A new key protocol design for cryptocurrency wallet

• Main Author: Soonhwa Sung
• Format: Article
• Language: English
• Published: Elsevier 2021-09-01
• Series: ICT Express
• Subjects: Cryptocurrency wallet; Key protocol; Blockchain
• Online Access: http://www.sciencedirect.com/science/article/pii/S2405959521000904

The majority of hacking accidents in cryptocurrency occur when the information of a cryptocurrency wallet is stolen. Since the cryptocurrency wallet is simply used for a key storage, when connecting to a transaction network, it is vulnerable for a key theft. Blockchain is not traceable, but it should communicate to applicate data of blockchain. To communicate to applicate data of blockchain, this study proposes a key protocol design to secure cryptocurrency transactions for user privacy of cryptocurrency to resolve the drawback of decentralized exchange.The key protocol includes a session key for a blockchain data structure and the Federated Byzantine Agreement (FBA) for the key-exchange agreement among users. In F-measure model, the values of Key Cluster Mode, Test Session key Mode and Original Session key Mode resulted in True Positive Ratio greater than 0.5 and False Positive Ratio lesser than 0.5. Therefore, the key protocol model has optimal security. In addition, computation costs of the protocol improve by compared with former studies. It may be played an important role in the cryptocurrency hacking accident and supported robust cryptocurrency market The study guarantees the security of cryptocurrency users without decentralized exchange, and it is scalable to other areas by using secure distributed networks.