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[GNUnet-SVN] [taler-marketing] branch master updated: add 40m variant fo


From: gnunet
Subject: [GNUnet-SVN] [taler-marketing] branch master updated: add 40m variant for UBS
Date: Wed, 06 Dec 2017 13:46:29 +0100

This is an automated email from the git hooks/post-receive script.

grothoff pushed a commit to branch master
in repository marketing.

The following commit(s) were added to refs/heads/master by this push:
     new a1beebc  add 40m variant for UBS
a1beebc is described below

commit a1beebc4399ae0db3bcb2de26b0b7f6b1c0dfd1f
Author: Christian Grothoff <address@hidden>
AuthorDate: Wed Dec 6 13:46:27 2017 +0100

    add 40m variant for UBS
---
 presentations/comprehensive/main.tex               |   19 +-
 presentations/comprehensive/{main.tex => ubs.tex}  | 1629 ++++++++++----------
 presentations/investors/investors2017ls.tex        |    2 +-
 .../investors/team-images/christian-grothoff.jpg   |  Bin 47385 -> 134645 bytes
 4 files changed, 835 insertions(+), 815 deletions(-)

diff --git a/presentations/comprehensive/main.tex 
b/presentations/comprehensive/main.tex
index 02567b6..92342f5 100644
--- a/presentations/comprehensive/main.tex
+++ b/presentations/comprehensive/main.tex
@@ -132,7 +132,7 @@
     \hfill {\bf jeff} \& {\bf sereni-t}} \\
     \hfill \{grothoff,jeff,address@hidden }
 \end{textblock*}
-  
+
 \end{frame}
 
 
@@ -166,7 +166,7 @@ identity.'' \hfill --Edward Snowden, IETF 93 (2015)
 \begin{frame}{The Bank's Problem}
 
   3D secure (``verified by visa'') is a nightmare:
-  
+
   \begin{minipage}{5cm}
     \begin{itemize}
     \item Complicated process
@@ -315,14 +315,14 @@ Taler is an electronic instant payment system.
  \node (exchange) [def,above=of origin,draw]{Exchange};
  \node (customer) [def, draw, below left=of origin] {Customer};
  \node (merchant) [def, draw, below right=of origin] {Merchant};
-% \node (auditor) [def, draw, above right=of origin]{Auditor};
+ \node (auditor) [def, draw, above right=of origin]{Auditor};
 
  \tikzstyle{C} = [color=black, line width=1pt]
 
  \draw [<-, C] (customer) -- (exchange) node [midway, above, sloped] 
(TextNode) {withdraw coins};
  \draw [<-, C] (exchange) -- (merchant) node [midway, above, sloped] 
(TextNode) {deposit coins};
  \draw [<-, C] (merchant) -- (customer) node [midway, above, sloped] 
(TextNode) {spend coins};
-% \draw [<-, C] (exchange) -- (auditor) node [midway, above, sloped] 
(TextNode) {verify};
+ \draw [<-, C] (exchange) -- (auditor) node [midway, above, sloped] (TextNode) 
{verify};
 
 \end{tikzpicture}
 \end{center}
@@ -346,7 +346,7 @@ Taler is an electronic instant payment system.
     \url{https://demo.taler.net/}
   \end{center}
   \begin{enumerate}
-  \item Install Chrome extension.
+  \item Install browser extension.
   \item Visit the {\tt bank.demo.taler.net} to withdraw coins.
   \item Visit the {\tt shop.demo.taler.net} to spend coins.
   \end{enumerate}
@@ -382,12 +382,12 @@ Taler is an electronic instant payment system.
 \begin{frame}{Use Cases: Refugee Camps}
   Today:
   \begin{itemize}
-  \item Non-bankable 
+  \item Non-bankable
   \item Direct distribution of goods to population
   \item Limited economic activity in camps
   \item High level of economic dependence
   \end{itemize}\vfill\pause
-  With GNU Taler:    
+  With GNU Taler:
   \begin{itemize}
   \item Local currency issued as basic income backed by aid
   \item Taxation possible based on economic status
@@ -411,7 +411,7 @@ Taler is an electronic instant payment system.
     \item If unsolicited sender, hide messages from user \&
           automatically request payment from sender
     \item Sender can attach payment to be moved to inbox
-    \item Receiver may grant refund to sender 
+    \item Receiver may grant refund to sender
   \end{itemize}
 \end{frame}
 
@@ -1166,7 +1166,7 @@ But of course we use modern instantiations.
     \item Join: \href{https://lists.gnu.org/mailman/listinfo/address@hidden, 
\href{irc://irc.freenode.net/\#taler}{\#taler}
     \item Coding \& design: \url{https://gnunet.org/bugs/}
     \item Translation: 
\url{https://git.taler.net/www.git/tree/locale/fr/LC_MESSAGES/messages.po}
-    \item Integration: \url{https://docs.taler.net/} 
+    \item Integration: \url{https://docs.taler.net/}
     \item Donations: \url{https://gnunet.org/ev}
     \item Funding: \url{https://taler.net/en/investors.html}
   \end{itemize}
@@ -1610,4 +1610,3 @@ Merchant and exchange see only the public coin $\langle 
C, S_{DK}(C) \rangle$.
 }
 \end{center}
 \end{frame}
-
diff --git a/presentations/comprehensive/main.tex 
b/presentations/comprehensive/ubs.tex
similarity index 95%
copy from presentations/comprehensive/main.tex
copy to presentations/comprehensive/ubs.tex
index 02567b6..87297d7 100644
--- a/presentations/comprehensive/main.tex
+++ b/presentations/comprehensive/ubs.tex
@@ -118,55 +118,25 @@
 %    \includegraphics[width=0.66\textwidth]{logo-2017-fr.pdf}
     \includegraphics[width=0.66\textwidth]{../investors/taler-logo-2017.pdf}
   \end{center}
-\begin{textblock*}{4cm}(.5cm,6.5cm) % {block width} (coords)
+\begin{textblock*}{4cm}(.5cm,8.2cm) % {block width} (coords)
   {\Large {\bf \url{taler.net}} \\
-    IRC{\bf \#taler} \\
-    {\small (on freenode)} \\
-    address@hidden \\
-    address@hidden }
+    address@hidden }
 \end{textblock*}
 
