Author: Ethan Heilman 2016-02-22 18:06:56
Published on: 2016-02-22T18:06:56+00:00
Digital currencies like Bitcoin rely on cryptographic primitives to operate. However, these primitives do not last forever and can break due to increased computational power and advanced cryptanalysis. Therefore, it is crucial to anticipate such breakage to maintain trust in a crypto currency. The article presents the first systematic analysis of the effect of broken primitives on Bitcoin by identifying the core cryptographic building blocks and analyzing the various ways in which they can break, and the subsequent effect on the main Bitcoin security guarantees. Our analysis reveals a wide range of possible effects depending on the primitive and type of breakage, ranging from minor privacy violations to a complete breakdown of the currency. The article goes on to suggest several observations and suggestions for the Bitcoin migration plans in case of broken cryptographic primitives. It highlights the importance of designing a system that can handle changing algorithms, as well as the need for a transparent and timely response to any potential threats. This analysis is based on a paper published on International Association for Cryptologic Research (IACR), which can be found at https://eprint.iacr.org/2016/167.
Updated on: 2023-06-11T04:04:36.028225+00:00