Explore a groundbreaking framework for trustless and efficient cross-blockchain trading in this IEEE Symposium on Security & Privacy presentation. Delve into XCLAIM, a novel approach that introduces cryptocurrency-backed assets (CbAs) to overcome the limitations of atomic cross-chain swaps. Learn about the protocols for issuing, transferring, swapping, and redeeming CbAs securely and non-interactively on existing blockchains. Discover the implementation of XCLAIM between Bitcoin and Ethereum, including cost analysis and performance comparisons with atomic cross-chain swaps. Gain insights into the system model, smart contract integration, chain relay mechanisms, and mitigation strategies for potential issues like race conditions and exchange rate fluctuations. Understand the broader implications of XCLAIM for cryptocurrency applications, including cross-chain payment channels and efficient multi-party swaps. Engage with the challenges and ongoing work in this cutting-edge field of blockchain interoperability.
XCLAIM - Trustless Interoperable Cryptocurrency Backed Assets
Overview
Syllabus
Intro
Joint Work With
Motivation
A History of Theft and Loss
Atomic Cross-Chain Swaps (2012)
Cryptocurrency-Backed Assets
Challenge: Conditional Locks in Bitcoin
System Model
Smart Contract
Chain Relay
System Requirements
Issue - Race Conditions
Mitigation 2 - Collateralized Commitments
Mitigating Exchange Rate Fluctuations
System Properties
Implementation
Performance and Costs
Comparison to HTLC Atomic Swaps
Challenges and Ongoing Work
Questions?
Taught by
IEEE Symposium on Security and Privacy