 % Substitute based on who is giving the talk!
- \begin{textblock*}{6cm}(6.7cm,7.7cm) % {block width} (coords)
-   {\hfill {\Large {\bf grothoff \&} \\
-    \hfill {\bf jeff} \& {\bf sereni-t}} \\
-    \hfill \{grothoff,jeff,address@hidden }
+ \begin{textblock*}{6cm}(6.7cm,8.2cm) % {block width} (coords)
+   {\hfill {\Large {\bf Christian Grothoff}} \\
+    \hfill address@hidden }
 \end{textblock*}
-  
-\end{frame}
-
-
-\begin{frame}{A Social Problem}
-%  \vfill
-  This was a question posed to RAND researchers in 1971:
-
-\begin{quote}
-  ``Suppose you were an advisor to the head of the KGB, the Soviet Secret 
Police. Suppose you are given the assignment of designing a system for the 
surveillance of all citizens and visitors within the boundaries of the USSR. 
The system is not to be too obtrusive or obvious. What would be your decision?''
-\end{quote}
-%The result: an electronic funds transfer system that looks
-%strikingly similar today's debit card system.
-\pause
-  \begin{center}
-    \Large \textbf{Mastercard/Visa are too transparent.}
-  \end{center}
-\vfill
-  \begin{center}
-``I think one of the big things that we need to do, is we need
-to get a way from true-name payments on the Internet. The credit
-card payment system is one of the worst things that happened for the
-user, in terms of being able to divorce their access from their
-identity.'' \hfill --Edward Snowden, IETF 93 (2015)
-\end{center}
 
 \end{frame}
 
 
-
-\section{The Bank's Problem}
-\begin{frame}{The Bank's Problem}
+\section{The Bank's Online Payment Problem}
+\begin{frame}{The Bank's Online Payment Problem}
 
   3D secure (``verified by visa'') is a nightmare:
-  
+
   \begin{minipage}{5cm}
     \begin{itemize}
     \item Complicated process
@@ -185,7 +155,7 @@ identity.'' \hfill --Edward Snowden, IETF 93 (2015)
 \end{frame}
 
 
-\begin{frame}{The Bank's Problem}
+\begin{frame}{The Bank's Online Payment Problem}
 \vfill
   \begin{textblock*}{12cm}(0.5cm,1cm) % {block width} (coords)
     \begin{itemize}
@@ -315,14 +285,14 @@ Taler is an electronic instant payment system.
  \node (exchange) [def,above=of origin,draw]{Exchange};
  \node (customer) [def, draw, below left=of origin] {Customer};
  \node (merchant) [def, draw, below right=of origin] {Merchant};
-% \node (auditor) [def, draw, above right=of origin]{Auditor};
+ \node (auditor) [def, draw, above right=of origin]{Auditor};
 
  \tikzstyle{C} = [color=black, line width=1pt]
 
  \draw [<-, C] (customer) -- (exchange) node [midway, above, sloped] 
(TextNode) {withdraw coins};
  \draw [<-, C] (exchange) -- (merchant) node [midway, above, sloped] 
(TextNode) {deposit coins};
  \draw [<-, C] (merchant) -- (customer) node [midway, above, sloped] 
(TextNode) {spend coins};
-% \draw [<-, C] (exchange) -- (auditor) node [midway, above, sloped] 
(TextNode) {verify};
+ \draw [<-, C] (exchange) -- (auditor) node [midway, above, sloped] (TextNode) 
{verify};
 
 \end{tikzpicture}
 \end{center}
@@ -346,7 +316,7 @@ Taler is an electronic instant payment system.
     \url{https://demo.taler.net/}
   \end{center}
   \begin{enumerate}
-  \item Install Chrome extension.
+  \item Install Browser extension.
   \item Visit the {\tt bank.demo.taler.net} to withdraw coins.
   \item Visit the {\tt shop.demo.taler.net} to spend coins.
   \end{enumerate}
@@ -354,13 +324,6 @@ Taler is an electronic instant payment system.
 \end{frame}
 
 
-\begin{frame}{Social Impact of Taler}
-  \begin{center}
-    \includegraphics[height=0.8\textheight]{../../social-impact.pdf}
-  \end{center}
-\end{frame}
-
-
 \begin{frame}{Use Case: Journalism}
   Today:
   \begin{itemize}
@@ -382,12 +345,12 @@ Taler is an electronic instant payment system.
 \begin{frame}{Use Cases: Refugee Camps}
   Today:
   \begin{itemize}
-  \item Non-bankable 
+  \item Non-bankable
   \item Direct distribution of goods to population
   \item Limited economic activity in camps
   \item High level of economic dependence
   \end{itemize}\vfill\pause
-  With GNU Taler:    
+  With GNU Taler:
   \begin{itemize}
   \item Local currency issued as basic income backed by aid
   \item Taxation possible based on economic status
@@ -411,11 +374,18 @@ Taler is an electronic instant payment system.
     \item If unsolicited sender, hide messages from user \&
           automatically request payment from sender
     \item Sender can attach payment to be moved to inbox
-    \item Receiver may grant refund to sender 
+    \item Receiver may grant refund to sender
   \end{itemize}
 \end{frame}
 
 
+\begin{frame}{Social Impact of Taler}
+  \begin{center}
+    \includegraphics[height=0.8\textheight]{../../social-impact.pdf}
+  \end{center}
+\end{frame}
+
+
 \begin{frame}{Taxability}
   We say Taler is taxable because:
   \begin{itemize}
@@ -423,11 +393,11 @@ Taler is an electronic instant payment system.
   \item Hash of contract is part of deposit data.
   \item State can trace income and enforce taxation.
   \end{itemize}\pause
-  Limitations:
-  \begin{itemize}
-  \item withdraw loophole
-  \item {\em sharing} coins among family and friends
-  \end{itemize}
+%  Limitations:
+%  \begin{itemize}
+%  \item withdraw loophole
+%  \item {\em sharing} coins among family and friends
+%  \end{itemize}
 \end{frame}
 
 
@@ -759,855 +729,906 @@ But of course we use modern instantiations.
 \end{frame}
 
 
-\begin{frame}{Diffie-Hellman (ECDH)}
-  \begin{minipage}{8cm}
-   \begin{enumerate}
-    \item Create private keys $c,t \mod o$
-    \item Define $C = cG$
-    \item Define $T = tG$
-    \item Compute DH \\ $cT = c(tG) = t(cG) = tC$
-    \end{enumerate}
-   \end{minipage}
-  \begin{minipage}{6cm}
-  \begin{tikzpicture}
-   \tikzstyle{def} = [node distance= 2em and 0.5em, inner sep=0em, outer 
sep=.3em];
-    \node (t) [def, draw=none] at (0,0) {$t$};
-    \node (ct) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{dh.pdf}};
-    \node (c) [def, draw=none, above left= of ct]  {$c$};
-    \tikzstyle{C} = [color=black, line width=1pt]
-
-    \draw [<-, C] (ct) -- (c) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (ct) -- (t) node [midway, above, sloped] (TextNode) {};
-  \end{tikzpicture}
-  \end{minipage}
+\begin{frame}{Refresh protocol}
+  \begin{itemize}
+  \item Customer asks exchange to convert old coin to new coin
+  \item Protocol ensures new coins can be recovered from old coin
+  \item[$\Rightarrow$] New coins are owned by the same entity!
+  \end{itemize}
+  Thus, the refresh protocol (details in paper) allows:
+  \begin{itemize}
+  \item To give unlinkable change.
+  \item To give refunds to an anonymous customer.
+  \item To expire old keys and migrate coins to new ones.
+  \item To handle protocol aborts.
+  \end{itemize}
+  \noindent
+%  \begin{center}
+%    \bf
+%   Transactions via refresh are equivalent to {\em sharing} a wallet.
+%\end{center}
 \end{frame}
 
