Decentralized Cryptocurrency Exchange A Proof-of-Concept based on Hashed Timelock Contracts

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dc.contributor.authorAndersson, Magnus
dc.contributor.authorChen Trieu, Kevin
dc.contributor.authorDebesay, Petros
dc.contributor.authorPersson, Jesper
dc.contributor.authorTorrång, Jacob
dc.contributor.authorUtbult, Simon
dc.contributor.departmentChalmers tekniska högskola / Institutionen för data- och informationsteknik (Chalmers)sv
dc.contributor.departmentChalmers University of Technology / Department of Computer Science and Engineering (Chalmers)en
dc.date.accessioned2019-07-03T14:54:58Z
dc.date.available2019-07-03T14:54:58Z
dc.date.issued2018
dc.description.abstractIn recent years, cryptocurrencies have grown rapidly to a market capitalization of 400 billion US dollars. As the value of cryptocurrencies has increased, several exchanges have emerged. Some of these exchanges have been targets of attacks leading to losses of cryptocurrency worth hundreds of millions of dollars. The attacks have been made possible as a result of exchanges keeping track of the cryptocurrency in circulation on the exchange by storing their users’ funds. A successful attack puts not only the exchange, but all its users at risk. This bachelor’s thesis explores an alternative to a centralized cryptocurrency exchange by trading directly on the blockchain using peer-to-peer technology. This decentralized approach eliminates the risk for attacks with far-reaching consequences as users’ funds are not stored in a central location. A protocol for exchange between cryptocurrencies is proposed and a prototype based on this protocol is implemented. An evaluation is done to ensure the quality of the prototype and protocol based on three parameters - delay, cost and trading pairs. The protocol is proven to be a possible alternative to the solutions offered today. The prototype displays a proof-of-concept of a decentralized platform that implements this protocol.
dc.identifier.urihttps://hdl.handle.net/20.500.12380/256117
dc.language.isoeng
dc.setspec.uppsokTechnology
dc.subjectData- och informationsvetenskap
dc.subjectComputer and Information Science
dc.titleDecentralized Cryptocurrency Exchange A Proof-of-Concept based on Hashed Timelock Contracts
dc.type.degreeExamensarbete för kandidatexamensv
dc.type.degreeBachelor Thesisen
dc.type.uppsokM2
local.programmeSoftware Engineering (300 hp)
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