✳flâneur — a map of the web's best reading

FairBlock: Preventing Blockchain Front-running with Minimal Overheads

eprint.iacr.org · 321 words · saved by 1 readers

While blockchain systems are quickly gaining popularity, front-running remains a major obstacle to fair exchange. In this paper, we show how to apply identity-based encryption (IBE) to prevent front-running with minimal bandwidth overheads. In our approach, to decrypt a block of N transactions, the number of messages sent across the network only grows linearly with the size of decrypting committees, S. That is, to decrypt a set of N transactions sequenced at a specific block, a committee only needs to exchange S decryption shares (independent of N ). In comparison, previous solutions are based on threshold decryption schemes, where each transaction in a block must be decrypted separately by the committee, resulting in bandwidth overhead of N × S. Along the way, we present a model for fair block processing and build a prototype implementation. We show that on a sample of 1000 messages with 1000 validators our system saves 42.53 MB of bandwidth which is 99.6% less compared with the stand

FairBlock: Preventing Blockchain Front-running with Minimal Overheads Paper 2022/1066 FairBlock: Preventing Blockchain Front-running with Minimal Overheads Peyman Momeni , University of Waterloo Sergey Gorbunov , University of Waterloo Bohan Zhang , University of Waterloo Abstract While blockchain systems are quickly gaining popularity, front-running remains a major obstacle to fair exchange. In this paper, we show how to apply identity-based encryption (IBE) to prevent front-running with minimal bandwidth overheads. In our approach, to decrypt a block of N transactions, the number of messages

Explore this link on the map →

related reading