 
-\begin{frame}{Strawman solution}
-  \begin{minipage}{8cm}
-    Given partially spent private coin key $c_{old}$:
-   \begin{enumerate}
-%    \item Let $C_{old} := c_{old}G$ (as before)
-    \item Pick random $c_{new} \mod o$ private key
-    \item $C_{new} = c_{new}G$ public key
-    \item Pick random $b_{new}$
-    \item Compute $f_{new} := FDH(C_{new})$, $m < n$.
-    \item Transmit $f'_{new} := f_{new} b_{new}^e \mod n$
-   \end{enumerate}
-   ... and sign request for change with $c_{old}$.
-   \end{minipage}
-  \begin{minipage}{4cm}
-  \begin{tikzpicture}
-   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
-    \node (blinded) [def, 
draw=none]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
-    \node (planchet) [def, draw=none, above left= of blinded]  
{\includegraphics[width=0.15\textwidth]{planchet.pdf}};
-    \node (cnew) [def, draw=none, above= of planchet]  {$c_{new}$};
-    \node (bnew) [def, draw=none, above right= of blinded]  {$b_{new}$};
-    \node (dice1) [def, draw=none, above = of 
cnew]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
-    \node (dice2) [def, draw=none, above = of 
bnew]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
-    \node (exchange) [node distance=4em and 0.5em, draw, below =of 
blinded]{Exchange};
+\section{Competitor analysis}
+\begin{frame}{Competitor comparison}
+  \begin{center} \small
+    \begin{tabular}{l||c|c|c|c|c}
+                & Cash & Bitcoin & Zerocoin & Creditcard & GNU Taler \\ \hline 
\hline
+   Online      &$-$$-$$-$  &   ++    &    ++    &     +      &   +++  \\ \hline
+    Offline     & +++  &   $-$$-$    &    $-$$-$    &     +      &   $-$$-$  
\\ \hline
+    Trans. cost & +    & $-$$-$$-$   & $-$$-$$-$  &     $-$      &   ++  \\ 
\hline
+    Speed       & +    & $-$$-$$-$   & $-$$-$$-$  &     o      &   ++  \\ 
\hline
+    Taxation    & $-$    &   $-$$-$    &  $-$$-$$-$   &    +++     &  +++  \\ 
\hline
+    Payer-anon  &  ++  &   o     &    ++    &  $-$$-$$-$   &  +++  \\ \hline
+    Payee-anon  & ++   &   o     &    ++    &  $-$$-$$-$    &  $-$$-$$-$ \\ 
\hline
+    Security    &  $-$   &   o     &    o     &    $-$$-$      &  ++   \\ 
\hline
+    Conversion  & +++  &  $-$$-$$-$   & $-$$-$$-$ &    +++     &  +++  \\ 
\hline
+    Libre       &  $-$   &  +++    &    +++   & $-$ $-$ $-$      &  +++  \\
+  \end{tabular}
+  \end{center}
+\end{frame}
 
-    \tikzstyle{C} = [color=black, line width=1pt]
 
-    \draw [<-, C] (cnew) -- (dice1) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (planchet) -- (cnew) node [midway, above, sloped] (TextNode) 
{};
-    \draw [<-, C] (bnew) -- (dice2) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (planchet) node [midway, above, sloped] 
(TextNode) {};
-    \draw [<-, C] (blinded) -- (bnew) node [midway, above, sloped] (TextNode) 
{};
-    \draw [<-, C] (exchange) -- (blinded) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
-  \end{tikzpicture}
-  \end{minipage}
-  \pause
+\begin{frame}{How to support?}
+  \begin{itemize}
+    \item Join: \href{https://lists.gnu.org/mailman/listinfo/address@hidden, 
\href{irc://irc.freenode.net/\#taler}{\#taler}
+    \item Coding \& design: \url{https://gnunet.org/bugs/}
+    \item Translation: 
\url{https://git.taler.net/www.git/tree/locale/fr/LC_MESSAGES/messages.po}
+    \item Integration: \url{https://docs.taler.net/}
+    \item Donations: \url{https://gnunet.org/ev}
+    \item Funding: \url{https://taler.net/en/investors.html}
+  \end{itemize}
   \vfill
-  {\bf Problem: Owner of $c_{new}$ may differ from owner of $c_{old}$!}
+  \begin{center}
+    {\bf And of course we are looking for banks as partners!}
+  \end{center}
 \end{frame}
 
