Anonymity for Decentralized Electronic Cash Systems
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In 2008 Bitcoin was introduced as the first decentralized electronic cash system and it has seen widespread adoption since it became fully functional in 2009. This thesis describe the Bitcoin system, anonymity aspects for Bitcoin and how we can use cryptography to improve anonymity by a scheme called Zerocoin. The Bitcoin system will be described with focus on transactions and the blockchain where all transactions are recorded. We look more closely into anonymity in terms of address unlinkability and illustrate how the anonymity provided is insufficient by clustering addresses. Further we describe Zerocoin, a decentralized electronic cash scheme designed to cryptographically improve the anonymity guarantees in Bitcoin by breaking the link between individual Bitcoin transactions. We detail the construction of Zerocoin, provide security analysis and describe how it integrates into Bitcoin.