Implementation of a secret sharing scheme in a Bitcoin wallet
Montes Valls, Marc
Universitat de Lleida. Escola Politècnica Superior
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The world of cryptocurrencies is evolving every day. The developers continue ingrowing the number of tools used in these systems to provide new functionalities, integrating these currencies into real world business. This project aims to contribute to these resources, providing a tool for users to split a Bitcoin wallet into different fragments, test its effectiveness, find uses and applications, and show the results and tests performed. Instructions and tips for its usage will be provided as well, in order to ease the user experience. Bitcoin started to operate in 2010 to create a currency free of all political control, from governments to corporations, being a peer to peer system impossible to break at today’s date, neither in practice, nor in theory. Since it was first launched its popularity has increased and thousands of transactions are being effectuated every day. In this context, the tool developed in this project aims to solve a real situation related to the bitcoin owning. Although this report will not examine the Bitcoin system in-depth, it is important to know how it works in order to understand the utility of the developed tool, and the reasons behind its design and purpose. The Bitcoin system breeds from a need to operate remotely with money and provide a safe transaction system not controlled by any entity. The way to prove that a given individual owns a Bitcoin, or whether a transaction is valid or not, holds on its peer-to-peer nature. A peer-to-peer system is a model in which every nexus of a network has exactly the same functions and power as any other one, with exactly the same access to the shared information about the transactions. For example, a peer-to-peer file transfer application allows the communication of two nodes of the network, enabling them to send or receive data through it, avoiding the need to use an intermediate participant. Cryptocurrencies use this model in order to make online transactions making them as valid as any other currency, with a complete different way of operating.
European research projects
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