 
-\begin{frame}{Customer: Transfer key setup (ECDH)}
-  \begin{minipage}{8cm}
-    Given partially spent private coin key $c_{old}$:
-   \begin{enumerate}
-    \item Let $C_{old} := c_{old}G$ (as before)
-    \item Create random private transfer key $t \mod o$
-    \item Compute $T := tG$
-    \item Compute $X := c_{old}(tG) = t(c_{old}G) = tC_{old}$
-    \item Derive $c_{new}$ and $b_{new}$ from $X$
-    \item Compute $C_{new} := c_{new}G$
-    \item Compute $f_{new} := FDH(C_{new})$
-    \item Transmit $f_{new}' := f_{new} b_{new}^e$
-    \end{enumerate}
-   \end{minipage}
-  \begin{minipage}{4cm}
-  \begin{tikzpicture}
-   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
-    \node (t) [def, draw=none] at (0,0) {$t$};
-    \node (dice) [def, draw=none, above = of 
t]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
-    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
-    \node (d) [def, draw=none, above left= of dh]  {$c_{old}$};
-    \node (cp) [def, draw=none, below left= of dh]  {$c_{new}$};
-    \node (bp) [def, draw=none, below right= of dh]  {$b_{new}$};
-    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
-    \node (exchange) [node distance=4em and 0.5em, draw, below =of 
blinded]{Exchange};
+\begin{frame}
+  \frametitle{Team \hfill \& \hfill Advisory Board \hfill}
+  \begin{minipage}{5cm}
+    \begin{description}
+ \item[Leon Schumacher]\ \\ co-founder
+ \item[Dr. Christian Grothoff]\ \\ co-founder
+ \item[Michael Widmer]\ \\ Jurist
+ \item[Dr. Jeff Burdges]\ \\ PostDoc
+ \item[Florian Dold]\ \\ PhD Student
+    \end{description}
+
+\end{minipage}
+  \begin{minipage}{5.5cm}
+ {\tiny
+\begin{description}
+ \item[Prof. Mikhail Atallah] \ \\
+   Cryptographer, co-founder
+   Arxan Technologies Inc.
+ \item[Prof. Roberto Di Cosmo] \ \\
+   Director IRILL
+ \item[Greg Framke] \ \\
+   CIO Manulife, \\
+   former COO Etrade
+ \item[Ante Gulam] \ \\
+   Global Head of Information Security --- CISO \\
+   MetaPack Group
+ \item[Dr. Richard Stallman]\ \\
+   Founder of the \\ \mbox{Free Software movement}
+ \item[Chris Pagett] \ \\
+   former Group Head Security/ \ \\
+   Fraud/Geo Risk HSBC
+ \item[Prof. Alex Pentland] \ \\
+   MIT Media Lab
+\end{description}
+}
+\end{minipage}
+\vfill
+\includegraphics[height=0.1\textwidth]{../investors/team-images/leon-schumacher.jpg}
    \hfill
+\includegraphics[height=0.1\textwidth]{../investors/team-images/christian-grothoff.jpg}\hfill
+\includegraphics[height=0.1\textwidth]{../investors/team-images/cristina-onete.jpg}\hfill
+\includegraphics[height=0.1\textwidth]{../investors/team-images/jeff-burdges.jpg}\hfill
+\includegraphics[height=0.1\textwidth]{../investors/team-images/florian-dold.jpg}\hfill
+\includegraphics[height=0.1\textwidth]{../investors/board-images/mja.jpg} 
\hfill
+\includegraphics[height=0.1\textwidth]{../investors/board-images/roberto-di-cosmo.jpg}
    \hfill
+\includegraphics[height=0.1\textwidth]{../investors/board-images/greg-framke.jpg}
    \hfill
+\includegraphics[height=0.1\textwidth]{../investors/board-images/ante-gulam.jpg}
 \hfill
+\includegraphics[height=0.1\textwidth]{../investors/board-images/alex-pentland.jpg}
+%\note{Advisory board still under construction.}
+\end{frame}
 
-    \tikzstyle{C} = [color=black, line width=1pt]
 
-    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (dh) -- (t) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (t) -- (dice) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (exchange) -- (blinded) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
-  \end{tikzpicture}
-  \end{minipage}
+\begin{frame}{Conclusion}
+  \begin{center}
+    {\bf  What can we do?}
+   \end{center}
+  \vfill
+\begin{itemize}
+ \item{Suffer mass-surveillance enabled by credit card oligopolies with high 
fees, and}
+ \item{Engage in arms race with deliberately unregulatable blockchains, and}
+ \item{Enjoy the ``benefits'' of cash \\
+  \hfill  \includegraphics[height=0.3\textheight]{atm-rupee.jpg} \hfill}
+\end{itemize}
+\vfill
+\begin{center}
+  {\bf OR}
+\end{center}
+\vfill
+\begin{itemize}
+ \item{Establish free software alternative balancing social goals!}
+\end{itemize}
+\vfill
 \end{frame}
 
 
-\begin{frame}{Cut-and-Choose}
-  \begin{minipage}{4cm}
-  \begin{tikzpicture}
-   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
-    \node (t) [def, draw=none] at (0,0) {$t_1$};
-    \node (dice) [def, draw=none, above = of 
t]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
-    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
-    \node (d) [def, draw=none, above left= of dh]  {$c_{old}$};
-    \node (cp) [def, draw=none, below left= of dh]  {$c_{new,1}$};
-    \node (bp) [def, draw=none, below right= of dh]  {$b_{new,1}$};
-    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
-    \node (exchange) [node distance=4em and 0.5em, draw, below =of 
blinded]{Exchange};
+\begin{frame}
+\frametitle{Do you have any questions?}
+\vfill
+References:
+{\tiny
+  \begin{enumerate}
+ \item{Christian Grothoff, Bart Polot and Carlo von Loesch.
+       {\em The Internet is broken: Idealistic Ideas for Building a GNU 
Network}.
+       {\bf W3C/IAB Workshop on Strengthening the Internet Against Pervasive 
Monitoring (STRINT)}, 2014.}
+ \item{Jeffrey Burdges, Florian Dold, Christian Grothoff and Marcello Stanisci.
+       {\em Enabling Secure Web Payments with GNU Taler}.
+       {\bf SPACE 2016}.}
+ \item{Florian Dold, Sree Harsha Totakura, Benedikt M\"uller, Jeffrey Burdges 
and Christian Grothoff.
+       {\em Taler: Taxable Anonymous Libre Electronic Reserves}.
+       Available upon request. 2016.}
+ \item{Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian 
Miers, Eran Tromer and Madars Virza.
+       {\em Zerocash: Decentralized Anonymous Payments from Bitcoin}.
+       {\bf IEEE Symposium on Security \& Privacy, 2016}.}
+ \item{David Chaum, Amos Fiat and Moni Naor.
+       {\em Untraceable electronic cash}.
+       {\bf Proceedings on Advances in Cryptology, 1990}.}
+  \item{Phillip Rogaway.
+       {\em The Moral Character of Cryptographic Work}.
+       {\bf Asiacrypt}, 2015.} \label{bib:rogaway}
+\end{enumerate}
+}
+\begin{center}
+  {\bf Let money facilitate trade; but ensure capital serves society.}
+\end{center}
+\end{frame}
 
-    \tikzstyle{C} = [color=black, line width=1pt]
 
-    \draw [<-, C] (t) -- (dice) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (dh) -- (t) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (exchange) -- (blinded) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
-  \end{tikzpicture}
-  \end{minipage}
-  \begin{minipage}{4cm}
-  \begin{tikzpicture}
-   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
-    \node (t) [def, draw=none] at (0,0) {$t_2$};
-    \node (dice) [def, draw=none, above = of 
t]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
-    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
-    \node (d) [def, draw=none, above left= of dh]  {$c_{old}$};
-    \node (cp) [def, draw=none, below left= of dh]  {$c_{new,2}$};
-    \node (bp) [def, draw=none, below right= of dh]  {$b_{new,2}$};
-    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
-    \node (exchange) [node distance=4em and 0.5em, draw, below =of 
blinded]{Exchange};
 
