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arXiv:1402.3698cs.CR

Note on fair coin toss via Bitcoin

Adam Back, Iddo Bentov

Abstract

In this short note we show that the Bitcoin network can allow remote parties to gamble with their bitcoins by tossing a fair or biased coin, with no need for a trusted party, and without the possibility of extortion by dishonest parties who try to abort. The superfluousness of having a trusted party implies that there is no house edge, as is the case with centralized services that are supposed to generate a profit.

arXiv comments
See also https://bitcointalk.org/index.php?topic=277048.0
Journal reference
DOI
Subjects
cs.CRCryptography and Security

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  1. First atomic bet on Bitcoin Cash using new opcodes 1 comment

    • >It's more like a two-party roll of a die with a practically infinite number of faces. If both rolls sum even, Alice wins. Otherwise, Bob wins. What you are describing is a coin flipping protocol [0]. From the article: >To my knowledge this is the first time someone has proposed…

      EthanHeilmanView on HNParent context

  2. Smart Contracts Land on Wall Street 1 comment

    • A smart contract is a contract that can be executed with the trust parameters you set, these parameters are less limited than typical contracts have since they don't have an inherent necessity to trust a government or even a counterparty. Some contracts don't require anyone's…

      lappaView on HNParent context

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