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IOTA: a Cryptographic Perspective
IOTA: A Cryptographic Perspective Bryan Baek Jason Lin Harvard University Georgia Institute of Technology [email protected] [email protected] 1 Introduction IOTA is an open-source distributed ledger protocol that presents a unique juxtaposition to the blockchain-based Bitcoin. Instead of using the traditional blockchain approach, IOTA stores individual transactions in a directed-acyclic graph (DAG) called Tangle. IOTA claims that this allows several benefits over its blockchain-based predecessors such as quantum-proof properties, no transaction fees, fast transactions, secure data transfer, and infinite scalability. Currently standing at 16th place in the CoinMarketCap, it topped 7 during the height of the bullish period of late 2017. Given these claims and attractions, this paper seeks to analyze the benefits and how they create vulnerabilities and/or disadvantages compared to the standard blockchain approach. Based upon our findings, we will discuss the future of IOTA and its potential of being a viable competitor to blockchain technology for transactions. 2 Background IOTA, which stands for Internet of Things Application [1], is a crypto technology in the form of a distributed ledger that facilitates transactions between Internet of Things (IoT) devices. IoT encompass smart home devices, cameras, sensors, and other devices that monitor conditions in commercial, industrial, and domestic settings [2]. As IoT becomes integrated with different facets of our life, their computational power and storage is often left to waste when idle. David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Serguei Popov founded the IOTA Foundation in June 2015 after working in the IoT industry because they saw the need to create an ecosystem where IoT devices share and allocate resources efficiently [3]. -
Peer Co-Movement in Crypto Markets
Peer Co-Movement in Crypto Markets G. Schwenkler and H. Zheng∗ February 4, 2021y Abstract We show that peer linkages induce significant price co-movement in crypto markets in excess of common risk factors and correlated demand shocks. When large abnormal return shocks hit one crypto, its peers experience unusually large abnormal returns of the opposite sign. These effects are primarily concentrated among smaller peers and revert after several weeks, resulting in predictable returns. We develop trading strategies that exploit this rever- sal, and show that they are profitable even after accounting for trading fees and frictions. We establish our results by identifying crypto peers through co-mentions in online news using novel natural language processing technologies. Keywords: Cryptocurrencies, peers, co-movement, competition, natural language pro- cessing. JEL codes: G12, G14, C82. ∗Schwenkler is at the Department of Finance, Santa Clara University Leavey School of Business. Zheng is at the Department of Finance, Boston University Questrom School of Business. Schwenkler is corresponding author. Email: [email protected], web: http://www.gustavo-schwenkler.com. yThis is a revision of a previous paper by the two authors called \Competition or Contagion: Evidence from Cryptocurrency Markets." We are grateful to Jawad Addoum (discussant), Daniele Bianchi (discussant), Will Cong, Tony Cookson, Sanjiv Das, Seoyoung Kim, Andreas Neuhierl, Farzad Saidi, and Antoinette Schoar, seminar participants at Boston University and the Society for Financial Econometrics, and the participants at the 2020 Finance in the Cloud III Virtual Conference, the 2020 MFA Annual Meeting, the 3rd UWA Blockchain, Cryptocurrency and FinTech Conference, and the 2020 INFORMS Annual Meeting for useful comments and suggestions. -
Wallance, an Alternative to Blockchain for Iot Loïc Dalmasso, Florent Bruguier, Achraf Lamlih, Pascal Benoit
