scalability for Bitcoin Jeremy Clark Concordia Institute for Information Systems Engineering
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1 user scalability for Bitcoin Jeremy Clark Concordia Institute for Information Systems Engineering
2 Time Stamping Prediction Markets Anonymity Solvency Usability History & SoK
3 Time Stamping Prediction Markets Anonymity Solvency Usability History & SoK
4 Scalability Transactions per second Maximum block size Unspent transaction outputs pool size Network propagation Orphan rate
5 User Scalability Incentives to use Bitcoin Usability Risk: price volatility, legality, assurances
6 Why use Bitcoin?
7 Why use Bitcoin? Bitcoin: Economics, Technology, and Governance R Böhme (U Innsbruck), N Christin (CMU), B Edelman (Harvard), T Moore (U Tulsa) Journal of Economic Perspectives, 29(2):
8 $100
9 Customer Merchant Cost Credit Card USD
10 Customer Merchant Cost Credit Card USD Initial Cost: $100 Cash back from card: 2% Effective Cost: $98
11 Customer Merchant Cost Credit Card USD $98 Initial Cost: $100 Cash back from card: 2% Effective Cost: $98
12 Customer Merchant Cost Credit Card USD $98 BTC BTC
13 Customer Merchant Cost Credit Card USD $98 BTC BTC Initial Cost: $100 Merchant saves 3% fee Bitcoin miner fee: negligible Effective Cost: $97
14 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 Initial Cost: $100 Merchant saves 3% fee Bitcoin miner fee: negligible Effective Cost: $97
15 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 Realistic?
16 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 USD BTC
17 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 USD BTC Initial Cost: $97 Bank deposit fee: $20 flat (for <$1K) = 2% Currency exchange fee: 1% Effective Cost: $100
18 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 USD BTC $100 Initial Cost: $97 Bank deposit fee: $20 flat (for <$1K) = 2% Currency exchange fee: 1% Effective Cost: $100
19 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 USD BTC $100 BTC USD
20 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 USD BTC $100 BTC USD Initial Cost: $97 Currency exchange fee: 1% Effective Cost: $98
21 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 USD BTC $100 BTC USD $98 Initial Cost: $97 Currency exchange fee: 1% Effective Cost: $98
22 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 USD BTC $100 BTC USD $98 USD USD
23 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 USD BTC $100 BTC USD $98 USD USD Initial Cost: $98 ($100 minus 3% plus 1%) User fees: 3% (2% plus 1%) Effective Cost: $101
24 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 USD BTC $100 BTC USD $98 USD USD $101 Initial Cost: $98 ($100 minus 3% plus 1%) User fees: 3% (2% plus 1%) Effective Cost: $101
25 Customer Merchant Cost Credit Card USD $98 BTC BTC $97 USD BTC $100 BTC USD $98 USD USD $101 Takeaway: not that Bitcoin is necessarily worst than CCs (approximation, fees change, etc) Takeaway: the best scenario is when customers/merchants want to hold BTC
26 Aside: Remittances Best case scenario for Bitcoin: large amounts, timely delivery, cross borders Western Union : ~8% USD -> BTC : 3% BTC -> Peso (Philippines) :???
27
28 Aside: Remittances Best case scenario for Bitcoin: large amounts, timely delivery, cross borders Western Union : ~8% USD -> BTC : 3% BTC -> Peso (Philippines) :??? BTC -> Peso via ATMs : 6%
29 Aside: Remittances Best case scenario for Bitcoin: large amounts, timely delivery, cross borders Western Union : ~8% USD -> BTC : 3% BTC -> Peso (Philippines) :??? Use BTC instead of converting it
30 Actually Using Bitcoin How do we move from using Bitcoin as a conversion currency to an actual currency? We need entities to become legally obligated to use BTC: taxes, salaries, loans, contracts Once some entities are obligated, there will be some permanent demand which creates stability
31 Usability Issues
32 Usability Issues Joint work with: S. Eskandari (Concordia); D Barrera (ETH Zurich); E Stobert (Carleton)
33 Classes of Usability Issues UI Issues: no barrier to change Metaphors & abstractions: moderate barrier Foundational: can t change
34 UI See our paper for a deep dive into performing core tasks with several tools Lots of issues: users are not well-guided, it can be hard to determine if a task is complete, lots of jargon
35 UI See our paper for a deep dive into performing core tasks with several tools Lots of issues: users are not well-guided, it can be hard to determine if a task is complete, lots of jargon no free outputs to spend
36 Metaphors Coin Wallet Address Balance
37
38 Foundational You probably do not use any other technology that relies on cryptographic keys as a user (maybe PGP or SSH) The average user does not Keys are something you have: subject to loss and theft Passwords can be reset if lost Password theft is still an issue but banking passwords sell for pennies on the dollar because of other bank procedures to limit theft
39 Key Management How do Bitcoin millionaires sleep at night? Best evidence that this is a problem is the variety of approaches Store in a file, password protect, password-derive, store offline, paper wallets, hardware security modules, air gapped wallets, online hosted wallets
40 Store in a File
41 Store in a File The idea that keys exist is abstracted away (export/import new functionality) portability loss/sharing/theft of wallet.dat key set in wallet.dat is dynamic (key churn)
42 Password-Protected File
43 Password-Protected File Adds a level of protection against theft Does not add much against malware (anything password-based: use it while infected, lose it) May create wrong mental model where users think of {address, password} as {username, password} -> surprised when using new device
44 Paper Wallets
45 Paper Wallets You can t give them away like cash, they can t be debited like a gift card Don t carry it around in plain site Can it be decoded in five years? Import it to use: all issues with wallet software apply Don t lose your change