-    \tikzstyle{C} = [color=black, line width=1pt]
 
-    \draw [<-, C] (t) -- (dice) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (dh) -- (t) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (exchange) -- (blinded) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
-  \end{tikzpicture}
-  \end{minipage}
-  \begin{minipage}{4cm}
-  \begin{tikzpicture}
-   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
-    \node (t) [def, draw=none] at (0,0) {$t_3$};
-    \node (dice) [def, draw=none, above = of 
t]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
-    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
-    \node (d) [def, draw=none, above left= of dh]  {$c_{old}$};
-    \node (cp) [def, draw=none, below left= of dh]  {$c_{new,3}$};
-    \node (bp) [def, draw=none, below right= of dh]  {$b_{new,3}$};
-    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
-    \node (exchange) [node distance=4em and 0.5em, draw, below =of 
blinded]{Exchange};
-
-    \tikzstyle{C} = [color=black, line width=1pt]
+\end{document}
 
-    \draw [<-, C] (t) -- (dice) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (dh) -- (t) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (exchange) -- (blinded) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
-  \end{tikzpicture}
-  \end{minipage}
-\end{frame}
 
 
-\begin{frame}{Exchange: Choose!}
-   \begin{center}
-    \item Exchange sends back random $\gamma \in \{ 1, 2, 3 \}$ to the 
customer.
-    \end{center}
-\end{frame}
 
+\begin{frame}{Taler {\tt /withdraw/sign}}
+% Customer withdrawing coins with blind signatures
+% \bigskip
+  \begin{figure}[th]
+    \begin{minipage}[b]{0.45\linewidth}
+      \begin{center}
+        \begin{tikzpicture}[scale = 0.4,
+            transform shape,
+            msglabel/.style    = { text = Black, yshift = .3cm,
+                                   sloped, midway },
+            okmsg/.style       = { ->, color = MidnightBlue, thick,
+                                   >=stealth },
+            rstmsg/.style      = { ->, color = BrickRed, thick,
+                                   >=stealth }
+          ]
+          \node[draw = MidnightBlue,
+            fill = CornflowerBlue,
+            minimum width = .3cm,
+            minimum height = 10cm
+          ] (h1) at (-4, 0) {};
+          \node[draw = MidnightBlue,
+            fill = CornflowerBlue,
+            minimum width = .3cm,
+            minimum height = 10cm
+          ] (h2) at (4, 0) {};
+          \node[above = 0cm of h1] {Wallet};
+          \node[above = 0cm of h2] {Exchange};
 
-\begin{frame}{Customer: Reveal}
-   \begin{enumerate}
-   \item If $\gamma = 1$, send $t_2$, $t_3$ to exchange
-   \item If $\gamma = 2$, send $t_1$, $t_3$ to exchange
-   \item If $\gamma = 3$, send $t_1$, $t_2$ to exchange
-  \end{enumerate}
+          \path[->, color = MidnightBlue, very thick, >=stealth]
+            (-5, 4.5) edge
+            node[rotate=90, text = Black, yshift = .3cm] {Time}
+            (-5, -4.5);
+          \path[okmsg, dashed]
+             ($(h1.east)+(0, 4.0)+(0, -1.0)$) edge
+             node[msglabel] {SEPA(RK,A)}
+             ($(h2.west)+(0, 3.5)+(0, -1.0)$);
+          \path[okmsg]
+            ($(h1.east)+(0, -1.0)$) edge
+            node[msglabel] {POST {\tt /withdraw/sign} $S_{RK}(DK, B_b(C))$}
+            ($(h2.west)+(0, -1.5)$);
+          \path[okmsg]
+            ($(h2.west)+(0, -2.0)$) edge
+            node[msglabel] {200 OK: $S_{DK}(B_b(C))$)}
+            ($(h1.east)+(0, -2.5)$);
+          \path[rstmsg]
+            ($(h2.west)+(0, -3.5)$) edge
+            node[msglabel] {402 PAYMENT REQUIRED: $S_{RK}(DK, B_b(C))$)}
+            ($(h1.east)+(0, -4)$);
+          \node at (5.3, 0) {};
+        \end{tikzpicture}
+      \end{center}
+      Result: $\langle c, S_{DK}(C) \rangle$.
+    \end{minipage}
+    \hspace{0.5cm}
+    \begin{minipage}[b]{0.45\linewidth}
+      \tiny
+      \begin{description}
+      \item[$A$] Some amount, $A \ge A_{DK}$
+      \item[$RK$] Reserve key
+      \item[$DK$] Denomination key
+      \item[$b$] Blinding factor
+      \item[$B_b()$] RSA-FDH blinding % DK supressed
+      \item[$C$] Coin public key $C := cG$
+      \item[$S_{RK}()$] EdDSA signature
+      \item[$S_{DK}()$] RSA-FDH signature
+      \end{description}
+    \end{minipage}
+  \end{figure}
 \end{frame}
 
 
-\begin{frame}{Exchange: Verify ($\gamma = 2$)}
-  \begin{minipage}{4cm}
-  \begin{tikzpicture}
-   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
-    \node (h) [def, draw=none] at (0,0) {$t_1$};
-    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
-    \node (d) [def, draw=none, above left= of dh]  {$C_{old}$};
-    \node (cp) [def, draw=none, below left= of dh]  {$c_{new,1}$};
-    \node (bp) [def, draw=none, below right= of dh]  {$b_{new,1}$};
-    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
-
-    \tikzstyle{C} = [color=black, line width=1pt]
-
-    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (dh) -- (h) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
-  \end{tikzpicture}
-  \end{minipage}
-  \begin{minipage}{4cm}
- \
-  \end{minipage}
-  \begin{minipage}{4cm}
-  \begin{tikzpicture}
-   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
-    \node (h) [def, draw=none] at (0,0) {$t_3$};
-    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
-    \node (d) [def, draw=none, above left= of dh]  {$C_{old}$};
-    \node (cp) [def, draw=none, below left= of dh]  {$c_{new,3}$};
-    \node (bp) [def, draw=none, below right= of dh]  {$b_{new,3}$};
-    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
-
-    \tikzstyle{C} = [color=black, line width=1pt]
+\begin{frame}[t]{Taler {\tt /deposit}}
+Merchant and exchange see only the public coin $\langle C, S_{DK}(C) \rangle$.
+\bigskip
+  \begin{figure}[th]
+    \begin{minipage}[b]{0.45\linewidth}
+      \begin{center}
+        \begin{tikzpicture}[scale = 0.4,
+            transform shape,
+            msglabel/.style    = { text = Black, yshift = .3cm,
+                                   sloped, midway },
+            okmsg/.style       = { ->, color = MidnightBlue, thick,
+                                   >=stealth },
+            rstmsg/.style      = { ->, color = BrickRed, thick,
+                                   >=stealth }
+          ]
+          \node[draw = MidnightBlue,
+            fill = CornflowerBlue,
+            minimum width = .3cm,
+            minimum height = 10cm
+          ] (h1) at (-4, 0) {};
+          \node[draw = MidnightBlue,
+            fill = CornflowerBlue,
+            minimum width = .3cm,
+            minimum height = 10cm
+          ] (h2) at (4, 0) {};
+          \node[above = 0cm of h1] {Merchant};
+          \node[above = 0cm of h2] {Exchange};
 