Wallance, an Alternative to Blockchain for IoT Loïc Dalmasso, Florent Bruguier, Achraf Lamlih, Pascal Benoit To cite this version: Loïc Dalmasso, Florent Bruguier, Achraf Lamlih, Pascal Benoit. Wallance, an Alternative to Blockchain for IoT. IEEE 6th World Forum on Internet of Things (WF-IoT 2020), Jun 2020, New Orleans, LA, United States. 10.1109/WF-IoT48130.2020.9221474. hal-02893953v2 HAL Id: hal-02893953 https://hal.archives-ouvertes.fr/hal-02893953v2 Submitted on 1 Oct 2020 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Wallance, an Alternative to Blockchain for IoT Loïc Dalmasso, Florent Bruguier, Achraf Lamlih, Pascal Benoit LIRMM University of Montpellier, CNRS Montpellier, France [email protected] Abstract—Since the expansion of the Internet of Things a decentralized Machine-to-Machine (M2M) communication (IoT), connected devices became smart and autonomous. Their protocol. A security mechanism has to ensure the trust exponentially increasing number and their use in many between devices, securing all interactions without a central application domains result in a huge potential of cybersecurity authority like Cloud. In this context, the blockchain system threats. Taking into account the evolution of the IoT, security brings many benefits in terms of reliability and security. -
Blockchain Healthcare & Policy Synopsis
Blockchain Healthcare & Policy Synopsis AN EXECUTIVE REPORT OF THE U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES & NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY’S BLOCKCHAIN CHALLENGE October 2016 digitalchamber.org Table of Contents PART I: Blockchain in Healthcare and Research Workshop | 3 | I. Overview & Key Takeaways | 3 | II. Introduction: The White House II.I. Tim Polk, The White House, Office of Science and Technology Policy | 4 | III. Blockchain Level Setting III.I. John Kelsey, National Institute of Standards and Technology | 4 | III.II. Lily Chen, National Institute of Standards and Technology | 5 | IV. Blockchain Reality Check - Alternative IV.I. Evaluating Blockchain and Alternatives: Mance Harmon, Ping Identity | 5 | IV.II. Blockchain Challenges in Real Life: Stephen Wilson, Constellation Research | 6 | IV.III. “Fit for Purpose” Distributed Ledger Technology: Drummond Reed, Respect Network | 6 | V. Blockchain Reality Check - Challenges V.I. DHS Identity Innovations Grants: Many Sporny, Digital Bazaar | 7 | V.II. IoT Device Identity: Tiana Laurence and Andrew Yashchuk, Factom IRIS | 7 | V.III. Decentralized Identifiers (DIDs): Solving the Root Identity Problem, Drummond Reed, Respect Network | 7 | V.IV. Decentralized Certification Service, Adam Migus, XCELERATE Solutions | 8 | VI. Blockchain Challenge Presentations VI.I. Blockchain: The Chain of Trust and its Potential to Transform Healthcare – IBM’s Point of View Srini Attili and Shahram Ebdollahi, IBM Global Business Service Public Sector | 8 | VI.II. Blockchain: Securing -
The Magnificent Seven
The Magnificent Seven A closer look at functional attributes of blockchain platforms The Magnificent Seven1 Following a whitepaper published in late 2008, the Bitcoin system came into being in 2009, and the underlying technology became what we refer to as Blockchain today. 1 The top seven cryptocurrencies covered a good variety of attributes that are essential to gain a more thorough understanding of the potentials offered by this new technology. The Magnificent Seven 1 Since then, a variety of different cryptocurrency platforms have been created, and based on data from CoinMarketCap (https://coinmarketcap.com/), as of 27 March 2021, there were 8,964 crypto tokens in existence, with a total Market Cap of over USD$1.6 Trillion. The top seven cryptocurrencies made up around 80% of the global market capitalisation: Market Cap Token Symbol (billion USD) % Bitcoin BTC 1,026.8 59.23 Ethereum ETH 0,196.2 11.32 Cardano ADA 0,040.2 02.32 Binance Coin BNB 0,039.1 02.25 Tether USDT 0,038.5 02.22 Polkadot DOT 0,030.4 01.75 XRP XRP 0,025.8 01.49 80.58 Rest of 8,957 tokens 19.42 Bitcoin alone represents nearly 60% of the total cryptocurrency value, with Ethereum being the second highest by value. However, these cryptocurrencies are not in fact the same: value aside, they differ in some interesting ways, which in turn affect their “function” and value proposition. Asset Smart Token Year Type Minable Consensus2 Limit Backed Contract BTC 2009 Native Yes POW No 21m ETH 2012 ERC-20 Yes / No3 POW | POS No Y none ADA 2017 Native No POS No Y 45bn BNB 2017 ERC-20 No Tendermint No 100m Multiple Forms: USDT-Omni, USDT 2014 USDT-TRON, No NA USD none USDT-ERC20 and USDT-EOS DOT 2017 Native NPOS No Y none Ripple XRP 2012 Native No Transaction No 100bn Protocol Source: https://icorating.com/ and https://coincodex.com/ 2 In simple terms, consensus mechanism is a means of authenticating and validating transactions on a Blockchain (or distributed ledger) without having to trust or rely on a central authority. -
