25 Nov '14, 1pm

Bitcoin, virtual money: User's identity can be revealed much easier than thought

"It's hard to predict the future, but some people think that Bitcoin could do to finance what the Internet did to communications," says Prof. Alex Biryukov, who leads digital currency research at the University. "So I think especially for Luxembourg it is important to watch what happens with Bitcoin." The Bitcoin system is not managed by a central authority, but relies on a peer-to-peer network on the Internet. Anyone can join the network as a user or provide computing capacity to process the transactions. In the network, the user's identity is hidden behind a cryptographic pseudonym, which can be changed as often as is wanted. Transactions are signed with this pseudonym and broadcast to the public network to verify their authenticity and attribute the Bitcoins to the new owner. In their new study, researchers at the Laboratory of Algorithmics, Cryptology and Security of t...

Full article: http://www.sciencedaily.com/releases/2014/11/141125074749...

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