SmartExchange: Decentralised Trustless Cryptocurrency Exchange

Filip Adamik, Sokol Kosta

Publikation: Bidrag til bog/antologi/rapport/konference proceedingKonferenceartikel i proceedingForskningpeer review

2 Citationer (Scopus)

Abstrakt

Trading cryptocurrency on current digital exchange platforms is a trust-based process, where the parties involved in the exchange have to fully trust the service provider. As it has been proven several times, this could lead to funds being stolen, either due to malicious service providers that simply disappear or due to hacks that these platforms might suffer. In this work, we propose and develop a decentralised exchange solution based on smart contracts running on the Ethereum network that is open, verifiable, and does not require trust. The platform enables two parties to trade different currencies, limited to Ethereum and Bitcoin in the current status of the system. A smart contract, deployed on the Ethereum blockchain, functions as an escrow, which holds a user’s funds until a verified transaction has been made by the other party. To make the smart contract able to detect a Bitcoin transfer, we implement our solution by utilising an oracle. We define the system architecture and implement a working platform, which we test in a model scenario, successfully exchanging Bitcoin and Ether on the blockchain test networks. We conclude the paper identifying possible challenges and threats to such a system.
OriginalsprogEngelsk
TitelBusiness Information Systems Workshops : BIS 2018 International Workshops, Berlin, Germany, July 18–20, 2018, Revised Papers
RedaktørerWitold Abramowicz, Adrian Paschke
Antal sider12
Udgivelses stedCham
ForlagSpringer
Publikationsdato2019
Sider356-367
ISBN (Trykt)978-3-030-04848-8
ISBN (Elektronisk)978-3-030-04849-5
DOI
StatusUdgivet - 2019
Begivenhed21st International Conference on Business Information Systems, BIS 2018 - Berlin, Tyskland
Varighed: 18 jul. 201820 jul. 2018

Konference

Konference21st International Conference on Business Information Systems, BIS 2018
LandTyskland
ByBerlin
Periode18/07/201820/07/2018
NavnLecture Notes in Business Information Processing
Vol/bind339
ISSN1865-1348

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  • Citationsformater

    Adamik, F., & Kosta, S. (2019). SmartExchange: Decentralised Trustless Cryptocurrency Exchange. I W. Abramowicz, & A. Paschke (red.), Business Information Systems Workshops: BIS 2018 International Workshops, Berlin, Germany, July 18–20, 2018, Revised Papers (s. 356-367). Springer. Lecture Notes in Business Information Processing, Bind. 339 https://doi.org/10.1007/978-3-030-04849-5_32