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A Treasury System for Cryptocurrencies: Enabling Better Collaborative Intelligence

Research output: Contribution to conference - Without ISBN/ISSN Conference paperpeer-review

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A Treasury System for Cryptocurrencies: Enabling Better Collaborative Intelligence. / Zhang, Bingsheng; Oliynykov, Roman; Balogun, Hamed.
2019. Paper presented at The Network and Distributed System Security Symposium 2019, San Diego, United States.

Research output: Contribution to conference - Without ISBN/ISSN Conference paperpeer-review

Harvard

Zhang, B, Oliynykov, R & Balogun, H 2019, 'A Treasury System for Cryptocurrencies: Enabling Better Collaborative Intelligence', Paper presented at The Network and Distributed System Security Symposium 2019, San Diego, United States, 24/02/19 - 27/02/19. https://doi.org/10.14722/ndss.2019.23024

APA

Zhang, B., Oliynykov, R., & Balogun, H. (2019). A Treasury System for Cryptocurrencies: Enabling Better Collaborative Intelligence. Paper presented at The Network and Distributed System Security Symposium 2019, San Diego, United States. https://doi.org/10.14722/ndss.2019.23024

Vancouver

Zhang B, Oliynykov R, Balogun H. A Treasury System for Cryptocurrencies: Enabling Better Collaborative Intelligence. 2019. Paper presented at The Network and Distributed System Security Symposium 2019, San Diego, United States. doi: 10.14722/ndss.2019.23024

Author

Zhang, Bingsheng ; Oliynykov, Roman ; Balogun, Hamed. / A Treasury System for Cryptocurrencies : Enabling Better Collaborative Intelligence. Paper presented at The Network and Distributed System Security Symposium 2019, San Diego, United States.15 p.

Bibtex

@conference{5bba889debf940bbb002d9f85e731637,
title = "A Treasury System for Cryptocurrencies: Enabling Better Collaborative Intelligence",
abstract = "A treasury system is a community-controlled and decentralized collaborative decision-making mechanism for sustainable funding of blockchain development and maintenance. During each treasury period, project proposals are submitted, discussed, and voted for; top-ranked projects are funded from the treasury. The Dash governance system is a real-world example of such kind of systems. In this work, we, for the first time, provide a rigorous study of the treasury system. We modelled, designed, and implemented a provably secure treasury system that is compatible with most existing blockchain infrastructures, such as Bitcoin, Ethereum, etc. More specifically, the proposed treasury system supports liquid democracy/delegative voting for better collaborative intelligence. Namely, the stake holders can either vote directly on the proposed projects or delegate their votes to experts. Its core component is a distributed universally composable secure end-to-end verifiable voting protocol. The integrity of the treasury voting decisions is guaranteed even when all the voting committee members are corrupted. To further improve efficiency, we proposed the world{\textquoteright}s first honest verifier zero-knowledge proof for unit vector encryption with logarithmic size communication. This partial result may be of independent interest to other cryptographic protocols. A pilot system is implemented in Scala over the Scorex 2.0 framework, and its benchmark results indicate that the proposed system can support tens of thousands of treasury participants with high efficiency.",
keywords = "Blockchain, treasury, liquid democracy",
author = "Bingsheng Zhang and Roman Oliynykov and Hamed Balogun",
year = "2019",
month = feb,
day = "25",
doi = "10.14722/ndss.2019.23024",
language = "English",
note = "The Network and Distributed System Security Symposium 2019 ; Conference date: 24-02-2019 Through 27-02-2019",

}

RIS

TY - CONF

T1 - A Treasury System for Cryptocurrencies

T2 - The Network and Distributed System Security Symposium 2019

AU - Zhang, Bingsheng

AU - Oliynykov, Roman

AU - Balogun, Hamed

PY - 2019/2/25

Y1 - 2019/2/25

N2 - A treasury system is a community-controlled and decentralized collaborative decision-making mechanism for sustainable funding of blockchain development and maintenance. During each treasury period, project proposals are submitted, discussed, and voted for; top-ranked projects are funded from the treasury. The Dash governance system is a real-world example of such kind of systems. In this work, we, for the first time, provide a rigorous study of the treasury system. We modelled, designed, and implemented a provably secure treasury system that is compatible with most existing blockchain infrastructures, such as Bitcoin, Ethereum, etc. More specifically, the proposed treasury system supports liquid democracy/delegative voting for better collaborative intelligence. Namely, the stake holders can either vote directly on the proposed projects or delegate their votes to experts. Its core component is a distributed universally composable secure end-to-end verifiable voting protocol. The integrity of the treasury voting decisions is guaranteed even when all the voting committee members are corrupted. To further improve efficiency, we proposed the world’s first honest verifier zero-knowledge proof for unit vector encryption with logarithmic size communication. This partial result may be of independent interest to other cryptographic protocols. A pilot system is implemented in Scala over the Scorex 2.0 framework, and its benchmark results indicate that the proposed system can support tens of thousands of treasury participants with high efficiency.

AB - A treasury system is a community-controlled and decentralized collaborative decision-making mechanism for sustainable funding of blockchain development and maintenance. During each treasury period, project proposals are submitted, discussed, and voted for; top-ranked projects are funded from the treasury. The Dash governance system is a real-world example of such kind of systems. In this work, we, for the first time, provide a rigorous study of the treasury system. We modelled, designed, and implemented a provably secure treasury system that is compatible with most existing blockchain infrastructures, such as Bitcoin, Ethereum, etc. More specifically, the proposed treasury system supports liquid democracy/delegative voting for better collaborative intelligence. Namely, the stake holders can either vote directly on the proposed projects or delegate their votes to experts. Its core component is a distributed universally composable secure end-to-end verifiable voting protocol. The integrity of the treasury voting decisions is guaranteed even when all the voting committee members are corrupted. To further improve efficiency, we proposed the world’s first honest verifier zero-knowledge proof for unit vector encryption with logarithmic size communication. This partial result may be of independent interest to other cryptographic protocols. A pilot system is implemented in Scala over the Scorex 2.0 framework, and its benchmark results indicate that the proposed system can support tens of thousands of treasury participants with high efficiency.

KW - Blockchain

KW - treasury

KW - liquid democracy

U2 - 10.14722/ndss.2019.23024

DO - 10.14722/ndss.2019.23024

M3 - Conference paper

Y2 - 24 February 2019 through 27 February 2019

ER -