Bitcoin and many other similar Cryptocurrencies have been in existence for over a decade, prominently focusing on decentralized, pseudo-anonymous ledger-based transactions. Many protocol improvements and changes have resulted in new variants of Cryptocurrencies that are known for their peculiar characteristics. For instance, Storjcoin is a Proof-of-Storage-based Cryptocurrency that incentivizes its peers based on the amount of storage owned by them. Cryptocurrencies like Monero strive for user privacy by using privacy-centric cryptographic algorithms. While Cryptocurrencies strive to maintain peer transparency by making the transactions and the entire ledger public, user privacy is compromised at times. Monero and many other privacy-centric Cryptocurrencies have significantly improved from the original Bitcoin protocol after several problems were found in the protocol. Most of these deficiencies were related to the privacy of users. Even though Bitcoin claims to have pseudo-anonymous user identities, many attacks have managed to successfully de-anonymize users. In this paper, we present some well-known attacks and analysis techniques that have compromised the privacy of Bitcoin and many other similar Cryptocurrencies. We also analyze and study different privacy-preserving algorithms and the problems these algorithms manage to solve. Lastly, we touch upon the ethics, impact, legality, and acceptance of imposing these privacy algorithms.
We propose a new content addressed peer-to-peer file system as a replacement to the bloated HTTP protocol assisted with the robust preservation properties of Blockchain.
With the exponentially scaled World Wide Web, the standard HTTP protocol has started showing its limitations. With an increased amount of data duplication \& accidental deletion of files on the Internet, the P2P file system called IPFS completely changes the way files are stored. IPFS is a file storage protocol allowing files to be stored on decentralized systems. In the HTTP client-server protocol, files are downloaded has from a single source. With files stored on a decentralized network, IPFS allows packet retrieval from multiple sources, simultaneously saving considerable bandwidth. IPFS uses a content-addressed block storage model with content-addressed hyperlinks. Large amounts of data can is addressable with IPFS with the immutable and permanent IPFS links with meta-data stored as Blockchain transactions. This timestamps and secures the data, instead of having to put it on the chain itself. Our paper proposes a model to use the decentralized file storage system of IPFS, and the integrity preservation properties of the Blockchain, to store and distribute data on the Web.
An explanatory talk about blockchain, cryptocurrencies and the impact of a decentralised financial system on the world economy.