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Brief Announcement: How to Tame Multiple Spending in Decentralized Cryptocurrencies

Published: 21 July 2022 Publication History

Abstract

The last decade has seen a variety of Asset-Transfer systems designed for decentralized environments. To address the problem of double-spending, these systems inherently make strong model assumptions and spend a lot of resources. In this paper, we take a non-orthodox approach to the double-spending problem that might suit better realistic environments in which these systems are to be deployed. We consider the decentralized trust setting, where each user may independently choose who to trust by forming its local quorums. In this setting, we define k-Spending Asset Transfer, a relaxed version of asset transfer which bounds the number of times the same asset can be spent. We establish a precise relationship between the decentralized trust assumptions and k, the optimal spending number of the system.

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Brief announcement presentation video

References

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    cover image ACM Conferences
    PODC'22: Proceedings of the 2022 ACM Symposium on Principles of Distributed Computing
    July 2022
    509 pages
    ISBN:9781450392624
    DOI:10.1145/3519270
    Permission to make digital or hard copies of part or all of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for third-party components of this work must be honored. For all other uses, contact the Owner/Author.

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    Published: 21 July 2022

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    Author Tags

    1. accountability
    2. asset transfer
    3. consistency measure
    4. decentralized trust
    5. quorum systems

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