making bitcoin exchanges transparent - tik€¦ · james guthrie | 24/09/15 | 16 trust in bitcoin...
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||James Guthrie
James Guthrie Christian Decker, Jochen Seidel, Roger Wattenhofer
24/09/15 1
Making Bitcoin Exchanges Transparent
|| 24/09/15James Guthrie 2
Introduction
|| 24/09/15James Guthrie 3
Introduction
|| 24/09/15James Guthrie 4
Introduction
|| 24/09/15James Guthrie 5
IntroductionPeer to Peer
|| 24/09/15James Guthrie 6
IntroductionPeer to Peer
|| 24/09/15
header
James Guthrie 7
Introduction
headerheader
Peer to Peer
|| 24/09/15James Guthrie 8
Introduction
header headerheader
Peer to Peer
|| 24/09/15James Guthrie 9
IntroductionPeer to Peer
Transaction History
|| 24/09/15James Guthrie 10
IntroductionPeer to Peer
Transaction History
|| 24/09/15James Guthrie 11
IntroductionPeer to Peer
Transaction History
Growth
|| 24/09/15
Sellers
James Guthrie 12
Bitcoin Exchanges
Exchange
Buyers
|| 24/09/15James Guthrie 13
Trust in Bitcoin Exchanges
|| 24/09/15James Guthrie 14
Trust in Bitcoin Exchanges
18 of 40 exchanges folded
|| 24/09/15James Guthrie 15
Trust in Bitcoin Exchanges
18 of 40 exchanges folded
|| 24/09/15James Guthrie 16
Trust in Bitcoin Exchanges
18 of 40 exchanges folded
650k bitcoins lost/stolen
|| 24/09/15James Guthrie 17
Trust in Bitcoin Exchanges
18 of 40 exchanges folded
650k bitcoins lost/stolen
|| 24/09/15James Guthrie 18
Trust in Bitcoin Exchanges
18 of 40 exchanges folded
650k bitcoins lost/stolen
No higher power
No help from law enforcement
|| 24/09/15
650k bitcoins lost/stolen
18 of 40 exchanges folded
No higher power
James Guthrie 19
Trust in Bitcoin Exchanges
No help from law enforcement
|| 24/09/15James Guthrie 20
Legitimacy of Bitcoin Exchanges
|| 24/09/15James Guthrie 21
Legitimacy of Bitcoin Exchanges
|| 24/09/15James Guthrie 22
Legitimacy of Bitcoin Exchanges
Third-party audit
|| 24/09/15James Guthrie 23
Legitimacy of Bitcoin Exchanges
Third-party audit
|| 24/09/15James Guthrie 24
Legitimacy of Bitcoin Exchanges
Third-party audit
Renowned third-party audit (PwC)
Trust in third party Cost Frequency Privacy
|| 24/09/15James Guthrie 25
Automated Software-Based Audit
Assets Liabilities
≥Solvency
Privacy
|| 24/09/15James Guthrie 26
Trusted Computing
Executable
Trusted Execution
Result + Proof of ExecutionOutput
|| 24/09/15James Guthrie 27
Overview of Audit Process
Value of Assets Value of Liabilities
≥
Blockchain Keys + Signatures Customer IDs + Balances
SolvencyBlockchain hash Customer data hash
|| 24/09/15James Guthrie 28
Customer Verification
Bob : 20Alice : 10 Cath : 15 David : 90
h(Bob : 20)h(Alice : 10) h(Cath : 15) h(David : 90)
h(A||B) h(C||D)
h(AB||CD)
|| 24/09/15James Guthrie 29
Customer Verification
Bob : 20Alice : 10 Cath : 15 David : 90
h(Bob : 20)h(Alice : 10) h(Cath : 15) h(David : 90)
h(A||B) h(C||D)
h(AB||CD)
|| 24/09/15James Guthrie 30
Customer Verification
Bob : 20Alice : 10 Cath : 15 David : 90
h(Bob : 20)h(Alice : 10) h(Cath : 15) h(David : 90)
h(A||B) h(C||D)
h(AB||CD)
|| 24/09/15James Guthrie 31
Customer Verification