CASP) Software-Only, Ledger Agnostic, Platform Agnostic, Crypto Agile Bank-Grade Security for Crypto Assets
Protect Your Crypto Assets with Unbound’s Crypto Assets Security Platform (CASP) Software-Only, Ledger Agnostic, Platform Agnostic, Crypto Agile Bank-Grade Security for Crypto Assets Mathematically proven security Cryptography is one of the foundational security elements used by guarantee – the key material never organizations to protect sensitive data, transactions, services and identities. exists in the clear throughout its At the core of any cryptography implementation is the management of lifecycle including creation, in-use cryptographic keys and their protection from compromise and misuse. and at-rest With crypto assets, the protection of private keys is top priority, since the Any currency, any ledger, any private key is used to sign each transaction. It is therefore mandatory platform, any client to keep the key secure – not only from compromise, but also from any Programmatically derived malicious usage – as it takes only one fraudulent transaction (i.e. a single sign addresses (BIP 32/44) that are operation, to empty a wallet). cryptographically protected Backed by proven mathematical guarantees of security, Unbound’s Crypto Stronger and more flexible than Asset Security Platform (CASP) provides its customers with a software-only multi-signature – ledger-agnostic support of flexible quorum security platform that is as safe as hardware. With CASP, one can fully manage structures, any number of human the keys’ lifecycle, define cryptographically-based approval policies, while and/or servers, internal and supporting any currency, any ledger, any platform and any client type. external, that are required to sign a transaction Any Currency, Any Ledger, Any Platform Infinite scalability – easily scale capacity when and where it is Traditionally, securing the keys and secrets that guard the organizations’ most needed valuable assets required the use of dedicated hardware, such as hardware Intuitive and easy to use SDK – security modules (HSMs) and smartcards. -
Blockchain and Initial Coin Offerings: Blockchain´S Implications for Crowdfunding
Blockchain and Initial Coin Offerings: Blockchain´s Implications for Crowdfunding by Laurin Arnold, Martin Brennecke, Patrick Camus, Gilbert Fridgen, Tobias Guggenberger, Sven Radszuwill, Alexander Rieger, Andre Schweizer, Nils Urbach December 2018 in: Business Transformation through Blockchain (Hrsg. Treiblmaier, H., Beck, R.) University of Augsburg, D-86135 Augsburg Visitors: Universitätsstr. 12, 86159 Augsburg Phone: +49 821 598-4801 (Fax: -4899) 843 University of Bayreuth, D-95440 Bayreuth - I Visitors: Wittelsbacherring 10, 95444 Bayreuth W Phone: +49 921 55-4710 (Fax: -844710) www.fim-rc.de Blockchain and Initial Coin Offerings: Blockchain’s Implications for Crowdfunding Abstract Interest in Blockchain technology is growing rapidly and at a global scale. As scrutiny from practitioners and researchers intensifies, various industries and use cases are identified that may benefit from adopting Blockchain. In this context, peer-to-peer (P2P) funding through initial coin offerings (ICOs) is often singled out as one of the most visible and promising use cases. ICOs are novel forms of crowdfunding that collect funds in exchange for so-called Blockchain tokens. These tokens can represent any traditional form of underlying asset and have already been used, among others, to denote shares in a company, user reputations in online systems, deposits of fiat currencies, and balances in cryptocurrency systems. Importantly, ICOs allow for P2P investments without intermediaries. In this chapter, we explain the fundamentals of ICOs, highlight their differences to traditional financing, and analyze their potential impacts on crowdfunding. Keywords Blockchain, Initial Coin Offering, ICO, Distributed Ledger Technology, Crowdfunding, Cryptocurrency, Crypto-token, Use Case Analysis Table of Contents 1. Crowdfunding and Blockchain ....................................................................................................... -
