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Author Topic: [ANN] Fighting CoinValidation - Introducing the new StableCoin mixing service  (Read 11629 times)
artos
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December 01, 2013, 03:15:39 AM
Last edit: December 05, 2013, 07:40:43 PM by artos
 #1


INTRODUCTION

Recently, privacy concerns have become a prominent issue for Bitcoin. Undoubtedly, by now you've surely heard about CoinValidation – a joint venture between three individuals who seek to line their by pockets by destroying the fungibility of bitcoin. The cryptocurrency community needs to be proactive in the fight against threats like these, lest we be destroyed by them.

A proper coin mixing service ruins the type of data that companies like CoinValidation are collecting. By properly mixing coins, their data is poisoned, and their agenda unenforceable. Typical coin mixing services have several points of failure. They require a web interface, and the very act of accessing such a site its a privacy risk at many levels. Such systems are antiquated and desperately in need of improvement.

It is through the development of a revolutionary new type of coin mixing service for StableCoin that we're putting our best foot forward in the fight against companies like CoinValidation.

HOW IT WORKS

The StableCoin client will have a built in mixing tab. Through this tab, you will be able to send a special type of transaction called a mixed transaction. A mixed transaction is a new type of transaction type we will be implementing into StableCoin. To understand this, let's first look at the current transaction structure for Bitcoin:



A mixed transaction will contain additional fields. The first of these fields is a obfuscated and encrypted form of the address you want the encrypted funds to be sent to. This field will be encrypted using the public key related to the private key that the mixing node holds.

Firstly, in order to obfuscate the data, the receiving address will be joined with 80 bytes of random data. For example, the bold part is the address, and the rest is random data:

r7ru5JaNMugN2GK4mrmVmLpSgTXXCWzeL4dGzznV6YWhxq4K2aM7Tcz6VgUNxaLJ7Jzu9fZYmHZmRE4 TsajaWXsFiQNbH8bzQygYS1UeXqgTRJZQA7

This is done for privacy purposes. If the data was not obfuscated, an attacker could encrypt addresses using the public key, and make associations based off of that. The resulting string is then taken and, as mentioned before, encrypted using the private key of the mixing node.

For verification purposes, the entire transaction is signed using the private key of the largest input. This prevents other nodes on the network from tampering with the receiving address.

INTRODUCING THE MIXING NODE AND BROADCAST NODE

This transaction is propagated across the network, as any other transaction would be. The mixing node gets introduced to the equation here. The mixing node is in possession of the private key corresponding to the public key that the receiving address was encrypted with. When the mixing node sees such a transaction in a block, it will decrypt it and pull the receiving address from it. It will then create a new transaction to send the (now mixed) coins back to the receiving address.

For privacy purposes, this transaction is not sent out immediately. It is placed in queue, and once a suitable amount of transactions have been created, they will be encrypted with the public key that belongs to the broadcast node. The broadcast node is a node that is geographically separate from the mixing node. It's job, as the name suggests, is to broadcast the transactions created by the mixing node. When the broadcast node receives a group of transactions, it will decrypt them and broadcast them to the network. At this point, that coins have been successfully mixed and returned to their owners.

The mixing node and the broadcast node will both operate behind the TOR network, and be geographically separate from each other. This is done to obscure the location of the master node, so that no entity can determine where it is located. Since the master node is only passively observing block data on the network and sending out encrypted bits of data, it's exposure is minimized. This offers strong protection against the master node from being compromised.

The benefits of this type of system over a traditional mixing service are clear. All possible attack vectors other than the master node being dishonest have been eliminated. Under this system, one must only trust the master node to act honestly, which is required of any system.

IN CLOSING

The above explanation has been somewhat simplified, but that is the general structure of the system. Several other security considerations are factored in as well. For example, the master node will cycle through private keys on a weekly basis. Once these keys have expired, they are destroyed so that even in situation that the node is compromised, the attacker will not be able to make sense of any of the transactions that the node has processed in the past. Similar considerations are in place for the broadcast node as well.

Through innovations like this, StableCoin will position itself as a leader in the world of cryptocurrency.

StableCoin release thread
StableCoin official website

StableCoin Development Fund: shQpTvLDsgCURkfqyBuCjL79aqYwti2FEJ
StableCoin Forums: http://forums.stablecoin.net
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artos
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December 01, 2013, 03:18:26 AM
 #2

Reserved

StableCoin Development Fund: shQpTvLDsgCURkfqyBuCjL79aqYwti2FEJ
StableCoin Forums: http://forums.stablecoin.net
Scooby903
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December 01, 2013, 03:24:48 AM
 #3

Awesome job artos!  I like where SBC is headed and am mining it as fast as I can  Grin
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December 01, 2013, 05:20:35 AM
 #4

Great writeup. In less than a week, SBC has shown more promise than just about damn near every other altcoin out there. Color me impressed.

