Blockchain Security and Privacy Protection

Hello guys ,I suppose you all have a great Christmas time ,so today i wanna talk about privacy protection in blockchain security.It’s no secret that privacy is an important topic in today’s crypto technology. Neither companies nor individuals want to publish all their information to the public blockchain, without any restrictions, and can be read at will.

In this process, the issue of privacy protection becomes particularly important.

For example, bitcoin was originally developed as a pseudonymous cryptocurrency that could remain hidden as long as real-world identities were not linked to bitcoin addresses.

However, due to the public nature of the bitcoin blockchain, it was soon clearly discovered that it was possible to identify individuals based on specific addresses and usage patterns of transactions.

In response to the erosion of bitcoin privacy, tumbler services such as CoinJoin have emerged to enhance bitcoin’s anonymity.

On CoinJoin, users co-create transactions that replace ownership of their tokens, allowing each user in a group to be anonymous.

This process can be repeated between different users to keep the anonymity set growing. Criminals have been using this mixer to mix identifiable bitcoins with other funds to disguise the original source of the funds.

Due to bitcoin’s lack of privacy and no plans to improve its privacy at the protocol level, a new breed of cryptocurrencies has sprung up to support private transactions.

One example is Zcash Coin, whose founding team has a strong academic background in crypto, using zk-SNARKs technology. Zcash’s network performance upgrades can improve the performance and functionality of of masking crypto transactions.

Monero is another privacy token that uses ring signatures instead of zk-SNARKs technology.

The Monero team’s attempt to support privacy-preserving packet routing by building Kovri so that users can hide their geographic location and IP address.

Anonymous users’ network traffic will greatly improve the security of the Monero network and ensure that users are not arrested or physically harmed for using Monero.

However, privacy in smart contracts is different from privacy in payments because the disclosure of smart contracts contains program code.

Unfortunately, it turns out that program obfuscation is impossible to achieve, so smart contracts lack both confidentiality (hiding the amount of payment) and anonymity (hiding the identities of the sender and receiver).

Oasis Labs is an exciting privacy-focused project that builds the new smart contract platform Ekiden that separates the execution of smart contracts from the underlying consensus mechanism.

Smart contracts run inside an isolated piece of hardware called a secure zone such as Intel SGX. This safety zone acts like a black box, keeping computations private relative to other applications.

It also generates a cryptographic proof that the approved program is executing correctly, storing the evidence in the blockchain. By separating the execution of smart contracts from consensus, Ekiden is compatible with different underlying blockchains, including Ethereum.

With the rapid development of blockchain security technology, privacy protection measures will continue to improve. Follow us and discuss blockchain privacy protection technologies together.

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Lunaray takes a leading position in smart contract auditing and consulting service for blockchain security.

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lunaray

lunaray

Lunaray takes a leading position in smart contract auditing and consulting service for blockchain security.

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