Research on digital currency based on encryption technology

Research Article
Open access

Research on digital currency based on encryption technology

Yubo Zhang 1*
  • 1 Xi 'an Polytechnic University    
  • *corresponding author 42009040113@stu.xpu.edu.cn
Published on 23 October 2023 | https://doi.org/10.54254/2755-2721/15/20230811
ACE Vol.15
ISSN (Print): 2755-273X
ISSN (Online): 2755-2721
ISBN (Print): 978-1-83558-021-9​
ISBN (Online): 978-1-83558-022-6

Abstract

Digital currencies have become an increasingly popular topic of discussion in recent years. Digital currencies are virtual forms of currency that operate outside the traditional banking system. They are based on cryptographic technologies and are often decentralized, meaning they are not controlled by a central authority. The most well-known digital currency is Bitcoin, but there are many other types of digital currencies in existence. Digital currencies can be used to purchase goods and services online or transferred between users directly without intermediaries like banks. They have gained popularity due to their potential for increased security, transparency, and efficiency in financial transactions. In today's digital currency, a variety of digital currencies emerge in an endless stream, and crypto technology is also constantly developing to improve the security of digital currency payments. In section 2, this paper briefly introduces several common digital currencies and encryption algorithms, and in section 3, this paper introduces these typical digital currencies in detail through the analysis of representative literature. Bitcoin is mainly encrypted based on blockchain technology, and its encryption principle is mainly divided into three parts: public key encryption, hash function, and proof of work. Ethereum is a distributed blockchain platform with encryption principles similar to Bitcoin, including public key encryption and hashing algorithms. Ripple is a distributed cryptocurrency. Its encryption principle mainly adopts the public-private key encryption system. In terms of encryption technology, blockchain technology, the Hash algorithm and symmetric and asymmetric encryption are also popular encryption algorithms in digital currencies.

Keywords:

bitcoin, Ethereum, ripple, blockchain, hash

Zhang,Y. (2023). Research on digital currency based on encryption technology. Applied and Computational Engineering,15,69-82.
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References

[1]. Dejan Vujičić, Dijana Jagodić and Siniša Ranđić 2018 International Symposium INFOTEH-JAHORINA Blockchain Technology, Bitcoin, and Ethereum: A Brief Overview pp 21-23

[2]. Satoshi Nakamoto 2008 Bitcoin: Decentralized business review A peer-to-peer electronic cash system

[3]. Rainer Böhme, Nicolas Christin, Benjamin Edelman and Tyler Moore 2015 Journal of Economic Perspectives Bitcoin: Economics, Technology, and Governance vol 29 pp 213–238

[4]. Vitalik Buterin 2014 white paper A next-generation smart contract and decentralized application platform

[5]. Gavin Wood 2014 Ethereum project yellow paper Ethereum: A secure decentralized generalised transaction ledger vol 151 pp 1-32

[6]. Sompolinsky, Yonatan,and Aviv Zohar 2015 Financial Cryptography and Data Security: 19th International Conference Secure high-rate transaction processing in bitcoin

[7]. Yoichi Hirai 2017 Financial Cryptography and Data Security Defining the Ethereum Virtual Machine for Interactive Theorem Provers pp 520–535

[8]. Cachin Christian 2004 Advances in Cryptology-EUROCRYPT 2004: International Conference on the Theory and Applications of Cryptographic Techniques Springer Science & Business Media

[9]. Nicola Atzei, Massimo Bartoletti and Tiziana Cimoli 2017 Principles of Security and Trust: 6th International Conference, Held as Part of the European Joint Conferences on Theory and Practice of Software Principles of Security and Trust A Survey of Attacks on Ethereum Smart Contracts pp 164–186

[10]. Brad Chase, Ethan MacBrough 2018 arXiv preprint Ripple Research Analysis of the XRP Ledger Consensus Protocol vol 1802.07242

[11]. Xiaotie Deng and Fan Chung Graham 2007 Third International Workshop Internet and Network Economics vol 4858

