Before Bitcoin can mature as a currency, the security of wallets must be improved. Previously, I motivated the need for sharing Bitcoin wallets using threshold signatures as a means to greatly increase their resilience to theft. For corporate users, threshold signatures enable cryptographically secure access control. For individuals, threshold signatures can be used to build […]
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Bitcoin hacks and thefts: The underlying reason
April 15, 2014 by
Emin Gün Sirer has a fascinating post about how the use of NoSQL caused technical failures that led to the demise of Bitcoin exchanges Flexcoin and Poloniex. But these are only the latest in a long line of hacks of exchanges, other services, and individuals; a wide variety of bugs have been implicated. This suggests […]
New research: Better wallet security for Bitcoin
March 28, 2014 by
[UPDATE (April 3, 2014): We’ve found an error in our paper. In the threshold signature scheme that we used, there are restrictions on the threshold value. In particular if the key is shared over a degree t polynomial, then 2t+1 players (not t+1) are required to to construct a signature. We thought that this could […]
Are User Identification Networks the Future of Commercial Bitcoin Transactions?
February 13, 2014 by
With 12.3 million bitcoins mined to date, the total value of bitcoins has reached $9.975 billion US dollars. While this may pale in comparison to the $1.23 trillion US dollars in circulation, the use of bitcoins in commerce is gaining traction. With this traction the potential exists to link users’ identities with their public bitcoin […]
Understanding Bitcoin's transaction malleability problem
February 12, 2014 by
In recent days, several Bitcoin exchanges have suspended certain kinds of payments due to “transaction malleability” issues. There has been a lot of talk about why this happened, and some finger-pointing. In this post, I will try to unpack what “transaction malleability” is and why it has proven to be a problem for some companies.
