[Resource Topic] 2018/1210: MProve: A Proof of Reserves Protocol for Monero Exchanges

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MProve: A Proof of Reserves Protocol for Monero Exchanges

Authors: Arijit Dutta, Saravanan Vijayakumaran


Theft from cryptocurrency exchanges due to cyberattacks or internal fraud is a major problem. Exchanges can partially alleviate customer concerns by providing periodic proofs of solvency. We describe MProve, a proof of reserves protocol for Monero exchanges which can be combined with a known proof of liabilities protocol to provide a proof of solvency. It is the first protocol for Monero which provides address privacy by allowing an exchange to hide its own addresses within a larger anonymity set. MProve also provides a simple proof of non-collusion between exchanges.

ePrint: https://eprint.iacr.org/2018/1210

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