Asynchronous BFT Asset Transfer: Quasi-Anonymous, Light, and Consensus-Free

Abstract: This paper introduces a new asynchronous Byzantine-tolerant asset transfer system (cryptocurrency) with three noteworthy properties: quasi-anonymity, lightness, and consensus-freedom. Quasi-anonymity means no information is leaked regarding the receivers and amounts of the asset transfers. Lightness means that the underlying cryptographic schemes are \textit{succinct} (\textit{i.e.}, they produce short-sized and quickly verifiable proofs) and each process only stores its own transfers while keeping communication cost as low as possible. Consensus-freedom means the system does not rely on a total order of asset transfers. The proposed algorithm is the first asset transfer system that simultaneously fulfills all these properties in the presence of asynchrony and Byzantine processes. To obtain them, the paper adopts a modular approach combining a new distributed object called ``agreement proof'' and well-known techniques such as commitments, universal accumulators, and zero-knowledge proofs.