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Eagle: Efficient Privacy Preserving Smart Contracts

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Financial Cryptography and Data Security (FC 2023)

Part of the book series: Lecture Notes in Computer Science ((LNCS,volume 13950))

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Abstract

The proliferation of Decentralised Finance (DeFi) and Decentralised Autonomous Organisations (DAO), which in current form are exposed to front-running of token transactions and proposal voting, demonstrate the need to shield user inputs and internal state from the parties executing smart contracts. In this work we present “Eagle”, an efficient UC-secure protocol which efficiently realises a notion of privacy preserving smart contracts where both the amounts of tokens and the auxiliary data given as input to a contract are kept private from all parties but the one providing the input. Prior proposals realizing privacy preserving smart contracts on public, permissionless blockchains generally offer a limited contract functionality or require a trusted third party to manage private inputs and state. We achieve our results through a combination of secure multi-party computation (MPC) and zero-knowledge proofs on Pedersen commitments. Although other approaches leverage MPC in this setting, these incur impractical computational overheads by requiring the computation of cryptographic primitives within MPC. Our solution achieves security without the need of any cryptographic primitives to be computed inside the MPC instance and only require a constant amount of exponentiations per client input.

Carsten Baum: Part of the work was carried out while the author was visiting Copenhagen University and supported by Partisia. Any opinions, findings and conclusions or recommendations expressed in this material are those of the author and do not necessarily reflect the views of Partisia.

Bernardo David: The project was supported by the Concordium Foundation, by the Independent Research Fund Denmark (IRFD) grants number 9040-00399B (TrA2C), 9131-00075B (PUMA) and 0165-00079B, and by Copenhagen Fintech.

Tore Kasper Frederiksen: The work was carried out while at the Alexandra Institute, supported by Copenhagen Fintech as part of as part of the “National Position of Strength programme for Finans & Fintech” funded by the Danish Ministry of Higher Education and Science.

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Notes

  1. 1.

    In our full protocol we optimize this by batching client input checks.

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Authors and Affiliations

  1. Technical University of Denmark, Kongens Lyngby, Denmark

    Carsten Baum & James Hsin-yu Chiang

  2. IT University of Copenhagen, Copenhagen, Denmark

    Bernardo David

  3. Alexandra Institute, Aarhus, Denmark

    Tore Kasper Frederiksen

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  1. Carsten Baum
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  4. Tore Kasper Frederiksen
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Correspondence to Carsten Baum .

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  1. George Mason University, Fairfax, VA, USA

    Foteini Baldimtsi

  2. University of Bern, Bern, Switzerland

    Christian Cachin

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Baum, C., Chiang, J.Hy., David, B., Frederiksen, T.K. (2024). Eagle: Efficient Privacy Preserving Smart Contracts. In: Baldimtsi, F., Cachin, C. (eds) Financial Cryptography and Data Security. FC 2023. Lecture Notes in Computer Science, vol 13950. Springer, Cham. https://doi.org/10.1007/978-3-031-47754-6_16

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