TheCoin: Privacy and security considerations within blockchain transactions

Abstract

TheChain is a solution to many problems such as monopoly, heavy state transition, and security vulnerabilities. TheChain solves these problems by introducing the intersection of regions as an incentive before allowing validators to nest a client directory. Intersecting their operating territories forces them to keep a watch over each other. The definition of privacy can take many forms, starting from the right to be forgotten beside being away from public attention. Although the pseudonymity of the user within the network can enhance the user's privacy, several pieces of research have studied the techniques to take advantage of the network structure to identify the users of pseudonyms. Moreover, two models have been used to record the updated exchange of values within the blockchain system, which are the unspent transaction output (UTXO) and the balance model. The UTXO suffers from duplication of information and the balance model suffers from having a single point of entry. This paper introduces TheCoin model that defines the protocol of the exchange of valuable datum within TheChain system. The solution has introduced a novel approach of initiating the transaction from the receiver side by taking advantage of mobile agents empowering a topology hiding to the network. Billing within the platform has been introduced to allow advanced contractual logic to be adopted into the system on the information level. Moreover, traceable fuzziness has been used to eliminate duplication. The paper presents an evaluation of the TheCoin model in terms of system security, block size, and search performance.