"Towards Having Your Privacy and Security and Exchanging Crypto Too"

A team of researchers wrote a new paper outlining a new protocol for better privacy and security protections when exchanging cryptocurrencies. Currently, if two people or entities want to exchange one cryptocurrency for another, they can do so directly between themselves, but there is always the risk that one of the two parties will be dishonest and not keep their end of the deal. Another option is to have a third-party exchange service mediate the transaction. However, the concern remains as to whether the exchange service is an adversary seeking to steal coins from both parties. There is also the problem of confidentiality. For example, if an e-commerce website only takes one cryptocurrency and you only have coins in a different cryptocurrency, you will need to convert your coins to the appropriate currency before making a purchase. The exchange required for this conversion can reveal sensitive information. The new study proposes a protocol to address these concerns about security and privacy. The protocol is universal, thus allowing for cross-exchanges between all present and future cryptocurrencies. Without relying on third parties, the swap protocol ensures that the exchange will be performed honestly or not at all, guaranteeing that no one will maliciously lose coins. Finally, the protocol allows for the simultaneous exchange of different types of cryptocurrency, such as Bitcoin, Ethereum, Dogecoin, and more. This article continues to discuss the study on the secure exchange of coins across all blockchains.  

CyLab reports "Towards Having Your Privacy and Security and Exchanging Crypto Too"