A Novel Cryptocurrency Wallet Management Scheme Based on Decentralized Multi-Constrained Derangement

Abstract

Secure and stable cryptocurrency key management is important in modern cryptocurrency because the keys are the only way to access digital assets. Although many cryptocurrency wallet schemes have been proposed, some application limitations and inherent security risks still exist. In this paper, we propose a novel cryptocurrency wallet management scheme based on Decentralized Multi-Constrained Derangement (DMCD) to store the keys securely and stably in a decentralized network. Serving as the data distribution strategy, DMCD has high data dispersion and a better balance between the rate of storage space utilization and contribution, which can guarantee the security and stability of the key storage and recovery. In our scheme, to cope with the problem that nodes are frequently online and offline in the decentralized network, we employ a Shamir-Kademlia-Neighbor (SKN) redundancy strategy to ensure the high availability of stored key. Meanwhile, for achieving anonymous communication during DMCD data distribution, based on the Kademlia protocol, we change the Client/Server (C/S) mode of Hordes protocol to a decentralized version. All the proposed technologies can ensure that our scheme works well in a decentralized mode. The experiments and evaluations demonstrate that our scheme is efficient, stable, and secure in the decentralized network.

Keywords

• Wallet management protocols
• cryptographic protocols
• decentralized multi-constrained derangement
• flow network
• decentralized anonymous communication