One way to solve the problem of presales of Ethereum: how to use public key cryptography


Chan-Young Song, Sunghyuck Hong, Vol. 1, No. 2, pp. 27-31, Jun. 2019
10.22662/IJASC.2019.1.2.027, Full Text:
Keywords: Ethereum, POW(Proof-of-work), transaction order dependency, Gas, Front-Running

Abstract

Background/Objectives: Ethereum is a next-generation blockchain developed in 2014 by Vitalik Buterin, a cryptocurrency that can implement various smart contracts. Methods/Statistical analysis: When making any contract on a blockchain, the miner is given the corresponding compensation, the block, which is obtained earlier than the hash of the set size by applying a random nonce value and hash algorithm according to the prop-off-work method. In the case of Ethereum, the ETH will be given to the miner who uses more gas in addition to the work proof method. Findings: In this case, if the malicious miner increases the amount of gas first, obtains the priority for block generation, intercepts the value derived by the general miner and sends it to the miner, the miner will give the block to the malicious miner. As such, miner, a problem that arises due to the nature of blockchain, analyzes the problem of relying on transaction order that gives the miner a block option to the miner who uses more gas and proposes a solution. Improvements/Applications: we described how to solve the problem of pre-sales in the blockchain with public key cryptography using confidentiality. It is hoped that this approach will be fairer and safer.


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Cite this article
[APA Style]
Chan-Young Song and Sunghyuck Hong (2019). One way to solve the problem of presales of Ethereum: how to use public key cryptography. International Journal of Advanced Science and Convergence, 1(2), 27-31. DOI: 10.22662/IJASC.2019.1.2.027.

[IEEE Style]
C. Song and S. Hong, "One way to solve the problem of presales of Ethereum: how to use public key cryptography," International Journal of Advanced Science and Convergence, vol. 1, no. 2, pp. 27-31, 2019. DOI: 10.22662/IJASC.2019.1.2.027.

[ACM Style]
Chan-Young Song and Sunghyuck Hong. 2019. One way to solve the problem of presales of Ethereum: how to use public key cryptography. International Journal of Advanced Science and Convergence, 1, 2, (2019), 27-31. DOI: 10.22662/IJASC.2019.1.2.027.