A novel algorithm for bitcoin address generation using elliptical curve cryptography

Abstract

Bitcoin is a digital currency having no central bank and operates on peer to peer network. Bitcoin helps account users for anonymous transactions with very less processing fee. To trade Bitcoins user must have account called as Bitcoin address. This paper illustrate in depth process of generating Bitcoin address with novel Elliptical Curve Digital Signature algorithm. As Kolbitz curves are losing their confidence in user due to advancement of quantum computer, this paper advocate use of NIST recommended P192 elliptical curve over prime field. In depth experimentation has been done on MIRACL crypto library to demonstrate applicability of NIST p192 elliptical curves to generate bitcoin addresses.