FROSTDAO: Collective Ownership of wealth using FROST

Master thesis (2023)

Authors

R.E.P. Klabér Electrical Engineering, Mathematics and Computer Science

Contributors

J.A. Pouwelse Data-Intensive Systems - EEMCS (supervisor 1)
J. Yang Web Information Systems - EEMCS (supervisor 2)
Faculty
Electrical Engineering, Mathematics and Computer Science
Copyright: © 2023 Rahim Klabér
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Published Date

30-08-2023

Language

English

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Faculty

Electrical Engineering, Mathematics and Computer Science

Abstract

The introduction of Blockchain technology has led to the idea of Decentralized Autonomous Organizations. (DAOs). DAOs enable decentralized and transparent collective wealth, allowing groups of individuals to pool their funds for collective management. DAOs rely on complex smart contracts to function. Despite Bitcoin being the most popular Blockchain, its simple smart contracts make DAO unfeasible. This thesis presents a DAO structure that addresses the challenge of DAOs on Bitcoin. The system utilizes threshold signatures to allow anyone to create Bitcoin wallets jointly controlled by a group. The system is implemented as an Android application and relies on no central party, allowing the system to be used by anyone worldwide. Our experiments show that our system is practical for real-world use for groups of 50 members. Joining an organization in the system and creating a transaction to spend funds can be done in under a minute. Further research is required to determine how far the system can scale while being practical.