Chancen Und Herausforderungen Von DLT (Blockchain) in Mobilität Und Logistik
Chancen und Herausforderungen von DLT (Blockchain) in Mobilität und Logistik FRAUNHOFER-INSTITUT FÜR ANGEWANDTE INFORMATIONSTECHNIK FIT CHANCEN UND HERAUSFORDERUNGEN VON DLT (BLOCKCHAIN) IN MOBILITÄT UND LOGISTIK Prof. Dr. Gilbert Fridgen Prof. Dr. Nikolas Guggenberger Prof. Dr. Thomas Hoeren Prof. Wolfgang Prinz (PhD) Prof. Dr. Nils Urbach Johannes Baur, Henning Brockmeyer, Wolfgang Gräther, Elisaweta Rabovskaja, Vincent Schlatt, André Schweizer, Johannes Sedlmeir, Lars Wederhake Vielen Dank den weiteren Mitwirkenden: Matthias Babel, Martin Brennecke, Patrick Camus, Benedict Drasch, Tobias Guggenberger, Luis Lämmermann, Jannik Lockl, Sven Radszuwill, Alexander Rieger, Marco Schmidt, Nico Thanner, Patrick Troglauer, Florian Vogt, Malte Weißert, Felix Würmseher Inhalt 1 Management Summary .......................................................................................................... 1 1.1 Zielsetzung des Gutachtens ..............................................................................................................1 1.2 Allgemeine Analyse..........................................................................................................................2 1.2.1 Technische Betrachtung ...................................................................................................................................... 2 1.2.2 Gesellschaftlich-ökonomische Perspektive ......................................................................................................... 3 1.2.2.1 Status quo ...................................................................................................................................................... -
Linking Wallets and Deanonymizing Transactions in the Ripple Network
Proceedings on Privacy Enhancing Technologies ; 2016 (4):436–453 Pedro Moreno-Sanchez*, Muhammad Bilal Zafar, and Aniket Kate* Listening to Whispers of Ripple: Linking Wallets and Deanonymizing Transactions in the Ripple Network Abstract: The decentralized I owe you (IOU) transac- 1 Introduction tion network Ripple is gaining prominence as a fast, low- cost and efficient method for performing same and cross- In recent years, we have observed a rather unexpected currency payments. Ripple keeps track of IOU credit its growth of IOU transaction networks such as Ripple [36, users have granted to their business partners or friends, 40]. Its pseudonymous nature, ability to perform multi- and settles transactions between two connected Ripple currency transactions across the globe in a matter of wallets by appropriately changing credit values on the seconds, and potential to monetize everything [15] re- connecting paths. Similar to cryptocurrencies such as gardless of jurisdiction have been pivotal to their suc- Bitcoin, while the ownership of the wallets is implicitly cess so far. In a transaction network [54, 55, 59] such as pseudonymous in Ripple, IOU credit links and transac- Ripple [10], users express trust in each other in terms tion flows between wallets are publicly available in an on- of I Owe You (IOU) credit they are willing to extend line ledger. In this paper, we present the first thorough each other. This online approach allows transactions in study that analyzes this globally visible log and charac- fiat money, cryptocurrencies (e.g., bitcoin1) and user- terizes the privacy issues with the current Ripple net- defined currencies, and improves on some of the cur- work. -
User Manual Ledger Nano S
