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Mixcoin: Anonymity for Bitcoin with Accountable Mixes

Author(s): Bonneau, Joseph; Narayanan, Arvind; Miller, Andrew; Clark, Jeremy; Kroll, Joshua A; et al

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Abstract: We propose Mixcoin, a protocol to facilitate anonymous payments in Bitcoin and similar cryptocurrencies. We build on the emergent phenomenon of currency mixes, adding an accountability mechanism to expose theft. We demonstrate that incentives of mixes and clients can be aligned to ensure that rational mixes will not steal. Our scheme is efficient and fully compatible with Bitcoin. Against a passive attacker, our scheme provides an anonymity set of all other users mixing coins contemporaneously. This is an interesting new property with no clear analog in better-studied communication mixes. Against active attackers our scheme offers similar anonymity to traditional communication mixes.
Publication Date: 2014
Citation: Bonneau, Joseph, Arvind Narayanan, Andrew Miller, Jeremy Clark, Joshua A. Kroll, and Edward W. Felten. "Mixcoin: Anonymity for Bitcoin with Accountable Mixes." In International Conference on Financial Cryptography and Data Security (2014): pp. 486-504. doi:10.1007/978-3-662-45472-5_31
DOI: doi:10.1007/978-3-662-45472-5_31
ISBN-13: 978-3-662-45472-5
Pages: 486 - 504
Type of Material: Conference Article
Journal/Proceeding Title: International Conference on Financial Cryptography and Data Security
Version: Author's manuscript

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