ZeroMT: Towards Multi-Transfer transactions with privacy for account-based blockchain

Abstract

The public blockchain lacks data confidentiality. Although a level of anonymity seems guaranteed, it is still possible to link transactions and disclose related information. A solution to the privacy problem is to use cryptography in transactions, however this can lead to increased costs and slowdown in network throughput. Recent works experiment with advanced cryptography, in particular Zero-Knowledge proofs (ZK-proofs) can be supplied within a transaction to prove its validity, without revealing sensitive information. We analyze solutions that adopt ZK-proofs, such as Confidential Transactions (CTs). Several challenges emerge depending on both the zero-knowledge system and the balance model considered (UTXO, hybrid or account model). For ZK-proofs, systems that do not introduce additional trust are required. On the other hand, the account model is the most flexible for addressing security challenges. Moreover, CTs do not fully exploit the potential of ZK-proofs, since each transaction comes with one or more ZK-proof for a single transfer. Within this paper, we present ZeroMT, a novel multi-transfer private payment scheme for account-based blockchains. Drawing inspiration from Zether, our approach extends their work to develop a payment model that supports multiple payees within a single transaction. This also benefits scalability: ZeroMT enriches the CTs with the aggregation property, i.e., the batch verification of multiple transfers from a single and aggregate proof. We show that in our extended model the overdraft-safety and privacy security properties still hold. We provide an implementation and evaluation of ZeroMT, which shows the benefits of aggregating multiple transfers.