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December 02, 2013, 09:13:54 PM
 #5



All you are going to do is join DPR in a Supermax.

You're making yourself a huge red target by lots of agencies with alphabets in their name.

NSA, FBI, CIA, DOJ, AFP, ASIS, SIS, FSS.....

None of them will have any sense of humor with this.


~BCX~


there is nothing illegal about this. atleast not yet.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
marketorder
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December 02, 2013, 11:06:31 PM
 #6

Stablecoin has been rising fast! I'm glad its so cheap right now. I see several dollars very soon! Anoncoin was a few cents recently and now it's over $5 a coin!  
Tuck Fheman
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December 03, 2013, 11:20:17 PM
 #7

I'm in.

marketorder
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December 04, 2013, 10:04:21 AM
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Fot those of you interested in mining these coins I found these two pools

http://sbc.pnwminer.com

http://www.coin-base.org/stablecoin/


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December 04, 2013, 05:43:35 PM
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So this mixing service revolves around 2 central nodes controlled by artos who was "disconnected from the rest of the world for the better part of 5 months"

sounds great   Roll Eyes Roll Eyes
Scooby903
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December 04, 2013, 05:48:05 PM
 #10

Fot those of you interested in mining these coins I found these two pools

http://sbc.pnwminer.com

http://www.coin-base.org/stablecoin/




Don't forget about

http://sbc.cryptoculture.net/

It's a good pool!  I'm back mining there instead of switchercoin   Grin
mercSuey
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December 05, 2013, 02:28:08 PM
 #11


The benefits of this type of system over a traditional mixing service are clear. All possible attack vectors other than the master node being dishonest have been eliminated. Under this system, one must only trust the master node to act honestly, which is required of any system.



The above statement in the OP should actually be worded:


The benefits of this type of system over a traditional mixing service are clear. All possible attack vectors other than the master node being dishonest have been eliminated. Under this system, one must only trust the master node to act honestly, which is required of any centralized system.
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December 12, 2013, 05:02:15 PM
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Any updates for us?

gnode
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December 27, 2013, 11:18:54 PM
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When will this be implemented? Any progress??
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December 29, 2013, 03:02:46 AM
 #14

Any eta available?
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December 29, 2013, 05:54:52 AM
 #15



The above statement in the OP should actually be worded:


The benefits of this type of system over a traditional mixing service are clear. All possible attack vectors other than the master node being dishonest have been eliminated. Under this system, one must only trust the master node to act honestly, which is required of any centralized system.

That's actually not true. Here's what artos had to say on this subject:

Quote
"Hazard is correct. Mixing systems require a trusted entity to function. There is no possible way for a client to figure out receiving addresses, while still having them remain anonymous. The protocol we are developing aims to move some of the functions of a mixing system onto the block chain. This addresses several concerns that face mixing services, a few of which were outlined in the original post. The protocol will be in the public domain, of course. People will be able to set up their own mixing services. So it is incorrect to say that it is centralized and that I control it. The protocol can be adapted for many different types of applications. For example, it can easily be adapted for use in anonymous P2P messaging/broadcasting system. We're currently investigating all these different uses for it."

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December 29, 2013, 06:07:28 AM
 #16

I have a lot of respect for devs who're able to deliver features like this instead of just promising outrageous things (see: NXT, eMunie). Way to go, StableCoin.
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December 29, 2013, 06:23:36 AM
 #17

Any eta available?

Estimated Time Arrival to Bahamas, CEST 00:00 Jan 2014

StableCoin HeadQuarters will be settled in Bahamas (thanks to confident investors and miners Wink ), and Mixing Service will be enter into massive producction in 2nd or 3rd Quarter of 2014, or pehaps 2015-2016 period.

Be patient, friends, Mixing Service is key central part of stablescoin and too complex to implement. Until now, a void main () {} code has been developed with the highest  rates of success and excellence , and tested in a agressive testing environment.

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December 29, 2013, 01:31:14 PM
 #18

I think it is more likely to be in Iceland with the mining facility mentioned in the NY Times.
artos
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January 07, 2014, 12:10:02 AM
 #19

Now accepting beta tester signups: https://bitcointalk.org/index.php?topic=402095

StableCoin Development Fund: shQpTvLDsgCURkfqyBuCjL79aqYwti2FEJ
StableCoin Forums: http://forums.stablecoin.net
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January 07, 2014, 03:52:51 AM
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seems good.

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