Private and Atomic Exchange of Assets over Zero Knowledge Based Payment Ledger
Zhimin Gao, Lei Xu, Keshav Kasichainula, Lin Chen, Bogdan Carbunar,, Weidong Shi

TL;DR
This paper introduces a zero-knowledge based protocol for private, atomic, and fair exchange of crypto assets, extending privacy features and supporting multi-currency transactions directly on the blockchain.
Contribution
It proposes a novel zero-knowledge proof system and extended note format enabling privacy-preserving, atomic exchanges of multiple cryptocurrencies without relying on third-party escrow or off-chain solutions.
Findings
Supports privacy-enhanced, atomic asset exchanges on-chain
Extends zero-knowledge proofs for multi-asset transactions
Demonstrates feasibility with privacy-preserving exchange protocols
Abstract
Bitcoin brings a new type of digital currency that does not rely on a central system to maintain transactions. By benefiting from the concept of decentralized ledger, users who do not know or trust each other can still conduct transactions in a peer-to-peer manner. Inspired by Bitcoin, other cryptocurrencies were invented in recent years such as Ethereum, Dash, Zcash, Monero, Grin, etc. Some of these focus on enhancing privacy for instance crypto note or systems that apply the similar concept of encrypted notes used for transactions to enhance privacy (e.g., Zcash, Monero). However, there are few mechanisms to support the exchange of privacy-enhanced notes or assets on the chain, and at the same time preserving the privacy of the exchange operations. Existing approaches for fair exchanges of assets with privacy mostly rely on off-chain/side-chain, escrow or centralized services. Thus,…
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Taxonomy
TopicsBlockchain Technology Applications and Security · Cryptography and Data Security · Advanced Steganography and Watermarking Techniques
