Abstract
In the absence of the trusted third party, the cryptocurrencies headed by Bitcoin realized the consistency of the distributed ledger successfully. However, Bitcoin, based on proof of work, has serious waste of computational resources, poor scalability and bad monetary policy. Compared with Bitcoin, RSCoin utilizes two-phase commit to construct a scalable centrally banked cryptocurrency frame, avoiding the waste of computational resources caused by proof of work. But it does not consider the communication cost of users. We present a user-friendly centrally banked cryptocurrency, UFCBCoin, based on RSCoin. We take advantage of a representative mechanism that the user entrusts a representative to send messages, to reduce half of the communication cost of the user. We also prove that UFCBCoin is secure theoretically in the synchronous network communication model we defined, and introduce an evaluation mechanism to enhance security.
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Acknowledgement
The authors would like to thank anonymous reviewers for their helpful comments and suggestions. This work is supported by the National Key R&D Program of China (2017YFB0802502) and the National Natural Science Foundation of China (No.61379140 and No. 61502480).
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Appendix
Appendix
In this appendix, we provide the main algorithms of UFCBCoin. Algorithm 1 is run by a user to submit and validate a transaction, including the representative selection. Algorithm 2 is run by the mintettes to validate or confirm a transaction. Algorithm 3 is used to check the transaction has been spent or not.
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Han, X., Liu, Y., Xu, H. (2017). A User-Friendly Centrally Banked Cryptocurrency. In: Liu, J., Samarati, P. (eds) Information Security Practice and Experience. ISPEC 2017. Lecture Notes in Computer Science(), vol 10701. Springer, Cham. https://doi.org/10.1007/978-3-319-72359-4_2
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DOI: https://doi.org/10.1007/978-3-319-72359-4_2
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