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Title:Towards Creating a Thin Client for Monero
Author(s):Lee, Kevin
Contributor(s):Miller, Andrew
Subject(s):Cloud Computing
Verifiable Computation
Abstract:As an increasing number of users begin to use cryptocurrencies, the number of transactions per day has also been steadily increasing. Users traditionally run full nodes which involve downloading a copy of the blockchain associated with that cryptocurrency and updating it through the network. This method guarantees full security at the cost of greater power consumption and data storage. The recent ubiquity of data connections and low-capacity hardware such as smartphones has only furthered the demand to delegate cryptocurrency-related computations to capable servers. This raises the need to verify results that are returned to a light client by a server, and also to perform conflict resolutions whenever servers disagree upon a query. In this study, we implement the storage of the Monero blockchain as authenticated data structures on powerful servers, and perform computations on the data structures as queries are made or as the blockchain is updated. Experimental results have shown that authenticated data structures can be used to create a secure thin client for Monero, and we conclude with a discussion on the possibility of integrating that thin client into the network.
Issue Date:2017-12
Date Available in IDEALS:2018-01-31

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