-    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (dh) -- (h) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
-  \end{tikzpicture}
-  \end{minipage}
+          \path[->, color = MidnightBlue, very thick, >=stealth]
+            (-5, 4.5) edge
+            node[rotate=90, text = Black, yshift = .3cm] {Time}
+            (-5, -4.5);
+          \path[->, color = MidnightBlue, thick, >=stealth]
+            ($(h1.east)+(0,3)$) edge
+            node[text = Black, yshift = .3cm, sloped] {POST {\tt /deposit} 
$S_{DK}(C), S_{c}(D)$}
+            ($(h2.west)+(0,2)$);
+          \path[->, color = MidnightBlue, thick, >=stealth]
+            ($(h2.west)+(0,0.5)$) edge
+            node[text = Black, yshift = .3cm, sloped] {200 OK: 
$S_{SK}(S_{c}(D))$}
+            ($(h1.east)+(0,-0.5)$);
+          \path[rstmsg]
+            ($(h2.west)+(0, -2.5)$) edge
+            node[msglabel] {409 CONFLICT: $S_{c}(D')$}
+            ($(h1.east)+(0, -3.5)$);
+          \node at (5.3, 0) {};
+        \end{tikzpicture}
+      \end{center}
+    \end{minipage}
+    \hspace{0.5cm}
+    \begin{minipage}[b]{0.45\linewidth}
+      \tiny
+      \begin{description}
+      \item[$DK$] Denomination key
+      \item[$S_{DK}()$] RSA-FDH signature using $DK$
+      \item[$c$] Private coin key, $C := cG$.
+      \item[$S_{C}()$] EdDSA signature using $c$
+      \item[$D$] Deposit details
+      \item[$SK$] Exchange's signing key
+      \item[$S_{SK}()$] EdDSA signature using $SK$
+      \item[$D'$] Conficting deposit details $D' \not= D$
+      \end{description}
+    \end{minipage}
+  \end{figure}
 \end{frame}
 
 
-\begin{frame}{Exchange: Blind sign change (RSA)}
-   \begin{minipage}{6cm}
-    \begin{enumerate}
-    \item Take $f_{new,\gamma}'$.
-    \item Compute $s' := f_{new,\gamma}'^d \mod n$.
-    \item Send signature $s'$.
-    \end{enumerate}
-   \end{minipage}
-  \begin{minipage}{6cm}
-  \begin{tikzpicture}
-   \tikzstyle{def} = [node distance= 2em and 0.5em, inner sep=0em, outer 
sep=.3em];
-    \node (hammer) [def, draw=none] at (0,0) 
{\includegraphics[width=0.15\textwidth]{hammer.pdf}};
-    \node (signed) [def, draw=none, below left=of 
hammer]{\includegraphics[width=0.2\textwidth]{sign.pdf}};
-    \node (blinded) [def, draw=none, above left=of 
signed]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
-    \node (customer) [node distance=4em and 0.5em, draw, below =of 
signed]{Customer};
-    \tikzstyle{C} = [color=black, line width=1pt]
+\begin{frame}{Taler {\tt /refresh/melt}}
+  \begin{figure}[th]
+    \begin{minipage}[b]{0.45\linewidth}
+      \begin{center}
+       \begin{tikzpicture}[scale = 0.4,
+            transform shape,
+            msglabel/.style    = { text = Black, yshift = .3cm,
+                                   sloped, midway },
+            okmsg/.style       = { ->, color = MidnightBlue, thick,
+                                   >=stealth },
+            rstmsg/.style      = { ->, color = BrickRed, thick,
+                                   >=stealth }
+         ]
+         \node[draw = MidnightBlue,
+           fill = CornflowerBlue,
+           minimum width = .3cm,
+           minimum height = 10cm
+         ] (h1) at (-4, 0) {};
+         \node[draw = MidnightBlue,
+           fill = CornflowerBlue,
+           minimum width = .3cm,
+           minimum height = 10cm
+         ] (h2) at (4, 0) {};
+         \node[above = 0cm of h1] {Customer};
+         \node[above = 0cm of h2] {Exchange};
 
-    \draw [<-, C] (signed) -- (hammer) node [midway, above, sloped] (TextNode) 
{};
-    \draw [<-, C] (signed) -- (blinded) node [midway, above, sloped] 
(TextNode) {};
-    \draw [<-, C] (customer) -- (signed) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
-  \end{tikzpicture}
-  \end{minipage}
+         \path[->, color = MidnightBlue, very thick, >=stealth]
+           (-5, 4.5) edge
+           node[rotate=90, text = Black, yshift = .3cm] {Time}
+           (-5, -4.5);
+         \path[->, color = MidnightBlue, thick, >=stealth]
+           ($(h1.east)+(0,3)$) edge
+           node[text = Black, yshift = .3cm, sloped] {POST {\tt /refresh/melt} 
$S_{DK}(C), S_c({\cal DK}, {\cal T},{\cal B})$}
+           ($(h2.west)+(0,2)$);
+         \path[->, color = MidnightBlue, thick, >=stealth]
+           ($(h2.west)+(0,0.5)$) edge
+           node[text = Black, yshift = .3cm, sloped] {200 OK: $S_{SK}(H({\cal 
T}, {\cal B}),\gamma)$}
+           ($(h1.east)+(0,-0.5)$);
+         \path[rstmsg]
+           ($(h2.west)+(0, -2.5)$) edge
+           node[msglabel] {409 CONFLICT: $S_{C}(X), \ldots$}
+           ($(h1.east)+(0, -3.5)$);
+         \node at (5.3, 0) {};
+       \end{tikzpicture}
+      \end{center}
+    \end{minipage}
+    \hspace{0.5cm}
+    \begin{minipage}[b]{0.45\linewidth}
+      \tiny
+      \begin{description}
+      \item[$\kappa$] System-wide security parameter, usually 3.
+      \\ \smallskip
+      \item[$\cal DK$] $:= [DK^{(i)}]_i$ \\ List of denomination keys \\
+      $D + \sum_i A_{DK^{(i)}} < A_{DK}$
+      \item[$t_j$] Random scalar for $j<\kappa$
+      \item[${\cal T}$] $:= [T_j]_\kappa$ where $T_j = t_j G$
+      \item[$k_j$] $:= c T_j = t_j C$ is an ECDHE
+      \item[$b_j^{(i)}$] $:= KDF_b(k_j,i)$ % blinding factor
+      \item[$c_j^{(i)}$] $:= KDF_c(k_j,i)$ % coin secret keys
+      \item[$C_j^{(i)}$] $: = c_j^{(i)} G$ % new coin publics % keys
+      \item[${\cal B}$] $:= [H( \beta_j )]_\kappa$ where \\
+         $\beta_j := \left[ B_{b_j^{(i)}}(C_j^{(i)}) \right]_i$
+      \\ \smallskip
+      \item[$\gamma$] Random value in $[0,\kappa)$
+%      \\ \smallskip
+%      \item[$X$] Deposit or refresh
+      \end{description}
+    \end{minipage}
+  \end{figure}
 \end{frame}
 
