Browse > Article
http://dx.doi.org/10.13089/JKIISC.2019.29.1.187

Secure Distributed Cryptocurrency Transaction Model Through Personal Cold Wallet  

Lee, Chang Keun (Department of Financial Security, Graduate School of Information Security, Korea University)
Kim, In-Seok (Department of Financial Security, Graduate School of Information Security, Korea University)
Publication Information
Journal of the Korea Institute of Information Security & Cryptology / v.29, no.1, 2019 , pp. 187-194 More about this Journal
Abstract
Ever since the world's largest Bitcoin Echange, (Mt. Gox), was closed in March 2014 due to the series of hacking, still many other Exchages incl. recent Coinale in Korea have been attacked. Those hacking attempts never stopped and have caused significant threats to the overall industry of Crypto Currency and resulted in the loss of individual investors' asset. The DEX (Decentralized Exchange) has been proposed as a solution to fix the security problem at the Exchange, but still it is far away to resolve all issues. Therefore, this paper firstly analyzes security threats against existing Crypto Currency Exchanges and secondly derives security requirements for them. To do that it proposes a secure and distributed Crypto Currency Transaction Model through Personal Security devices as a solution. The paper also proves this new attempt by demonstrating its unique modelling; ultimately by adopting this modeling into Crypto Exchange is to avoid potential security threats.
Keywords
Distributed network; Flexible trading; HTLC; Cold wallet; Cryptocurrency exchange;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
연도 인용수 순위
1 Iddo Bentov, Yan Ji, Fan Zhang, Yunqi Li, Xueyuan Zhao, Lorenz Breidenbach, Philip Daian, and Ari Juels, "Tesseract: Real-Time Cryptocurrency Exchange Using Trusted hardware," IACR Cryptology ePrint Archive, 2017.
2 Maurice Herlihy, "Atomic Cross-Chain Swaps," arXiv preprint arXiv:1801.09515, 2018.
3 Young-Seek Chung and Jae-Sang Cha, "The Security Risk and Countermeasures of Blockchain based Virtual Currency Trading," Journal of Korea Institute of Information, Electronics, and Communication Technology, Vol. 11, No. 1, pp. 100-106, Feb. 2018.   DOI
4 Financial Security Institute, "BlockChain Technology and Security Considerations", Aug. 2017.
5 Seo-Gu Kang, Hyung-Joon Bae, Seong-Hyeon Lim, and Young-Sook Lee, "A Study on the Vulnerability and Countermeasures of Bitcoin," Proceedings of the Korean Society of Computer Information Conference, Vol. 25, No. 2, pp. 124-127, 2017.
6 Will Warren and Amir Bandeali, "0x: An open protocol for decentralized exchange on the Ethereum blockchain," URI: https://github.com/0xProject/whitepaper, 2017.
7 Wikipedia: Mt. Gox, https://en.wikipedia.org/wiki/Mt.Gox. AQccessed: 2017-02-016.
8 Dr. Julian Hosp, Toby Hoenisch, and Paul Kittiwongsunthorn, "COMIT Cryptographically-secure Off-chain Multi-asset Instant Transaction network," arXiv preprint arXiv:1810.02174, 2018.
9 Satoshi Nakamoto, "Bitcoin: A Peer-to-peer Electronic Cash System," URI: https://bitcoin.org/bitcoin.pdf, Oct. 2008.
10 Abraham Othman, David M Pennock, Daniel M Reeves, and Tuomas Sandholm, "A practical liquidity-sensitive automated market maker," ACM Transactions on Economics and Computation, Vol. 1, No. 3, 2013.