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arXiv:0802.0832cs.CR

Distributed Double Spending Prevention

Jaap-Henk Hoepman

Abstract

We study the problem of preventing double spending in electronic payment schemes in a distributed fashion. This problem occurs, for instance, when the spending of electronic coins needs to be controlled by a large collection of nodes (eg. in a peer-to-peer (P2P) system) instead of one central bank. Contrary to the commonly held belief that this is fundamentally impossible, we propose several solutions that do achieve a reasonable level of double spending prevention, and analyse their efficiency under varying assumptions.

arXiv comments
15th Int. Workshop on Security Protocols, 2007 (to appear)
Journal reference
DOI
Subjects
cs.CRCryptography and Security

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Linked by 2 identifiable commenters in 5 comments across 4 threads, from Jan 2021 to Aug 2024.

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Discussed in comments4 threads

  1. Nomad, communicate off-grid mesh, forward secrecy and extreme privacy 1 comment

    • Sorry, but you're not exactly an expert on this. There is a huge body of literature that says otherwise, and reference implementations. You don't NEED "a centralizing consensus". IOTA did have one, called a "governor". And now they also did away with it. I had a discussion with…

      EGregView on HNParent context

  2. ChatPDF – Chat with Any PDF 1 comment

    • (I fed it this PDF: https://arxiv.org/pdf/0802.0832v1.pdf) And got the same experience I often have with LLMs: How many validators are enough to make the scheme secure According to page 5 of the PDF, the system is secure with security parameters if the adversary must perform an…

      EGregView on HNParent context

  3. The Bitcoin whitepaper is hidden in every copy of macOS 2 comments

    • Sure. Whitepaper was released in 2008. Genesis block was in 2009. In 2007 we had Combating Double-Spending Using Cooperative P2P Systems[0]. Prior to both the whitepaper and the genesis block, we had Distributed Double Spending Prevention[1]. These are all particular subsets of…

      alex_sfView on HNParent context

    • > - Bitcoin doesn't use DHTs. I didn't say it did. But the idea of distributing data in a P2P fashion is not novel. > - The term blockchain was coined after the Bitcoin white paper was published, to describe the mechanism used in Bitcoin. I'm not very interested in the…

      alex_sfView on HNParent context

  4. Attacking the DeFi ecosystem with flash loans for fun and profit (2020) 1 comment

    • Yes, it is a good step forward. Really, what you need is a distributed hash table (like MaidSAFE), or randomness beacons (like Algorand) to select a subset of the network. This paper shows mathematically that the probability of a double-spend goes down exponentially with the…

      EGregView on HNParent context

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