01-30, 10:55–11:15 (Europe/Zurich), Beam Stage
I will present results from my Master Thesis of the same name as well as some new insights. The session assumes some basic blockchain knowledge, but not cryptography although cryptographers will get the most out of it.
The path to the blockchain through the so-called Dark Forest is perilous. In this Wild West, the naive user's interactions with the blockchain can be seen and mined for information by sophisticated actors before they even happen. Existing mitigations such as out-of-protocol private order flow and hash-based commit-and-reveal introduce additional points of failure or suffer from overhead. To overcome these limitations, we describe "temporary encryption with delayed execution", a new architecture for smart contract blockchains that leverages threshold cryptography to solve the problem of front-running in an elegant way. We also show how the same solution can support sealed-bid auctions, randomness generation, and other use cases. Finally we discuss the drawbacks of our construction and the state of current and future research in the field.
After a Master's degree at EPFL and random walks in Open Source, Cypherpunk, and Capture-The-Flag communities, Julie Bettens joined ChainSecurity as a Blockchain Security Engineer to help secure the web3 ecosystem by finding bugs before they can be exploited.