Increasing Anonymity in Bitcoin

Bitcoin prevents double-spending using the blockchain, a public ledger kept with every client. Every single transaction till date is present in this ledger. Due to this, true anonymity is not present in bitcoin. We present a method to enhance anonymity in bitcoin-type cryptocurrencies. In the blockchain, each block holds a list of transactions linking the sending and receiving addresses. In our modified protocol the transactions (and blocks) do not contain any such links. Using this, we obtain a far higher degree of anonymity. Our method uses a new primitive known as composite signatures. Our security is based on the hardness of the Computation Diffie-Hellman assumption in bilinear maps.

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