User Manual Ledger Nano S Version control 4 Check if device is genuine 6 Buy from an official Ledger reseller 6 Check the box contents 6 Check the Recovery sheet came blank 7 Check the device is not preconfigured 8 Check authenticity with Ledger applications 9 Summary 9 Learn more 9 Initialize your device 10 Before you start 10 Start initialization 10 Choose a PIN code 10 Save your recovery phrase 11 Next steps 11 Update the Ledger Nano S firmware 12 Before you start 12 Step by step instructions 12 Restore a configuration 18 Before you start 19 Start restoration 19 Choose a PIN code 19 Enter recovery phrase 20 If your recovery phrase is not valid 20 Next steps 21 Optimize your account security 21 Secure your PIN code 21 Secure your 24-word recovery phrase 21 Learn more 22 Discover our security layers 22 Send and receive crypto assets 24 List of supported applications 26 Applications on your Nano S 26 Ledger Applications on your computer 27 Third-Party applications on your computer 27 If a transaction has two outputs 29 Receive mining proceeds 29 Receiving a large amount of small transactions is troublesome 29 In case you received a large amount of small payments 30 Prevent problems by batching small transactions 30 Set up and use Electrum 30 Set up your device with EtherDelta 34 Connect with Radar Relay 36 Check the firmware version 37 A new Ledger Nano S 37 A Ledger Nano S in use 38 Update the firmware 38 Change the PIN code 39 Hide accounts with a passphrase 40 Advanced Passphrase options 42 How to best use the passphrase feature 43 -
Evmpatch: Timely and Automated Patching of Ethereum Smart Contracts
EVMPatch: Timely and Automated Patching of Ethereum Smart Contracts Michael Rodler Wenting Li Ghassan O. Karame University of Duisburg-Essen NEC Laboratories Europe NEC Laboratories Europe Lucas Davi University of Duisburg-Essen Abstract some of these contracts hold, smart contracts have become an appealing target for attacks. Programming errors in smart Recent attacks exploiting errors in smart contract code had contract code can have devastating consequences as an attacker devastating consequences thereby questioning the benefits of can exploit these bugs to steal cryptocurrency or tokens. this technology. It is currently highly challenging to fix er- rors and deploy a patched contract in time. Instant patching is Recently, the blockchain community has witnessed several especially important since smart contracts are always online incidents due smart contract errors [7, 39]. One especially due to the distributed nature of blockchain systems. They also infamous incident is the “TheDAO” reentrancy attack, which manage considerable amounts of assets, which are at risk and resulted in a loss of over 50 million US Dollars worth of often beyond recovery after an attack. Existing solutions to Ether [31]. This led to a highly debated hard-fork of the upgrade smart contracts depend on manual and error-prone pro- Ethereum blockchain. Several proposals demonstrated how to defend against reentrancy vulnerabilities either by means of cesses. This paper presents a framework, called EVMPATCH, to instantly and automatically patch faulty smart contracts. offline analysis at development time or by performing run-time validation [16, 23, 32, 42]. Another infamous incident is the EVMPATCH features a bytecode rewriting engine for the pop- ular Ethereum blockchain, and transparently/automatically parity wallet attack [39]. -
ARK Whitepaper
ARK Whitepaper A Platform for Consumer Adoption v.1.0.3 The ARK Crew ARK Whitepaper v.1.0.3 Table Of Contents Overview………………………………………………………………...……………………………….……………….………………………………………………………….….3 Purpose of this Whitepaper………………………………………………………………………………………………………………………..….……….3 Why?…………………………………………………………………………………………………………………….…………………………………………………….…………..4 ARK…………………………………………………………………………………………………….……………….…………………………………………………………………..5 ARK IS………………………………………………………………………………………………....……………….………………………………………………………………..5 ARK: Technical Details……………………………………….…….…..…………………………...……………….………………...…………………………...6 - Delegated Proof of Stake…………………………….……………...………………………….……………………………………….………...…...6 - Hierarchical Deterministic (HD) Wallets (BIP32)…………………………………………………….....…………………..…..8 - Fees……………………………………………………………………………………………………………….……………….…...………………………………..……...8 - ARK Delegates and Delegate Voting.…………………………………………………………………………………...………………….9 - Bridged Blockchains (SmartBridges)....................………………………………………………………………….………...…….10 - POST ARK-TEC Token Distribution …………………..…………………………………….………………….………..……..…..……….11 - Testnet Release……………………………………………….…………………………………………………………………….………...….....12 And Beyond?…………………………………………………………………….………...……………………………………….………………………...……….…12 Addendum 1: ARK IS…(Cont.)...……..……..…………....…..………...………………………………………...………………………......……12