Secure Symmetric Block Cipher Design for Encrypting the Bitcoin Wallets in Cryptocurrencies Applications

Abstract

This paper proposes a new symmetric secret-key cipher for construction of block cipher model. This new approach is considered as a smart step that can be applied to the long process research of modern designing methods used in developing earlier symmetric algorithms. The present cipher can encrypt block lengths of 128-bit by employing Substitution-Permutation Network (SPN) structure. The present cipher uses three options of strong ciphering-key along with variable lengths of 192-bit for 12 rounds, 128-bit for 10 rounds and long ciphering key of 256-bit for 14 rounds similar to standard ciphers. The proposed algorithm has been designed to trust applications that are based on Bitcoin and cryptocurrencies. The current algorithm intended to encrypt addresses of Bitcoin wallet that work quite similar to the e-mail address. The bitcoin wallet includes sensitive information like private secret keys and derived password that are highly confidential. The Advance Encryption Standard (AES) is employed to encrypt most of the bitcoin wallet database. The proposed cipher can act as a good substitute for the standard cipher that allows trusting the Bitcoin wallet database with high security and with a much more complex scheme. The key goal of the submitted algorithm is to build a new enhanced modern cipher with a secure and efficient applicable algorithm that can be used for crypto currencies applications employing a wide trail design strategy.