TY - GEN
T1 - Zero-collateral lotteries in Bitcoin and Ethereum
AU - Miller, Andrew
AU - Bentov, Iddo
N1 - Publisher Copyright:
© 2017 IEEE.
PY - 2017/6/30
Y1 - 2017/6/30
N2 - We present cryptocurrency-based lottery protocols that do not require any collateral from the players. Previous protocols for this task required a security deposit that is O(N2) times larger than the bet amount, where N is the number of players. Our protocols are based on a tournament bracket construction, and require only O(logN) rounds. Our lottery protocols thus represent a significant improvement, both because they allow players with little money to participate, and because of the time value of money. The Ethereum-based implementation of our lottery is highly efficient. The Bitcoin implementation requires an O(2N) off-chain setup phase, which demonstrates that the expressive power of the scripting language can have important implications. We also describe a minimal modification to the Bitcoin protocol that would eliminate the exponential blowup.
AB - We present cryptocurrency-based lottery protocols that do not require any collateral from the players. Previous protocols for this task required a security deposit that is O(N2) times larger than the bet amount, where N is the number of players. Our protocols are based on a tournament bracket construction, and require only O(logN) rounds. Our lottery protocols thus represent a significant improvement, both because they allow players with little money to participate, and because of the time value of money. The Ethereum-based implementation of our lottery is highly efficient. The Bitcoin implementation requires an O(2N) off-chain setup phase, which demonstrates that the expressive power of the scripting language can have important implications. We also describe a minimal modification to the Bitcoin protocol that would eliminate the exponential blowup.
UR - http://www.scopus.com/inward/record.url?scp=85027679433&partnerID=8YFLogxK
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U2 - 10.1109/EuroSPW.2017.44
DO - 10.1109/EuroSPW.2017.44
M3 - Conference contribution
AN - SCOPUS:85027679433
T3 - Proceedings - 2nd IEEE European Symposium on Security and Privacy Workshops, EuroS and PW 2017
SP - 4
EP - 13
BT - Proceedings - 2nd IEEE European Symposium on Security and Privacy Workshops, EuroS and PW 2017
PB - Institute of Electrical and Electronics Engineers Inc.
T2 - 2nd IEEE European Symposium on Security and Privacy Workshops, EuroS and PW 2017
Y2 - 29 April 2017 through 30 April 2017
ER -