Republicprotocol which facilitates the exchange of Ethereum, ERC20 and Bitcoin cryptocurrencies through a decentralized dark pool. This is enabled through research within subfields of cryptography such as secure multi-party computation, which allow to develop a matching engine to run on the distributed hidden order book. They facilitate cross-chain trades through atomic swaps and implement proper economic incentives to ensure these trades are executed thoroughly. Compared to a centralized dark pool or exchange, the Republic Protocol removes the risk of asset theft, confiscation or possibility of interference from a malicious exchange operator. This leads to greater trust between institutional investors placing block orders and dark pool exchanges leveraging the Republic protocol. Additionally, the Republicprotocol is available universally and is highly transparent with regards to how the underlying protocol operates.
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How the Republic Protocol works
The primary technical goal of the Republic Protocol is to enable a decentralized network of nodes to
match orders, without knowing anything about the orders. While it might seem like this is impossible, it can be achieved by applying cryptographic techniques that have been thoroughly researched over that last 30 years; modifying them to be suitable for the world of decentralized computation. The Republic Protocol uses the Shamir Secret Sharing Scheme  to break down orders into a large number of order fragments, and distributes them throughout the network. Orders cannot be reconstructed unless a majority of the order fragments are recombined. To prevent this from happening, the Republic Protocol defines an Ethereum smart contract called the Registrar that organizes nodes into a network topology that makes it unreasonably difficult for an adversary to acquire the enough of the order fragments to reconstruct an order. As long as traders respect the network topology defined by the Registrar, their orders will be safe. If they fail to do so, only their own orders are at risk of exposure.
sScurity model allows us to analyze the security guarantees provided by the Republic Protocol.
The Republic Protocol makes use of the real vs. ideal paradigm; analyzing the security of a real-world
decentralized protocol with respect to some non-existent ideal world in which there is a trusted, and
incorruptible, third-party that can be used to handle all sensitive information and perform all sensitive
computations (this is not the same as Ethereum, since all transactions and data on Ethereum is publicly
available). The security of the Republic Protocol can be demonstrated by showing that any possible
attack in the real world is also possible in the ideal world. Since the ideal world is trivial to define, the real protocol is secure by implication. This approach to security analysis is typical for decentralized computation protocols in which there are active and passive adversaries.
Winning and Losing
Nodes race to discover order matches. Any match that is found must be registered so that other nodes can
see which orders have been closed. The associated traders are notified, and none of the matched orders
can be involved in future matches. This is done on the Ethereum network, under Assumption (1). If two
orders do not match, they continue to be used in future matching games. If an order cannot be matched
before it expires, the associated fee is refunded.
Under Assumption (II), computational nodes must be incentivized to perform the order matching computations. It is unlikely that participants will be willing to run order matching nodes if they have no
financial incentive to do so, especially when running and maintaining order matching nodes is not free.
The REN token is introduced to provide this incentivization. It is also used to pay bonds to the Registrar,
allowing traders and order matching nodes to participate in the Republic Dark Pool.
Taiyang Zhang (CEO)
Loong Wang (CTO)
Noah Ingham (Developer)
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