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SmartOTPs: An Air-Gapped 2-Factor Authentication for Smart-Contract Wallets

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26230%2F20%3APU138608" target="_blank" >RIV/00216305:26230/20:PU138608 - isvavai.cz</a>

  • Result on the web

    <a href="https://dl.acm.org/doi/epdf/10.1145/3419614.3423257" target="_blank" >https://dl.acm.org/doi/epdf/10.1145/3419614.3423257</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.1145/3419614.3423257" target="_blank" >10.1145/3419614.3423257</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    SmartOTPs: An Air-Gapped 2-Factor Authentication for Smart-Contract Wallets

  • Original language description

    With the recent rise of cryptocurrencies, the security and management of crypto-tokens have become critical. We have witnessed many attacks on users, their software, or providers, which have resulted in significant financial losses. To remedy these issues, many wallet solutions have been proposed. However, these solutions often lack essential security features, usability, or do not allow users to customize their spending rules. In this paper, we propose SmartOTPs, a smart-contract cryptocurrency wallet framework that gives a flexible, usable, and secure way of managing crypto-tokens in a self-sovereign (i.e., non-custodial) fashion. The proposed framework consists of four components (i.e., an authenticator, a client, a hardware wallet, and a smart contract), and it provides 2-factor authentication (2FA) performed in two stages of interaction with the blockchain. To the best of our knowledge, our framework is the first one that utilizes one-time passwords (OTPs) in the setting of the public blockchain. OTPs are aggregated by a Merkle tree and hash chains in such a way that for each authentication only a short OTP (e.g., 16B-long) is transferred from the authenticator to the client. Such a novel setting enables us to make a fully air-gapped authenticator utilizing small QR codes or a few mnemonic words, while additionally offering resilience against quantum cryptanalysis. We have made a proof-of-concept basing on the Ethereum platform. Our cost analysis shows that the average cost of a transfer operation is comparable to existing 2FA solutions using smart contracts with multi-signatures.

  • Czech name

  • Czech description

Classification

  • Type

    D - Article in proceedings

  • CEP classification

  • OECD FORD branch

    10201 - Computer sciences, information science, bioinformathics (hardware development to be 2.2, social aspect to be 5.8)

Result continuities

  • Project

    <a href="/en/project/8A20009" target="_blank" >8A20009: Verification and Validation of Automated Systems' Safety and Security</a><br>

  • Continuities

    P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)<br>S - Specificky vyzkum na vysokych skolach

Others

  • Publication year

    2020

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Article name in the collection

    Proceedings of the 2nd ACM Conference on Advances in Financial Technologies

  • ISBN

    978-1-4503-8139-0

  • ISSN

  • e-ISSN

  • Number of pages

    18

  • Pages from-to

    145-162

  • Publisher name

    Association for Computing Machinery

  • Place of publication

    New York City

  • Event location

    New York City

  • Event date

    Oct 21, 2020

  • Type of event by nationality

    WRD - Celosvětová akce

  • UT code for WoS article