Coincer: Decentralised Trustless Platform for Exchanging Decentralised Cryptocurrencies

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Authors

ZIMA Michal

Type Article in Proceedings
Conference Network and System Security: 11th International Conference, NSS 2017, Helsinki, Finland, August 21--23, 2017, Proceedings
MU Faculty or unit

Faculty of Informatics

Citation
Doi http://dx.doi.org/10.1007/978-3-319-64701-2_53
Field Informatics
Keywords Bitcoin; Litecoin; cryptocurrencies; decentralised cryptocurrency exchange
Description We address the problem of a trustless decentralised exchange of cryptocurrencies. Centralised exchanges are neither trustworthy nor secure. As of 2017, there has been more than 25 million US dollars' worth of cryptocurrencies stolen from (or by) centralised exchanges. With Coincer we allow any two users to exchange their diverse cryptocurrencies directly between them, yet with no need to trust each other. Former approaches either do not do without a server or rely on a trusted issuer of exchangeable tokens. Our approach is to fully eliminate any elements susceptible to becoming a single point of failure. Coincer therefore leverages an efficient anonymous P2P overlay and an atomic protocol for exchanging money across different cryptocurrencies. It is implemented as free software and has been successfully tested with Bitcoin and Litecoin.
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