46
47 Paper Wallets You can t give them away like cash, they can t be debited like a gift card Don t carry it around in plain site Can it be decoded in five years? Import it to use: all issues with wallet software apply Don t lose your change
48 [Picture from paper]
49 [Picture from paper] Paper was peer-reviewed, published, presented, on r/bitcoin, Took almost a year for someone to take what we left in this paper wallet
50 Password-Derived Wallets What if you use a password as a seed for generating all the keys you need? Great for portability Issue is when users choose normal (i.e., bad) passwords -> exhaustive search, rainbow tables, etc
51 Online Wallets Trust a third party! However you get an experience much like online banking No downloading the blockchain, there is support, passwords can be reset, velocity limits, etc
52 Takeaway 1: nothing comes close to cash Takeaway 2: on usability alone (not security), online wallets are the best
53 Hosted Wallet Manifesto Security people hate hosted wallets They are arguably against the Bitcoin s principals BUT they offer the best shot at user scalability Idea: stop shaming people for using online wallets or keeping their BTC on exchanges Instead work at making these as secure as possible Not a bad compromise: trust agility
54 Risk Issues
55 Risk Issues Price volatility -> need models and futures Legality and tax status -> will come in time Third party risk -> fraudulent/incompetent exchange services and hosted wallets
56 e.g., Mt Gox s missing $450M
57 Third Party Risk Bitcoin companies are generally newer than Bitcoin itself: short reputation Bitcoin companies are generally not diversified, so some lost on the Bitcoin side means bankruptcy User scalability: imagine legacy companies (e.g., banks) offer insured exchange and hosted wallet services Stop-gap solution: cryptographic proof of solvency
58 Solvency Proofs Joint work with: G. Dagher (Concordia); B Bunz, J Bonneau, D Boneh (Stanford)
59 Solvency Proofs Solvency proofs are easy if you don t care about privacy: (i) publish a list of your customers and balances (liabilities); (ii) publish a list of your bitcoin addresses (assets) and demonstrate control over them
60
61 Provisions (in one slide) Privacy preserving solvency proofs: throw lots of crypto at the problem Publish individual account records that can be individually verified Sum up these records homomorphically Harvest every {address (full key), balance} from the blockchain a zero knowledge proof that you know the private keys of some subset of these Sum up their balances Prove in zero knowledge: sum of assets >= sum of liabilities
62 Future Work Usability of transacting with Bitcoin Usability of exchanging fiat to/from Bitcoin User studies: we only did a cognitive walkthrough Security solutions for hosted wallets that do not sacrifice the usability benefits Proof of solvency: full end-to-end implementation
63 Future Work Usability of transacting with Bitcoin Usability of exchanging fiat to/from Bitcoin User studies: we only did a cognitive walkthrough Security solutions for hosted wallets that do not sacrifice the usability benefits Proof of solvency: full end-to-end implementation Blockchain forensics: what is Gavin s salary?
64
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ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE
ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE This Electronic Funds Transfer Agreement is the contract which covers your and our rights and responsibilities concerning the electronic funds transfer
ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE
ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE This Electronic Funds Transfer Agreement is the contract which covers your and our rights and responsibilities concerning the electronic funds transfer
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic
Here are all the forms you need to close out your old checking account and switch to a Montauk Checking Account.
Make the Switch! Have You Switched to Montauk Checking (Share Draft) Account yet? Stop paying all those fees! If you re already a Montauk member you can use this this convenient Switch Kit to make changing
FEDERAL ELECTRONIC FUND TRANSFER DISCLOSURES
FEDERAL ELECTRONIC FUND TRANSFER DISCLOSURES IMPORTANT INFORMATION for our customers who have authorized electronic fund transfers: The Federal Electronic Fund Transfer Act and regulations adopted thereunder
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic
+ Checking & Savings + Smart choices for managing Your money.
+ Checking & Savings + Smart choices for managing Your money. Checking that fits your life. Choosing the right checking account can be downright confusing. At Align, we make it easy to build an account
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic
Independent Bank 230 W Main St Ionia, MI 48846 800.300.3193 www.independentbank.com ELECTRONIC FUND TRANSFER AGREEMENT AND DISCLOSURE
230 W Main St Ionia, MI 48846 800.300.3193 www.independentbank.com ELECTRONIC FUND TRANSFER AGREEMENT AND DISCLOSURE For purposes of this disclosure and agreement the terms "we", "us" and "our" refer to
Regulation E Electronic Funds Transfer Agreement & Disclosure
Regulation E Electronic Funds Transfer Agreement & Disclosure This Agreement and Disclosure is made in compliance with federal law regulating electronic funds transfer (EFT) services. Electronic Funds
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic
ATM Card Application
ATM Card Application Name Tax ID Date of Birth Address City, State, Zip Phone I wish to access the following accounts with my ATM Card. I understand that only the account I have designated as "primary"
Electronic Funds Transfer Disclosures
Electronic Funds Transfer Disclosures 476 Hinano St. Hilo, HI 96720 PH: 808-933-6700 FX: 808-935-7793 www.cuhawaii.com The following disclosures set forth your and our rights and responsibilities concerning