[12]. Frederik Armknecht,Ghassan Karame,Avikarsha Mandal,Franck Youssef and Erik Zenner 2015 Trust and Trustworthy Computing: 8th International Conference Ripple: Overview and Outlook pp 163–180

[13]. Dylan Yaga, Peter Mell, Nik Roby, and Karen Scarfone 2019 arXiv preprint Cryptography and Security Blockchain Technology Overview

[14]. Monika Agrawal and Pradeep Mishra 2012 International Journal on Computer Science and Engineering (IJCSE) A Comparative Survey on Symmetric Key Encryption Techniques

[15]. Gurpreet Singh 2013 International Journal of Computer Applications A Study of Encryption Algorithms (RSA, DES, 3DES, and AES) for Information Security vol 67

Cite this article

Zhang,Y. (2023). Research on digital currency based on encryption technology. Applied and Computational Engineering,15,69-82.

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About volume

Volume title: Proceedings of the 5th International Conference on Computing and Data Science

ISBN：978-1-83558-021-9​(Print) / 978-1-83558-022-6(Online)
Editor：Marwan Omar, Roman Bauer, Alan Wang
Conference website: https://2023.confcds.org/
Conference date: 14 July 2023
Series: Applied and Computational Engineering
Volume number: Vol.15
ISSN：2755-2721(Print) / 2755-273X(Online)

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References

[1]. Dejan Vujičić, Dijana Jagodić and Siniša Ranđić 2018 International Symposium INFOTEH-JAHORINA Blockchain Technology, Bitcoin, and Ethereum: A Brief Overview pp 21-23

[2]. Satoshi Nakamoto 2008 Bitcoin: Decentralized business review A peer-to-peer electronic cash system

[3]. Rainer Böhme, Nicolas Christin, Benjamin Edelman and Tyler Moore 2015 Journal of Economic Perspectives Bitcoin: Economics, Technology, and Governance vol 29 pp 213–238

[4]. Vitalik Buterin 2014 white paper A next-generation smart contract and decentralized application platform

[5]. Gavin Wood 2014 Ethereum project yellow paper Ethereum: A secure decentralized generalised transaction ledger vol 151 pp 1-32

[6]. Sompolinsky, Yonatan,and Aviv Zohar 2015 Financial Cryptography and Data Security: 19th International Conference Secure high-rate transaction processing in bitcoin

[7]. Yoichi Hirai 2017 Financial Cryptography and Data Security Defining the Ethereum Virtual Machine for Interactive Theorem Provers pp 520–535

[8]. Cachin Christian 2004 Advances in Cryptology-EUROCRYPT 2004: International Conference on the Theory and Applications of Cryptographic Techniques Springer Science & Business Media

[9]. Nicola Atzei, Massimo Bartoletti and Tiziana Cimoli 2017 Principles of Security and Trust: 6th International Conference, Held as Part of the European Joint Conferences on Theory and Practice of Software Principles of Security and Trust A Survey of Attacks on Ethereum Smart Contracts pp 164–186

[10]. Brad Chase, Ethan MacBrough 2018 arXiv preprint Ripple Research Analysis of the XRP Ledger Consensus Protocol vol 1802.07242

[11]. Xiaotie Deng and Fan Chung Graham 2007 Third International Workshop Internet and Network Economics vol 4858

[12]. Frederik Armknecht,Ghassan Karame,Avikarsha Mandal,Franck Youssef and Erik Zenner 2015 Trust and Trustworthy Computing: 8th International Conference Ripple: Overview and Outlook pp 163–180

[13]. Dylan Yaga, Peter Mell, Nik Roby, and Karen Scarfone 2019 arXiv preprint Cryptography and Security Blockchain Technology Overview

[14]. Monika Agrawal and Pradeep Mishra 2012 International Journal on Computer Science and Engineering (IJCSE) A Comparative Survey on Symmetric Key Encryption Techniques

[15]. Gurpreet Singh 2013 International Journal of Computer Applications A Study of Encryption Algorithms (RSA, DES, 3DES, and AES) for Information Security vol 67

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