arXiv:1805.11060 Date: submitted by
2018-05-28 Author(s): Giulia Fanti
, Shaileshh Bojja Venkatakrishnan
, Surya Bakshi
, Bradley Denby
, Shruti Bhargava
, Andrew Miller
, Pramod Viswanath
Recent work has demonstrated significant anonymity vulnerabilities in Bitcoin's networking stack. In particular, the current mechanism for broadcasting Bitcoin transactions allows third-party observers to link transactions to the IP addresses that originated them. This lays the groundwork for low-cost, large-scale deanonymization attacks. In this work, we present Dandelion++, a first-principles defense against large-scale deanonymization attacks with near-optimal information-theoretic guarantees. Dandelion++ builds upon a recent proposal called Dandelion that exhibited similar goals. However, in this paper, we highlight simplifying assumptions made in Dandelion, and show how they can lead to serious deanonymization attacks when violated. In contrast, Dandelion++ defends against stronger adversaries that are allowed to disobey protocol. Dandelion++ is lightweight, scalable, and completely interoperable with the existing Bitcoin network. We evaluate it through experiments on Bitcoin's mainnet (i.e., the live Bitcoin network) to demonstrate its interoperability and low broadcast latency overhead.
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Why do I believe it was BCN destiny to be born in 2012? Just look at this and see yourself:
1983 - Blind signatures were invented by David Chaum link
1997 - HashCash (proof of work system) was invented by Adam Back link
2001 - Ring signatures were invented by Ron Rivest, Adi Shamir, and Yael Tauman link
2003 - Mart n Abadi, Michael Burrows, and Ted Wobber presented "Moderately hard, memory-bound functions"link
2004 - Patrick P. Tsang and Victor K. Wei presented their paper "Short linkable ring signatures for e-voting, e-cash and attestation" link
2005 - Matthew Franklin and Haibin Zhang with "Unique Group Signatures" study link
2005 - Exponential memory-bound functions for proof of work protocols by Fabien Coelho link
+2006 - "Traceable Ring Signature" by Fujisaki and Suzuki link
2008 - Bitcoin whitepaper by Satoshi Nakamoto link
2009 - Stronger key derivation via sequential memory-hard functions by Colin Percival link
2009 - First Bitcoin block was generated
2010 -2012 - Bitcoin Anonymity Problem Discussions link
2011 - An Analysis of Anonymity in the Bitcoin System, Fergal Reid and Martin Harrigwere link
5/15/2012 - Dorit Ron and Adi Shamir made Quantitative Analysis of the Full Bitcoin Transaction Graph link
6/8/2012 - Bytecoin Wiki started link
6/30/2012 - Bytecoin launch announcement link- first news
7/4/2012 - First BCN block was generated link
8/6/2012 - Destination Address Anonymization in Bitcoin (one-time addresses in BCN) link
10/19/2012 - Evaluating User Privacy in Bitcoin by Elli Androulaki, Ghassan O. Karame, Marc Roeschlin, Tobias Scherer, Srdjan Capkun. link
12/12/2012 -CryptoNote whitepaper v 1.0 link
12/13/2012 - Analysis of hashrate-based double-spending, Meni Rosenfeld link
10/17/2013 - CryptoNote whitepaper v 2.0 link
Here we see how the technology logically came to the advent of cryptocurrencies with ring signature and memory-bound function PoW implementation. Soon after Bitcoin's release the community started to raise concerns about its anonymity with multiple solutions and propositions. High concentration of theoretical papers on these topics in 2009-2011 most probably spurred the brightest minds to make attempts of practical e-cash with ring signatures realization. Therefore, BCN couldn't but appear in 2012.
Based on https://bitcointalk.org/index.php?topic=512747.msg7093354#msg7093354
We should probably not think of the Bitcoin money supply (Price x bitcoin in circulation) as market cap. Better to compare like with like. We can compare with other currencies. We can do this in terms of the M1 money supply (which equates to cash, checking accounts and other "near money" vehicles). submitted by
One lightly used currency, the Icelandic Kroner, has M1 of about $3.3 bn at the moment. The population of Iceland is 327,000.
Right now (June 12th) we could say that Bitcoin has an M1 of roughly $10 bn - three times as much, implying (very roughly) a Bitcoin population of about 1 million citizens.
Bitcoin M1 is also a little less than one three hundredth of the MI money supply of the US with its 300+ millions of citizens - which also indicates a Bitcoin population of about 1 million citizens.
Bitcoin is (clearly) also a vehicle for speculation, so this is only a rough equation and does not properly indicate how much Bitcoin usage reflects payments. However the Bitcoin transaction graph has a clear upward trend indicating a growing population of bitcoin users.
This should lead us to expect that if the Bitcoin user population increase by a factor of 10 then so will the price - although it may do more than that because the speculators would probably go wild and create a temporary bubble in the currency's value.
The Bitcoin population will definitely increase by such a factor because it is a viral currency. It is impossible (for me at least) to know how fast that population will grow and what its practical upper limit is.
I'd like to do some analytics on the Bitcoin transactions graph. I've downloaded bootstrap.dat, but I don't know how to read it, what format it's in, etc. Can anyone help me out here? submitted by
Check Bitcoin (BTC) transaction, value: 0.00052521, date: 2020-07-19 While Bitcoin's presumed anonymity offers new avenues for commerce, several recent studies raise user-privacy concerns. We explore the level of anonymity in the Bitcoin system. Our approach is two-fold: (i) We annotate the public transaction graph by linking bitcoin public keys to "real" people - either definitively or statistically. How long does an average bitcoin transaction take? A transfer is completed in about 10 minutes in 2020. Mempool & Block size determine bitcoin transaction time. The total number of mined bitcoin that are currently circulating on the network. Market Price. The average USD market price across major bitcoin exchanges. Market Capitalization (USD) The median time for a transaction with miner fees to be included in a mined block and added to the public ledger. Bitcoin Transaction Graph Analysis Michael Fleder [email protected] Michael S. Kester [email protected] Sudeep Pillai [email protected] January 3, 2014 1 Introduction Bitcoins have recently become an increasingly popular cryptocurrency through which users trade electroni-cally and more anonymously than via traditional electronic transfers.
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