branches such that the users spent the coins multiple times without
preemptive action. We investigate the Monero hard fork events by analysing the transaction data on three different branches of the Monero blockchain. Although we have discovered an insignificant portion of traceable inputs compared to the total available inputs in our dataset, our analyses show that the scalability of the event depends on external factors such as market price and market availability. We propose a cheap, easy to implement strategy to prevent the problem of key reuse, should in the future stronger Monero
forks emerge in the market.
preemptive action. We investigate the Monero hard fork events by analysing the transaction data on three different branches of the Monero blockchain. Although we have discovered an insignificant portion of traceable inputs compared to the total available inputs in our dataset, our analyses show that the scalability of the event depends on external factors such as market price and market availability. We propose a cheap, easy to implement strategy to prevent the problem of key reuse, should in the future stronger Monero
forks emerge in the market.
Original language | English |
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Title of host publication | Proceedings of the 2019 ACM Asia Conference on Computer and Communications Security |
Editors | Dieter Gollmann, Engin Kirda, Zhenkai Liang |
Place of Publication | New York NY USA |
Publisher | Association for Computing Machinery (ACM) |
Pages | 621-632 |
Number of pages | 12 |
ISBN (Electronic) | 9781450367523 |
DOIs | |
Publication status | Published - 2019 |
Event | ACM Symposium on Information, Computer and Communications Security 2019 - Auckland, New Zealand Duration: 7 Jul 2019 → 12 Jul 2019 Conference number: 14th https://asiaccs2019.blogs.auckland.ac.nz/ https://dl.acm.org/doi/proceedings/10.1145/3321705 |
Conference
Conference | ACM Symposium on Information, Computer and Communications Security 2019 |
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Abbreviated title | AsiaCCS 2019 |
Country/Territory | New Zealand |
City | Auckland |
Period | 7/07/19 → 12/07/19 |
Internet address |
Keywords
- Anonymity
- Cryptocurrency
- Hard fork
- Key reuse
- Monero
- Ring signature
- Traceability
Projects
- 1 Finished
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Privacy-preserving Data Processing on the Cloud
Steinfeld, R., Pieprzyk, J. P., Liu, J., Desmedt, Y. & Wang, H.
20/06/18 → 30/06/24
Project: Research
Press/Media
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Can Monero ever achieve private transactions?
Jiangshan Yu
24/04/19
1 item of Media coverage
Press/Media: Article/Feature