 
-\begin{frame}{Customer: Unblind change (RSA)}
-  \begin{minipage}{6cm}
+\begin{frame}{Taler {\tt /refresh/reveal}}
+  \begin{figure}[th]
+    \begin{minipage}[b]{0.45\linewidth}
+      \begin{center}
+       \begin{tikzpicture}[scale = 0.4,
+            transform shape,
+            msglabel/.style    = { text = Black, yshift = .3cm,
+                                   sloped, midway },
+            okmsg/.style       = { ->, color = MidnightBlue, thick,
+                                   >=stealth },
+            rstmsg/.style      = { ->, color = BrickRed, thick,
+                                   >=stealth }
+         ]
+         \node[draw = MidnightBlue,
+           fill = CornflowerBlue,
+           minimum width = .3cm,
+           minimum height = 10cm
+         ] (h1) at (-4, 0) {};
+         \node[draw = MidnightBlue,
+           fill = CornflowerBlue,
+           minimum width = .3cm,
+           minimum height = 10cm
+         ] (h2) at (4, 0) {};
+         \node[above = 0cm of h1] {Customer};
+         \node[above = 0cm of h2] {Exchange};
+
+         \path[->, color = MidnightBlue, very thick, >=stealth]
+           (-5, 4.5) edge
+           node[rotate=90, text = Black, yshift = .3cm] {Time}
+           (-5, -4.5);
+         \path[->, color = MidnightBlue, thick, >=stealth]
+           ($(h1.east)+(0,3)$) edge
+           node[text = Black, yshift = .3cm, sloped] {POST {\tt 
/refresh/reveal} $H({\cal T}, {\cal B}), {\tilde{\cal T}}, \beta_\gamma$}
+           ($(h2.west)+(0,2)$);
+         \path[->, color = MidnightBlue, thick, >=stealth]
+           ($(h2.west)+(0,0.5)$) edge
+           node[text = Black, yshift = .3cm, sloped] {200 OK: $\cal S$}
+           ($(h1.east)+(0,-0.5)$);
+         \path[rstmsg]
+           ($(h2.west)+(0, -2.5)$) edge
+           node[msglabel] {400 BAD REQUEST: $Z$}
+           ($(h1.east)+(0, -3.5)$);
+         \node at (5.3, 0) {};
+       \end{tikzpicture}
+      \end{center}
+    \end{minipage}
+    \hspace{0.5cm}
+    \begin{minipage}[b]{0.45\linewidth}
+      \tiny
+      \begin{description}
+      \item[$\cal DK$] $:= [DK^{(i)}]_i$
+      \item[$t_j$] .. \\ \smallskip
+
+      \item[$\tilde{\cal T}$] $:= [t_j | j \in \kappa, j \neq \gamma]$ \\ 
\smallskip
+
+      \item[$k_\gamma$] $:= c T_\gamma = t_\gamma C$
+      \item[$b_\gamma^{(i)}$] $:= KDF_b(k_\gamma,i)$
+      \item[$c_\gamma^{(i)}$] $:= KDF_c(k_\gamma,i)$
+      \item[$C_\gamma^{(i)}$] $: = c_\gamma^{(i)} G$
+
+      \item[$B_\gamma^{(i)}$] $:= B_{b_\gamma^{(i)}}(C_\gamma^{(i)})$
+      \item[$\beta_\gamma$] $:= \big[ B_\gamma^{(i)} \big]_i$
+      \item[$\cal S$] $:= \left[ S_{DK^{(i)}}( B_\gamma^{(i)} ) \right]_i$ \\ 
\smallskip
+
+      \item[$Z$] Cut-and-choose missmatch information
+      \end{description}
+    \end{minipage}
+  \end{figure}
+\end{frame}
+
+
+\begin{frame}{Taler {\tt /refresh/link}}
+  \begin{figure}[th]
+    \begin{minipage}[b]{0.45\linewidth}
+      \begin{center}
+       \begin{tikzpicture}[scale = 0.4,
+            transform shape,
+            msglabel/.style    = { text = Black, yshift = .3cm,
+                                   sloped, midway },
+            okmsg/.style       = { ->, color = MidnightBlue, thick,
+                                   >=stealth },
+            rstmsg/.style      = { ->, color = BrickRed, thick,
+                                   >=stealth }
+         ]
+         \node[draw = MidnightBlue,
+           fill = CornflowerBlue,
+           minimum width = .3cm,
+           minimum height = 10cm
+         ] (h1) at (-4, 0) {};
+         \node[draw = MidnightBlue,
+           fill = CornflowerBlue,
+           minimum width = .3cm,
+           minimum height = 10cm
+         ] (h2) at (4, 0) {};
+         \node[above = 0cm of h1] {Customer};
+         \node[above = 0cm of h2] {Exchagne};
+
+         \path[->, color = MidnightBlue, very thick, >=stealth]
+           (-5, 4.5) edge
+           node[rotate=90, text = Black, yshift = .3cm] {Time}
+           (-5, -4.5);
+         \path[->, color = MidnightBlue, thick, >=stealth]
+           ($(h1.east)+(0,3)$) edge
+           node[text = Black, yshift = .3cm, sloped] {POST {\tt /refresh/link} 
$C$}
+           ($(h2.west)+(0,2)$);
+         \path[->, color = MidnightBlue, thick, >=stealth]
+           ($(h2.west)+(0,0.5)$) edge
+           node[text = Black, yshift = .3cm, sloped] {200 OK: $T_\gamma$}
+           ($(h1.east)+(0,-0.5)$);
+         \path[rstmsg]
+           ($(h2.west)+(0, -2.5)$) edge
+           node[msglabel] {404 NOT FOUND}
+           ($(h1.east)+(0, -3.5)$);
+         \node at (5.3, 0) {};
+       \end{tikzpicture}
+      \end{center}
+    \end{minipage}
+    \hspace{0.5cm}
+    \begin{minipage}[b]{0.45\linewidth}
+      \tiny
+      \begin{description}
+      \item[$C$] Old coind public key \\ \smallskip
+      \item[$T_\gamma$] Linkage data $\cal L$ at $\gamma$
+      \end{description}
+    \end{minipage}
+  \end{figure}
+\end{frame}
+
+
+\begin{frame}{Operational security}
+  \begin{center}
+    \resizebox{\textwidth}{!}{
+\begin{tikzpicture}[
+  font=\sffamily,
+  every matrix/.style={ampersand replacement=\&,column sep=2cm,row sep=2cm},
+  source/.style={draw,thick,rounded corners,fill=green!20,inner sep=.3cm},
+  process/.style={draw,thick,circle,fill=blue!20},
+  sink/.style={source,fill=green!20},
+  datastore/.style={draw,very thick,shape=datastore,inner sep=.3cm},
+  dots/.style={gray,scale=2},
+  to/.style={->,>=stealth',shorten 
>=1pt,semithick,font=\sffamily\footnotesize},
+  every node/.style={align=center}]
+
+  % Position the nodes using a matrix layout
+  \matrix{
+    \node[source] (wallet) {Wallet};
+      \& \node[process] (browser) {Browser};
+      \& \node[process] (shop) {Web shop};
+      \& \node[sink] (backend) {Taler backend}; \\
+  };
+
+  % Draw the arrows between the nodes and label them.
+  \draw[to] (browser) to[bend right=50] node[midway,above] {(4) signed 
contract}
+      node[midway,below] {(signal)} (wallet);
+  \draw[to] (wallet) to[bend right=50] node[midway,above] {(signal)}
+      node[midway,below] {(5) signed coins} (browser);
+  \draw[<->] (browser) -- node[midway,above] {(3,6) custom}
+      node[midway,below] {(HTTPS)} (shop);
+  \draw[to] (shop) to[bend right=50] node[midway,above] {(HTTPS)}
+      node[midway,below] {(1) proposed contract / (7) signed coins} (backend);
+  \draw[to] (backend) to[bend right=50] node[midway,above] {(2) signed 
contract / (8) confirmation}
+      node[midway,below] {(HTTPS)} (shop);
+\end{tikzpicture}
+}
+\end{center}
+\end{frame}
+\begin{frame}{Diffie-Hellman (ECDH)}
+  \begin{minipage}{8cm}
    \begin{enumerate}
-    \item Receive $s'$.
-    \item Compute $s := s' b_{new,\gamma}^{-1} \mod n$.
+    \item Create private keys $c,t \mod o$
+    \item Define $C = cG$
+    \item Define $T = tG$
+    \item Compute DH \\ $cT = c(tG) = t(cG) = tC$
     \end{enumerate}
    \end{minipage}
   \begin{minipage}{6cm}
   \begin{tikzpicture}
    \tikzstyle{def} = [node distance= 2em and 0.5em, inner sep=0em, outer 
sep=.3em];
-    \node (b) [def, draw=none] at (0,0) {$b_{new,\gamma}$};
-    \node (coin) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{coin.pdf}};
-    \node (signed) [def, draw=none, above left=of 
coin]{\includegraphics[width=0.15\textwidth]{sign.pdf}};
+    \node (t) [def, draw=none] at (0,0) {$t$};
+    \node (ct) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{dh.pdf}};
+    \node (c) [def, draw=none, above left= of ct]  {$c$};
     \tikzstyle{C} = [color=black, line width=1pt]
 
