Practical Escrow Protocol for Bitcoin

Xiao Yang; Wang Fat Lau; Qingqing Ye; Man Ho Au; Joseph K. Liu; Jacob Cheng

doi:10.1109/TIFS.2020.2976607

Practical Escrow Protocol for Bitcoin

Xiao Yang
, Wang Fat Lau
, Qingqing Ye
, Man Ho Au
, Joseph K. Liu
, Jacob Cheng

Research output: Journal article publication › Journal article › Academic research › peer-review

15 Citations (Scopus)

Abstract

An escrow protocol for Bitcoin allows fair trading using bitcoins. To ensure fairness, the existing proposals made various trade-offs between trust, privacy, and efficiency. In this work, we evaluate the existing escrow protocols for cryptocurrency and propose a practical escrow protocol for Bitcoin that is: (a) computationally efficient; (b) round efficient; and (c) privacy-preserving. The core component of our escrow protocol for Bitcoin is a new verifiably encrypted ECDSA scheme, which may be of independent interest. Furthermore, we implement the escrow protocol for Bitcoin in Bitcoin mainnet, demonstrating the feasibility of our protocol.

Original language	English
Article number	9017971
Pages (from-to)	3023-3034
Number of pages	12
Journal	IEEE Transactions on Information Forensics and Security
Volume	15
DOIs	https://doi.org/10.1109/TIFS.2020.2976607
Publication status	Published - 1 Jan 2020

Keywords

Bitcoin
Escrow protocol
verifiably encrypted ECDSA

ASJC Scopus subject areas

Safety, Risk, Reliability and Quality
Computer Networks and Communications

More information

10.1109/TIFS.2020.2976607

Cite this

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title = "Practical Escrow Protocol for Bitcoin",

abstract = "An escrow protocol for Bitcoin allows fair trading using bitcoins. To ensure fairness, the existing proposals made various trade-offs between trust, privacy, and efficiency. In this work, we evaluate the existing escrow protocols for cryptocurrency and propose a practical escrow protocol for Bitcoin that is: (a) computationally efficient; (b) round efficient; and (c) privacy-preserving. The core component of our escrow protocol for Bitcoin is a new verifiably encrypted ECDSA scheme, which may be of independent interest. Furthermore, we implement the escrow protocol for Bitcoin in Bitcoin mainnet, demonstrating the feasibility of our protocol.",

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AU - Yang, Xiao

AU - Lau, Wang Fat

AU - Ye, Qingqing

AU - Au, Man Ho

AU - Liu, Joseph K.

AU - Cheng, Jacob

PY - 2020/1/1

Y1 - 2020/1/1

N2 - An escrow protocol for Bitcoin allows fair trading using bitcoins. To ensure fairness, the existing proposals made various trade-offs between trust, privacy, and efficiency. In this work, we evaluate the existing escrow protocols for cryptocurrency and propose a practical escrow protocol for Bitcoin that is: (a) computationally efficient; (b) round efficient; and (c) privacy-preserving. The core component of our escrow protocol for Bitcoin is a new verifiably encrypted ECDSA scheme, which may be of independent interest. Furthermore, we implement the escrow protocol for Bitcoin in Bitcoin mainnet, demonstrating the feasibility of our protocol.

AB - An escrow protocol for Bitcoin allows fair trading using bitcoins. To ensure fairness, the existing proposals made various trade-offs between trust, privacy, and efficiency. In this work, we evaluate the existing escrow protocols for cryptocurrency and propose a practical escrow protocol for Bitcoin that is: (a) computationally efficient; (b) round efficient; and (c) privacy-preserving. The core component of our escrow protocol for Bitcoin is a new verifiably encrypted ECDSA scheme, which may be of independent interest. Furthermore, we implement the escrow protocol for Bitcoin in Bitcoin mainnet, demonstrating the feasibility of our protocol.

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KW - Escrow protocol

KW - verifiably encrypted ECDSA

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M3 - Journal article

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SN - 1556-6013

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JO - IEEE Transactions on Information Forensics and Security

JF - IEEE Transactions on Information Forensics and Security

M1 - 9017971

ER -

Practical Escrow Protocol for Bitcoin

Abstract

Keywords

ASJC Scopus subject areas

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