Enabling Cross-chain Transactions : A Decentralized Cryptocurrency Exchange Protocol

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

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Author(s)

  • Hangyu Tian
  • Kaiping Xue
  • Xinyi Luo
  • Shaohua Li
  • Jianqing Liu
  • Jun Zhao
  • David S. L. Wei

Related Research Unit(s)

Detail(s)

Original languageEnglish
Pages (from-to)3928-3941
Number of pages14
Journal / PublicationIEEE Transactions on Information Forensics and Security
Volume16
Online published9 Jul 2021
Publication statusPublished - 2021

Abstract

Inspired by Bitcoin, many different kinds of cryptocurrencies based on blockchain technology have turned up on the market. Due to the special structure of the blockchain, it has been deemed impossible to directly trade between traditional currencies and cryptocurrencies or between different types of cryptocurrencies. Generally, trading between different currencies is conducted through a centralized third-party platform. However, it has the problem of a single point of failure, which is vulnerable to attacks and thus affects the security of the transactions. In this paper, we propose a distributed cryptocurrency trading scheme to solve the problem of centralized exchanges, which can achieve secure trading between different types of cryptocurrencies. Our scheme is implemented with smart contracts on an Ethereum blockchain and deployed on an Ethereum test network. In addition to implementing transactions between individual users, our scheme also allows transactions among multiple users. The experimental result proves that the cost of our scheme is acceptable.

Research Area(s)

  • Blockchain, Cryptocurrency, Exchange, Ethereum, Smart contracts

Citation Format(s)

Enabling Cross-chain Transactions : A Decentralized Cryptocurrency Exchange Protocol. / Tian, Hangyu; Xue, Kaiping; Luo, Xinyi; Li, Shaohua; Xu, Jie; Liu, Jianqing; Zhao, Jun; Wei, David S. L.

In: IEEE Transactions on Information Forensics and Security, Vol. 16, 2021, p. 3928-3941.

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review