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Title: Multilayered Defense-in-Depth Architecture for Cryptocurrency Wallet
A significant challenge in blockchain and cryptocurrencies is protecting private keys from potential hackers because nobody can rollback a transaction made with a stolen key once the blockchain network confirms the transaction. The technical solution to protect private keys is cryptocurrency wallets, a piece of software, hardware, or a combination of them to manage the keys. In this paper, we propose a multilayered architecture for cryptocurrency wallets based on a Defense-in-Depth strategy to protect private keys with a balance between convenience and security. The user protects the private keys in three restricted layers with different protection mechanisms. So, a single breach cannot threaten the entire fund, and it saves time for the user to respond. We implement a proof-of-concept of our proposed architecture on both a smart card hardware wallet and an Android smartphone wallet with no performance penalty. Furthermore, we analyze the security of our proposed architecture with two adversary models.  more » « less
Award ID(s):
1915780
PAR ID:
10291815
Author(s) / Creator(s):
;
Date Published:
Journal Name:
2020 IEEE 6th International Conference on Computer and Communications (ICCC)
Page Range / eLocation ID:
2212 to 2217
Format(s):
Medium: X
Sponsoring Org:
National Science Foundation
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