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RZcoin: Ethereum-Based Decentralized Payment with Optional Privacy Service
Hong Zhao1,2, Xue Bai1, Shihui Zheng1
1State Key Laboratory of Networking and Switching Technology, Beijing University of Posts and Telecommunications, Beijing 100876, China.
Entropy (Basel, Switzerland)
|December 8, 2020
Summary
This study introduces RZcoin, an improved Ethereum privacy model that addresses key redundancy and large proof sizes. RZcoin offers enhanced security and reduced communication costs for blockchain transactions.
Area of Science:
- Computer Science
- Cryptography
- Blockchain Technology
Background:
- Ethereum's smart contract capabilities drive blockchain commercialization.
- Privacy and security concerns arise with increased Ethereum application development.
- Previous work introduced RZcash for dynamic asset information hiding on Ethereum.
Purpose of the Study:
- To address key redundancy and high communication costs in the RZcash model.
- To propose an improved decentralized payment system for Ethereum.
- To enhance privacy and security in Ethereum-based transactions.
Main Methods:
- Developed a new signature scheme using ciphertext equivalent test commitment to solve key redundancy.
- Integrated Schnorr signature and bulletproofs to reduce proof size and communication costs.
- Proposed and implemented the RZcoin decentralized payment system based on Ethereum.
Main Results:
- RZcoin effectively mitigates key redundancy issues.
- Proof sizes are significantly reduced, leading to lower communication costs.
- The RZcoin system demonstrates improved security and performance compared to RZcash.
Conclusions:
- RZcoin offers a more efficient and secure privacy solution for Ethereum.
- The improvements enhance the practicality of privacy-preserving decentralized applications.
- This work contributes to the advancement of secure and scalable blockchain technologies.
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