TY - GEN
T1 - Etherless Ethereum Tokens: Simulating Native Tokens in Ethereum
AU - Andrews, John
AU - Ciampi, Michele
AU - Zikas, Vassilis
N1 - Publisher Copyright:
© 2022, Springer Nature Switzerland AG.
PY - 2022/6/23
Y1 - 2022/6/23
N2 - Standardized Ethereum tokens, e.g., ERC-20 tokens, have become the norm in fundraising (through ICOs) and kicking off blockchain-based DeFi applications. However, they require the user’s wallet to hold both tokens and ether to pay the gas fee for making a transaction. This makes for a cumbersome user experience, and complicates, from the user perspective, the process of transitioning to a different smart-contract enabled blockchain, or to a newly launched blockchain. We formalize, instantiate, and analyze in a composable manner a system that we call Etherless Ethereum Tokens (in short, EETs), which allows the token users to transact in a closed-economy manner, i.e., having only tokens on their wallet and paying any transaction fees in tokens rather than Ether/Gas. In the process, we devise a methodology for capturing Ethereum token-contracts in the Universal Composability (UC) framework, which can be of independent interest. Our system can be seen as a targeted instance of the more general paradigm put forth—without a formal study—by the Ethereum Gas Station Network (GSN). We have implemented and benchmarked our system and compared it to GSN. In addition to being the first system with a rigorous security analysis, we demonstrate that EETs are far easier to deploy and less gas intensive than the GSN.
AB - Standardized Ethereum tokens, e.g., ERC-20 tokens, have become the norm in fundraising (through ICOs) and kicking off blockchain-based DeFi applications. However, they require the user’s wallet to hold both tokens and ether to pay the gas fee for making a transaction. This makes for a cumbersome user experience, and complicates, from the user perspective, the process of transitioning to a different smart-contract enabled blockchain, or to a newly launched blockchain. We formalize, instantiate, and analyze in a composable manner a system that we call Etherless Ethereum Tokens (in short, EETs), which allows the token users to transact in a closed-economy manner, i.e., having only tokens on their wallet and paying any transaction fees in tokens rather than Ether/Gas. In the process, we devise a methodology for capturing Ethereum token-contracts in the Universal Composability (UC) framework, which can be of independent interest. Our system can be seen as a targeted instance of the more general paradigm put forth—without a formal study—by the Ethereum Gas Station Network (GSN). We have implemented and benchmarked our system and compared it to GSN. In addition to being the first system with a rigorous security analysis, we demonstrate that EETs are far easier to deploy and less gas intensive than the GSN.
UR - http://www.scopus.com/inward/record.url?scp=85134183994&partnerID=8YFLogxK
U2 - 10.1007/978-3-031-07689-3_29
DO - 10.1007/978-3-031-07689-3_29
M3 - Conference contribution
AN - SCOPUS:85134183994
SN - 978-3-031-07688-6
T3 - Lecture Notes in Computer Science
SP - 388
EP - 407
BT - Cyber Security, Cryptology, and Machine Learning - 6th International Symposium, CSCML 2022, Proceedings
A2 - Dolev, Shlomi
A2 - Meisels, Amnon
A2 - Katz, Jonathan
PB - Springer, Cham
T2 - 6th International Symposium on Cyber Security Cryptography and Machine Learning, CSCML 2022
Y2 - 30 June 2022 through 1 July 2022
ER -