RingCT 3.0 for blockchain confidential transaction: shorter size and stronger security

Tsz Hon Yuen, Shi-Feng Sun, Joseph K. Liu, Man Ho Au, Muhammed F. Esgin, Qingzhao Zhang, Dawu Gu

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

3 Citations (Scopus)

Abstract

In this paper, we propose the most efficient blockchain ring confidential transaction protocol (RingCT3.0) for protecting the privacy of the sender’s identity, the recipient’s identity and the confidentiality of the transaction amount. For a typical 2-input transaction with a ring size of 1024, the ring signature size of our RingCT3.0 protocol is 98% less than the ring signature size of the original RingCT1.0 protocol used in Monero. Taking the advantage of our compact RingCT3.0 transcript size, privacy-preserving cryptocurrencies can enjoy a much lower transaction fee which will have a significant impact on the crypto-economy. In addition to the significant improvement in terms of efficiency, our scheme is proven secure in a stronger security model. We remove the trusted setup assumption used in RingCT2.0. Our scheme is anonymous against non-signing users who are included in the ring, while we show that the RingCT1.0 is not secure in this improved model. Our implementation result shows that our protocol outperforms existing solutions, in terms of efficiency and security.

Original languageEnglish
Title of host publicationFinancial Cryptography and Data Security
Subtitle of host publication24th International Conference, FC 2020 Kota Kinabalu, Malaysia, February 10–14, 2020 Revised Selected Papers
EditorsJoseph Bonneau, Nadia Heninger
Place of PublicationCham Switzerland
PublisherSpringer
Pages464-483
Number of pages20
ISBN (Electronic)9783030512804
ISBN (Print)9783030512798
DOIs
Publication statusPublished - 2020
EventFinancial Cryptography and Data Security Conference 2020 - Kota Kinabalu, Malaysia
Duration: 10 Feb 202014 Feb 2020
Conference number: 24th
https://link.springer.com/book/10.1007/978-3-030-51280-4 (Proceedings)
https://fc20.ifca.ai (Website)

Publication series

NameLecture Notes in Computer Science
PublisherSpringer
Volume12059
ISSN (Print)0302-9743
ISSN (Electronic)1611-3349

Conference

ConferenceFinancial Cryptography and Data Security Conference 2020
Abbreviated titleFC 2020
CountryMalaysia
CityKota Kinabalu
Period10/02/2014/02/20
Internet address

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