LK
L.M. Kempen
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Offline Digital Euro
A Minimum Viable CBDC using Groth-Sahai proofs
Current digital payment solutions are fragile and offer less privacy than traditional cash. Their critical dependency on an online service used to perform and validate transactions makes them void if this service is unreachable. Moreover, no transaction can be executed during server malfunctions or power outages. Due to climate change, the likelihood of extreme weather increases. As extreme weather is a major cause of power outages, the frequency of power outages is expected to increase. The lack of privacy is an inherent result of their account-based design or the use of a public ledger. The critical dependency and lack of privacy can be resolved with a Central Bank Digital Currency that can be used offline. This thesis proposes a design and a first implementation for an offline-first digital euro. The protocol offers complete privacy during transactions using zero-knowledge proofs. Furthermore, transactions can be executed offline without third parties and retroactive double-spending detection is facilitated. To protect the users’ privacy, but also guard against money laundering, we have added the following privacy-guarding mechanism. The bank and trusted third parties for law enforcement must collaborate to decrypt transactions, revealing the digital pseudonym used in the transaction. Importantly, the transaction can be decrypted without decrypting prior transactions attached to the
digital euro. The protocol has a working initial implementation showcasing its usability and demonstrating functionality. ...
digital euro. The protocol has a working initial implementation showcasing its usability and demonstrating functionality. ...
Current digital payment solutions are fragile and offer less privacy than traditional cash. Their critical dependency on an online service used to perform and validate transactions makes them void if this service is unreachable. Moreover, no transaction can be executed during server malfunctions or power outages. Due to climate change, the likelihood of extreme weather increases. As extreme weather is a major cause of power outages, the frequency of power outages is expected to increase. The lack of privacy is an inherent result of their account-based design or the use of a public ledger. The critical dependency and lack of privacy can be resolved with a Central Bank Digital Currency that can be used offline. This thesis proposes a design and a first implementation for an offline-first digital euro. The protocol offers complete privacy during transactions using zero-knowledge proofs. Furthermore, transactions can be executed offline without third parties and retroactive double-spending detection is facilitated. To protect the users’ privacy, but also guard against money laundering, we have added the following privacy-guarding mechanism. The bank and trusted third parties for law enforcement must collaborate to decrypt transactions, revealing the digital pseudonym used in the transaction. Importantly, the transaction can be decrypted without decrypting prior transactions attached to the
digital euro. The protocol has a working initial implementation showcasing its usability and demonstrating functionality.
digital euro. The protocol has a working initial implementation showcasing its usability and demonstrating functionality.
The Midge is a wearable badge created by the Socially Perceptive Computing Lab, Pattern Recognition and Bioinformatics group of the Delft University of Technology, with as goal to analyse human behaviour. The badge has a digital motion processor (DMP) that can determine its orientation. This DMP makes use of an inertial measurement unit (IMU), that houses an accelerometer, a gyroscope and a magnetometer, to calculate its movement in a 3D-space. For both of the accelerometer and gyroscope the Full Scale Range (FSR) can be changed, in addition to the frequency. In this paper, the effects of both elements are analysed to determine if they influence the accuracy of the data gathered. The results show that the changing the FSR does not influence the accuracy of neither the two sensors nor the performance of the DMP. On the other hand, it was found that changing the frequency does influence the performance of the Midge. Even though the frequency did not affect the measurements of the accelerometer and gyroscope directly, the performance of the DMP was affected. The DMP performed best with a frequency of 150 Hz. Using a higher frequency also captured local extremes and turning points from the sensors and the interpreted orientation more precisely.
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The Midge is a wearable badge created by the Socially Perceptive Computing Lab, Pattern Recognition and Bioinformatics group of the Delft University of Technology, with as goal to analyse human behaviour. The badge has a digital motion processor (DMP) that can determine its orientation. This DMP makes use of an inertial measurement unit (IMU), that houses an accelerometer, a gyroscope and a magnetometer, to calculate its movement in a 3D-space. For both of the accelerometer and gyroscope the Full Scale Range (FSR) can be changed, in addition to the frequency. In this paper, the effects of both elements are analysed to determine if they influence the accuracy of the data gathered. The results show that the changing the FSR does not influence the accuracy of neither the two sensors nor the performance of the DMP. On the other hand, it was found that changing the frequency does influence the performance of the Midge. Even though the frequency did not affect the measurements of the accelerometer and gyroscope directly, the performance of the DMP was affected. The DMP performed best with a frequency of 150 Hz. Using a higher frequency also captured local extremes and turning points from the sensors and the interpreted orientation more precisely.