RingCT 3.0 for Blockchain Confidential Transaction: Shorter Size and Stronger Security.
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Presented at FinancialCryptographyandDataSecurity 2020 by
In this paper, we propose the most efficient blockchain ringconfidential transaction protocol (RingCT3.0) for protecting the privacyof the sender’s identity, the recipient’s identity and the confidentialityof the transaction amount. For a typical 2-input transaction with a ringsize of 1024, the ring signature size of our RingCT3.0 protocol is 98% lessthan the ring signature size of the original RingCT1.0 protocol used inMonero. Taking the advantage of our compact RingCT3.0 transcript size,privacy-preserving cryptocurrencies can enjoy a much lower transactionfee which will have a significant impact on the crypto-economy.In addition to the significant improvement in terms of efficiency, ourscheme is proven secure in a stronger security model. We remove thetrusted setup assumption used in RingCT2.0. Our scheme is anonymousagainst non-signing users who are included in the ring, while we show thatthe RingCT1.0 is not secure in this improved model. Our implementationresult shows that our protocol outperforms existing solutions, in termsof efficiency and security.