Implementing a Protocol Native Managed Cryptocurrency
Peter M. Mell, Aurelien M. Delaitre, Frederic J. de Vaulx, Philippe J. Dessauw
Previous work presented a theoretical model based on the implicit Bitcoin speciﬁcation for how an entity might issue a cryptocurrency that mimics features of ﬁat currencies. Novel to this work were mechanisms by which the issuing entity could manage the cryptocurrency but where their power was limited and transparency was enforced by the cryptocurrency being implemented using a publicly mined blockchain. In this work we demonstrate the feasibility of this theoretical model by implementing such a managed cryptocurrency architecture through forking the Bitcoin code base. We discovered that the theoretical model contains several vulnerabilities and security issues that needed to be mitigated. It also contains some architectural features that presented signiﬁcant implementation challenges; some aspects of the proposed changes to the Bitcoin speciﬁcation were not practical or even workable. In this work we describe how we mitigated the security vulnerabilities and overcame the architectural hurdles to build a working prototype.
November 24-28, 2019
The Fourteenth International Conference on Software Engineering Advances (ICSEA 2019)