CommitCoin: Carbon Dating Commitments with Bitcoin

Abstract

Abstract. In the standard definition of a commitment scheme, the sender commits to a message and immediately sends the commitment to the recipient interested in it. However the sender may not always know at the time of commitment who will become interested in verifying it. Further, when the interested party does emerge, it could be critical to establish when the commitment was made. Employing a proof of work protocol at commitment time will later allow anyone to “carbon date ” when the commitment was made, approximately, without trusting any external parties. We present CommitCoin, an instantiation of this approach that harnesses the existing processing power of the Bitcoin peer-to-peer network; a network used to mint and trade digital cash. 1 Introductory Remarks Consider the scenario where Alice makes an important discovery. It is important to her that she receives recognition for her breakthrough, however she would also like to keep it a secret until she can establish a suitable infrastructure for monetizing it. By forgoing publication of her discovery, she risks Bob independently making the same discovery and publicizing it as his own. Folklore suggests that Alice might mail herself a copy of her discovery and leave the letter sealed, with the postal service’s timestamp intact, for a later resolution time. If Bob later claims the same discovery, the