METHOD AND DEVICE FOR TRADING ON AN ELECTRONIC TRADING PLATFORM

Abstract

A method for trading on an electronic trading platform. The method includes the following features: trade orders of subscribers of the trading platform are given, a decentralized transaction database of the trading platform is managed that includes an order book, balances of accounts of the subscribers, and a zero-knowledge proof of a present state of the transaction database. On the basis of trade orders of the subscribers, starting from the current state, the transaction database is brought into a new state by a multiparty calculation.

Claims

1. A method for trading on an electronic trading platform, comprising the following steps: providing trade orders of subscribers of the trading platform; managing a decentralized transaction database of the trading platform, the transaction database including an order book, balances of accounts of the subscribers, and a zero-knowledge proof of a present state of the transaction database; and based on the trade orders of the subscribers, starting from a current state, bringing the transaction database into a new state by a multiparty calculation.

2. The method as recited in claim 1, further comprising the following steps: dividing order data of each of the trade orders into a plurality of parts by a cryptographic secret sharing; distributed the parts are distributed among parties of the multiparty calculation; reading the current state by the parties; and writing the new state by the parties.

3. The method as recited in claim 1, wherein the subscribers include buyers and sellers.

4. The method as recited in claim 2, wherein a reward is paid to the parties for the multiparty calculation.

5. The method as recited in claim 4, wherein the reward is paid in a reference currency of the accounts.

6. The method as recited in claim 5, wherein the reference currency is a cryptocurrency.

7. The method as recited in claim 2, wherein the parties of the multiparty calculation are the subscribers of the trading platform.

8. A non-transitory machine-readable storage medium on which is stored a computer program for trading on an electronic trading platform, the computer program, when executed by a computer, causing the computer to perform the following steps: providing trade orders of subscribers of the trading platform; managing a decentralized transaction database of the trading platform, the transaction database including an order book, balances of accounts of the subscribers, and a zero-knowledge proof of a present state of the transaction database; and based on the trade orders of the subscribers, starting from a current state, bringing the transaction database into a new state by a multiparty calculation.

9. A device for trading on an electronic trading platform, the device configured to: provide trade orders of subscribers of the trading platform; manage a decentralized transaction database of the trading platform, the transaction database including an order book, balances of accounts of the subscribers, and a zero-knowledge proof of a present state of the transaction database; and based on the trade orders of the subscribers, starting from a current state, bring the transaction database into a new state by a multiparty calculation.

Description

BRIEF DESCRIPTION OF THE DRAWINGS

[0014] Exemplary embodiments of the present invention are shown in the figures and are explained in more detail below.

[0015] FIG. 1 shows the flow diagram of a method according to a first specific embodiment.

[0016] FIG. 2 schematically shows a transaction system according to a second specific embodiment.

DETAILED DESCRIPTION OF EXAMPLE EMBODIMENTS

[0017] FIG. 1 shows the basic steps of an example method (10) according to the present invention for use in the transaction system shown in FIG. 2. The system is made up of subscribers (21) who wish to place orders and offers in the marketplace (process 11FIG. 1), as well as parties (31)traditionally referred to as players in the MPC expert literaturewho follow a protocol for carrying out the marketplace transactions in the course of a multiparty calculation (30). These parties (31) may at the same time be subscribers (21) on the trading platform (20) itself, but may also be independent service providers or private persons. The subscribers (21) calculate parts (s.sub.OD, s.sub.OF) of their orders or offers, and distribute these to the MPC parties (31); for this, a standard method (10) is used, as described for example in BEIMEL, Amos, Secret-sharing schemes: a survey, in: International Conference on Coding and Cryptology, Springer, Berlin, Heidelberg, 2011, pp. 11-46.

[0018] The step named above is required only if the subscribers (21) of the trading platform (20) and the MPC parties (31) are not the same.

[0019] Using the obtained parts (s.sub.OD, s.sub.OF) and the last state (26) of a transaction database (22) that is managed for the marketplace (process 12FIG. 1), in particular the so-called order book (23), the MPC parties (31) carry out the multiparty calculation (30), perform transactions in this way on the basis of the orders and offers, and calculate the new state (27). The precise type of carrying out of the transactions can be designed as a function of a centralized mechanism, with consideration of the desired properties of the marketplace and on the basis of social choice theory. Subsequently, this function can be implemented using a conventional framework, for example according to DAMGRD, Ivan, et al., Practical covertly secure MPC for dishonest majorityor: breaking the SPDZ limits, in: European Symposium on Research in Computer Security, Springer, Berlin, Heidelberg, 2013, pp. 1-18.

[0020] Optionally, together with each protocol message the zero-knowledge proof (25) of its correctness can be published. After following the protocol, each party receives a reward in the form of tokens for each correct proof (25).

[0021] The new balances of the accounts (24), as well as the new state (27) of the marketplace, are stored in the transaction database (22), which is expanded and updated with each multiparty calculation (30) (process 13FIG. 1). These accounts share the reference currency of the orders and offers, so that an account can be assigned to each subscriber (21).

[0022] Inherent properties of the multiparty calculation (30) include that the system continues to exist as long as 50% of the MPC parties (31) are honest, and that these parties (31) do not by following the protocol obtain any information, beyond the provided reward, that they would be able to exploit to their own advantage. Thus, the MPC parties (31) are rewarded for their correct (and only for their correct) participation in the multiparty calculation (30).

[0023] For the processing of orders and offers, a fee model is possible, applied in addition to or instead of the incentive system of the MPC parties (31).

[0024] This method (10) can be implemented for example in software or in hardware, or in a mixed form of software and hardware.