Implementing a Protocol Native Managed Cryptocurrency

Published

November 24, 2019

Author(s)

Peter M. Mell, Aurelien M. Delaitre, Frederic J. de Vaulx, Philippe J. Dessauw

Abstract

Previous work presented a theoretical model based on the implicit Bitcoin specification for how an entity might issue a cryptocurrency that mimics features of fiat currencies. Novel to this work were mechanisms by which the issuing entity could manage the cryptocurrency but where their power was limited and transparency was enforced by the cryptocurrency being implemented using a publicly mined blockchain. In this work we demonstrate the feasibility of this theoretical model by implementing such a managed cryptocurrency architecture through forking the Bitcoin code base. We discovered that the theoretical model contains several vulnerabilities and security issues that needed to be mitigated. It also contains some architectural features that presented significant implementation challenges; some aspects of the proposed changes to the Bitcoin specification were not practical or even workable. In this work we describe how we mitigated the security vulnerabilities and overcame the architectural hurdles to build a working prototype.

Conference Dates

November 24-28, 2019

Conference Location

Valencia, GA

Conference Title

The Fourteenth International Conference on Software Engineering Advances (ICSEA 2019)

Pub Type

Conferences

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Keywords

Fiat Currency, Cryptocurrency, Bitcoin

Citation

Mell, P. , Delaitre, A. , de, F. and Dessauw, P. (2019), Implementing a Protocol Native Managed Cryptocurrency, The Fourteenth International Conference on Software Engineering Advances (ICSEA 2019), Valencia, GA, [online], https://tsapps.nist.gov/publication/get_pdf.cfm?pub_id=927618 (Accessed November 21, 2024)