Proof of Reserves Protocols for Cryptocurrency Exchanges
Overview
People
Outcome
Overview
Cryptocurrency exchanges enable their customers to invest in cryptocurrencies. In the past, exchanges have become insolvent due to hacking or exit scams. Proof of solvency protocols prove that an exchange owns enough coins to cover its liabilities to its customers. A proof of solvency has two components: a proof of reserves protocol and a proof of liabilities protocol. In this project, we developed privacy-enhancing proof of reserves protocols for Monero, MimbleWimble, and QuisQuis. Ongoing work aims to develop protocols with logarithmic verification times using SNARKs and STARKs.
Active from 2018
People
Saravanan Vijayakumaran
Outcome
A. Dutta, S. Vijayakumaran, “Revelio: A MimbleWimble Proof of Reserves Protocol,” 2019 Crypto Valley Conference on Blockchain Technology (CVCBT), Zug, Switzerland, Jun. 2019. https://eprint.iacr.org/2019/684 https://doi.org/10.1109/CVCBT.2019.000-5
A. Dutta, S. Vijayakumaran, “MProve: A Proof of Reserves Protocol for Monero Exchanges,” 2019 IEEE European Symposium of Security and Privacy Workshops, Stockholm, Sweden, Jun. 2019. https://eprint.iacr.org/2018/1210 https://doi.org/10.1109/EuroSPW.2019.00043
A. Dutta, A. Jana, S. Vijayakumaran, “Nummatus: A Privacy Preserving Proof of Reserves Protocol for Quisquis,” 20th International Conference on Cryptology in India (Indocrypt 2019), Hyderabad, India, Dec. 2019. https://doi.org/10.1007/978-3-030-35423-7_10
S. Bagad, S. Vijayakumaran, “Performance Trade-offs in Design of MimbleWimble Proofs of Reserves,” 2020 IEEE European Symposium of Security and Privacy Workshops, Sep. 2020. https://eprint.iacr.org/2020/938
A. Dutta, S. Bagad, S. Vijayakumaran, “MProve+: Privacy Enhancing Proof of Reserves Protocol for Monero,” IEEE Transactions on Information Forensics and Security, vol. 16, pp. 3900–3915, Jun. 2021. https://doi.org/10.1109/TIFS.2021.3088035
