A Social-Network-Based Cryptocurrency Wallet-Management Scheme

Abstract

Effective cryptocurrency key management has become an urgent requirement for modern cryptocurrency. Although a large body of cryptocurrency wallet-management schemes has been proposed, they are mostly constructed for specific application scenarios and often suffer from weak security. In this paper, we propose a more effective, usable, and secure cryptocurrency wallet-management system based on semi-trusted social networks, therein allowing users to collaborate with involved parties to achieve some powerful functions and recovery under certain circumstances. Furthermore, we employ an identity-based hierarchical key-insulated encryption scheme to achieve time-sharing authorization and present a semi-trusted portable social-network-based wallet-management scheme that provides the features of security-enhanced storage, portable login on different devices, no-password authentication, flexible key delegation, and so on. The performance analysis shows that our proposed schemes require minimal additional overhead and have low time delays, making them sufficiently efficient for real-world deployment.