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devcon8 / when many to many isnt mixing measuring privacy in shielded utxo systems

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When Many-to-Many Isn't Mixing: Measuring Privacy in Shielded UTXO Systems preview
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When Many-to-Many Isn't Mixing: Measuring Privacy in Shielded UTXO Systems

Duration: NaN:NaN:NaN

Speaker: Tomoki Adachi

Type: Talk

Expertise: Some familiarity with the topic

Event: Devcon

Date: Nov 2026

Zero-knowledge proofs hide note ownership, values, and spend edges, but transaction shape cannot tell protocol designers whether value is well mixed or merely complex-looking. This talk presents feasible provenance sets: instead of guessing a hidden UTXO graph, we optimize over all graphs consistent with public events, causality, single-spend, transaction shape, and value conservation. Using RAILGUN mainnet data through August 2026, we analyze 58,207 WETH unshield proofs; 21.4% are many-to-many. Boundary-only analysis uniquely attributes none, but finds forced provenance in four bottleneck withdrawals. Exact small-component analyses show two identical 2-input/2-private-output shapes diverge: one requires at least two Shield origins, while the other admits a single-origin explanation. Attendees will learn metrics for forced attribution, candidate ambiguity, possible concentration, and guaranteed multi-source mixing, applicable without viewing keys, identity claims, or ground truth.

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Privacy