The Advance of Ring Confidential Transactions

Ruiqi Jin

doi:10.54097/hset.v39i.6715

Authors

Ruiqi Jin

DOI:

https://doi.org/10.54097/hset.v39i.6715

Keywords:

Monero; RingCT; Ring Signature; Privacy Coin.

Abstract

Ring Confidential Transactions (RingCT) is a protocol associated with the privacy-focused cryptocurrency Monero and is used to hide the transaction amount from the third party while still providing the confidentiality of the hide transaction. With the Pederson commitment scheme, ring signature, and other cryptographic constructions, RingCT plays a major role in making the transactions of Monero private. As a privacy coin, Monero has the unique property of fungibility in the cryptocurrency market from the protocols implemented. These protocols provided opportunities and challenges for its future. In this paper, the version of the protocol implemented in Monero is first inspected, including the commitment to zero and the range proof. Then, two critical cryptographic constructions used by RingCT 2.0, the accumulator and the signature of knowledge, are introduced. Finally, the influence of RingCT and other privacy features and the current situation of privacy coin is discussed.

Downloads

Download data is not yet available.

References

Noether, S., & Mackenzie, A. (2016). Ring confidential transactions. Ledger, 1, 1-18.

Van Saberhagen, N. (2013). CryptoNote v 2.0.

Sun, S. F., Au, M. H., et al. (2017, September). Ringct 2.0: A compact accumulator-based (linkable ring signature) protocol for blockchain cryptocurrency monero. In European Symposium on Research in Computer Security (pp. 456-474). Springer.

Bünz, B., Bootle, J., Boneh, D., et al. (2018, May). Bulletproofs: Short proofs for confidential transactions and more. In 2018 IEEE symposium on security and privacy (SP) (pp. 315-334). IEEE.

Yuen, T. H., Sun, S. F., Liu, J. K., et al. (2020, February). RingCT 3.0 for blockchain confidential transaction: shorter size and stronger security. In International Conference on Financial Cryptography and Data Security (pp. 464-483). Springer, Cham.

Morais, R., Crocker, P., & de Sousa, S. M. (2020). Delegated RingCT: faster anonymous transactions. arXiv preprint arXiv:2011.14159.

Alberto Torres, W., Kuchta, V., Steinfeld, R., et al. (2019, July). Lattice RingCT V2. 0 with multiple input and multiple output wallets. In Australasian Conference on Information Security and Privacy (pp. 156-175). Springer, Cham.

Esgin, M. F., Zhao, R. K., Steinfeld, R., et al. (2019, November). MatRiCT: efficient, scalable and post-quantum blockchain confidential transactions protocol. In Proceedings of the 2019 ACM SIGSAC Conference on Computer and Communications Security (pp. 567-584).

Alonso, K. M. (2020). Zero to monero.

Benaloh, J., & Mare, M. D. (1993, May). One-way accumulators: A decentralized alternative to digital signatures. In Workshop on the Theory and Application of of Cryptographic Techniques (pp. 274-285). Springer, Berlin, Heidelberg.

Chase, M., & Lysyanskaya, A. (2006, August). On signatures of knowledge. In Annual International Cryptology Conference (pp. 78-96). Springer, Berlin, Heidelberg.

Kumar, A., Fischer, C., Tople, S., et al. (2017, September). A traceability analysis of monero’s blockchain. In European Symposium on Research in Computer Security (pp. 153-173). Springer, Cham.

Möser, M., Soska, K., Heilman, E., et al. (2017). An empirical analysis of traceability in the monero blockchain. arXiv preprint arXiv:1704.04299.