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Formation of robust networks for secure exchange of cryptocurrencies

Author(s):

P. Kyriakis
Conference/Journal:

Semester Thesis, HS15 (10489)
Abstract:

Bitcoin is an emerging alternative, peer-to-peer medium of exchange that exhibits properties significantly different that traditional money. It has a completely decentralized structure, since no authority is responsible for regulating and controlling transactions. The transfer of ownership among users occurs by digitally signing an electronic coin and double-spending is avoided by making the whole history of transactions available to everyone. However, the structure of this peer-to-peer network enters the very definition of security. A malicious user might be able to target a victim, isolate him from the rest of the network and deceive him into accepting a coin that has already been used. We deal with the aforementioned problem by using a distributed algorithm for the manipulation of graphs. We start by presenting some fundamental concepts from graph theory, as well as by defining some robustness measures. Then we give a short introduction to the Bitcoin protocol, we explain what an electronic coin is, how it is transferred among owners and how the protocol keeps track of all the transactions. Following that, we present the distributed algorithm for robust formation which is based on four rules and transforms a fragile graph to a random one. Finally, we present simulation results and we analyze the performance of the algorithm according to the robustness measures.

Supervisors: Saverio Bolognani, Florian Dörfler

Year:

2016
Type of Publication:

(13)Semester/Bachelor Thesis
Supervisor:

F. Dörfler

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% Autogenerated BibTeX entry
@PhdThesis { Xxx:2016:IFA_5372
}
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