In A First, Fressets Develops Technology to Dramatically Enhance the Privacy of Cryptocurrency Wallets

2020.06.08
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Fressets Develops Technology to Dramatically Enhance the Privacy of Cryptocurrency Wallets

World’s first ever PIR-technology powered PoC implementation presents a monumental development in UTXO privacy.

Bunkyo-ku, Tokyo­–June 8, 2020– In a first-of-its-kind development in the world, Fressets Inc., a leading enterprise cryptocurrency wallet provider, has designed a new technology utilizing a protocol in cryptography called Private Information Retrieval (PIR). It enables cryptocurrency users to privately retrieve sensitive data such as the balance or the history of their address without disclosing any information to the servers. The company has also implemented a proof-of-concept (PoC) code that substantiates its theory.

“As a leading cryptocurrency technology company, Fressets promises to keep developing proprietary products that maintain security and privacy. By commercializing this technology, we guarantee high privacy and security for enterprise clients,” said Masahiko Hyuga, CEO of Fressets.

Existing technologies use the client-side Bitcoin address to query servers, thereby exposing their account balance and transaction history to various servers as well as malicious third parties, greatly increasing the risk of being hacked. There are huge privacy concerns, especially for users who own a large amount of cryptocurrency. Using the technology Fressets has developed, it is mathematically proven that the servers cannot learn anything from the user’s query, thus eliminating these privacy concerns.

Customers can check their account balance or the transaction history of their cryptocurrencies via a web service or wallet app without exposing their Bitcoin address to various servers. The technology allows fast, safe and secure retrieval of all this information at a relatively low computational cost without compromising privacy.

Fressets’ implementation uses a customized version of “Microsoft SealPIR” (one of the PIR implementations) that utilizes Microsoft SEAL, a completely homomorphic encryption library. 

The observation results of the PoC code are as shown below:

Data Processed 

Approximately 54 million records of the present UTXO set on the Bitcoin mainnet

Device

Intel NUC BOXNUC8I7BEH

(low-priced PC with a market price of about $600)

Execution Time

Approximately 2.2 seconds

Retrieval Time per Single UTXO

Approximately 40 milliseconds

 How Fressets’ Technology Works

Fressets’ technology sorts server-side UTXO sets in the ascending order of Bitcoin addresses to enable binary search. Since there is typically more than one UTXO set per Bitcoin address, it applies “binary search for a range”. With the search, the client-side identifies the index of its targeted UTXO sets and retrieves actual UTXO sets based on it. The client-side gets to know the Bitcoin balance it has by collecting these UTXO sets.

Although the idea itself was mentioned at “Scaling Bitcoin 2019,” this is the first-ever implementation in the world that enables a search within realistic processing time. (https://scalingbitcoin.org/transcript/telaviv2019/private-information-retrieval)

About Fressets

Fressets is a term coined from Frictionless and Assets, representing the company’s mission to build secure infrastructure that enables the seamless implementation of blockchain innovations. Current projects include the development of enterprise cryptocurrency wallet, education and certification programs for Blockchain engineers, and pioneering research and development. Fressets aims to be a company powered with the world’s most advanced blockchain technology, leveraging the full use of cryptography. For more information, visit https://fressets.com/en 

Contact Information

Company: Fressets, Inc.
Phone: +81-3-3868-2119
Email: [email protected]
FAX:+81-3-3868-0872
Website: https://fressets.com/en 

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