Bob : 20Alice : 10 Cath : 15 David : 90
h(Bob : 20)h(Alice : 10) h(Cath : 15) h(David : 90)
h(A||B) h(C||D)
h(AB||CD)
|| 24/09/15James Guthrie 32
Limitations of Trusted Execution Platform
4 KB Stack
128 KB Heap
116 KB Input
512 KB Program
|| 24/09/15James Guthrie 33
Limitations of Trusted Execution Platform
4 KB Stack
128 KB Heap
116 KB Input
512 KB Program
|| 24/09/15James Guthrie 34
Limitations of Trusted Execution Platform
4 KB Stack
128 KB Heap116 KB Input
512 KB Program
Input space
Blockchain
Size
0GB 7.5GB 15GB 22.5GB 30GB
Input space
Address Balances
Size
0MB 40MB 80MB 120MB 160MB
|| 24/09/15James Guthrie 35
Limitations of Trusted Execution Platform
4 KB Stack
128 KB Heap116 KB Input
512 KB Program
Memory constraints
|| 24/09/15James Guthrie 36
Limitations of Trusted Execution Platform
4 KB Stack
128 KB Heap116 KB Input
512 KB Program
Memory constraints
|| 24/09/15James Guthrie 37
Limitations of Trusted Execution Platform
4 KB Stack
128 KB Heap116 KB Input
512 KB Program
Memory constraints
Time constraints • 200ms-1s overhead • 0.5-1s cooldown
|| 24/09/15James Guthrie 38
Overview of Audit Process
Value of Assets Value of Liabilities
≥
Blockchain Keys + Signatures Customer IDs + Balances
SolvencyBlockchain hash Customer data hash
|| 24/09/15James Guthrie 39
Overview of Audit Process
Value of Assets Value of Liabilities
≥
Keys + Signatures Customer IDs + Balances
SolvencyAddress Balance hash Customer data hash
Address Balances
|| 24/09/15James Guthrie 40
Iterative Customer Verification
Bob : 20Alice : 10 Cath : 15 David : 90
h(Bob : 20)h(Alice : 10) h(Cath : 15) h(David : 90)
h(A||B) h(C||D)
h(AB||CD)
|| 24/09/15James Guthrie 41
Iterative Merkle Tree
C
C
Õ
B
B
Õ
R
2
nentries 2
nentries
1 to 2
n+1entries
|| 24/09/15James Guthrie 42
Summary
|| 24/09/15James Guthrie 43
Summary
|| 24/09/15James Guthrie 44
Summary
|| 24/09/15James Guthrie 45
Summary
|| 24/09/15James Guthrie 46
Summary
|| 24/09/15James Guthrie 47
Summary
|| 24/09/15James Guthrie 48
Summary
Assets Liabilities
≥
|| 24/09/15James Guthrie 49
Summary
A Li≥
|| 24/09/15James Guthrie 50
Summary
A Li≥Value of Assets Value of Liabilities
≥
Blockchain Keys + Signatures Customer IDs + Balances
SolvencyBlockchain hash Customer data hash
|| 24/09/15James Guthrie 51
Summary
A Li≥ Valu Valu
|| 24/09/15James Guthrie 52
Summary
A Li≥ Valu Valu
Bob : 20Alice : 10 Cath : 15 David : 90
h(Bob : 20)h(Alice : 10) h(Cath : 15) h(David : 90)
h(A||B) h(C||D)
h(AB||CD)
|| 24/09/15James Guthrie 53
Summary
A Li≥ Valu Valu
|| 24/09/15James Guthrie 54
Summary
A Li≥ Valu Valu
Value of Assets Value of Liabilities
≥
Keys + Signatures Customer IDs + Balances
SolvencyAddress Balance hash Customer data hash
Address Balances
|| 24/09/15James Guthrie 55
Summary
A Li≥ Valu Valu
|| 24/09/15James Guthrie 56
Summary
A Li≥ Valu ValuC
C
Õ
B
B
Õ
R
2
nentries 2
nentries
1 to 2
n+1entries
|| 24/09/15James Guthrie 57
Summary
A Li≥ Valu Valu
C
C
Õ
B
B
Õ
R
2
nentries 2
nentries
1 to 2
n+1entries
|| 24/09/15James Guthrie 58
Thank you
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