-    \draw [<-, C] (coin) -- (b) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (coin) -- (signed) node [midway, above, sloped] (TextNode) 
{};
+    \draw [<-, C] (ct) -- (c) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (ct) -- (t) node [midway, above, sloped] (TextNode) {};
   \end{tikzpicture}
   \end{minipage}
 \end{frame}
 
 
-\begin{frame}{Exchange: Allow linking change}
-  \begin{minipage}{7cm}
-    \begin{center}
-    Given $C_{old}$
-
-    \vspace{1cm}
-
-    return $T_\gamma$, $s := s' b_{new,\gamma}^{-1} \mod n$.
-  \end{center}
+\begin{frame}{Strawman solution}
+  \begin{minipage}{8cm}
+    Given partially spent private coin key $c_{old}$:
+   \begin{enumerate}
+%    \item Let $C_{old} := c_{old}G$ (as before)
+    \item Pick random $c_{new} \mod o$ private key
+    \item $C_{new} = c_{new}G$ public key
+    \item Pick random $b_{new}$
+    \item Compute $f_{new} := FDH(C_{new})$, $m < n$.
+    \item Transmit $f'_{new} := f_{new} b_{new}^e \mod n$
+   \end{enumerate}
+   ... and sign request for change with $c_{old}$.
    \end{minipage}
-  \begin{minipage}{5cm}
-   \begin{tikzpicture}
-    \tikzstyle{def} = [node distance= 3em and 0.5em, inner sep=0.5em, outer 
sep=.3em];
-    \node (co) [def, draw=none] at (0,0) {$C_{old}$};
-    \node (T) [def, draw=none, below left=of co]{$T_\gamma$};
-    \node (sign) [def, draw=none, below right=of 
co]{\includegraphics[width=0.15\textwidth]{sign.pdf}};
-    \node (customer) [def, draw, below right=of T] {Customer};
+  \begin{minipage}{4cm}
+  \begin{tikzpicture}
+   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
+    \node (blinded) [def, 
draw=none]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
+    \node (planchet) [def, draw=none, above left= of blinded]  
{\includegraphics[width=0.15\textwidth]{planchet.pdf}};
+    \node (cnew) [def, draw=none, above= of planchet]  {$c_{new}$};
+    \node (bnew) [def, draw=none, above right= of blinded]  {$b_{new}$};
+    \node (dice1) [def, draw=none, above = of 
cnew]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
+    \node (dice2) [def, draw=none, above = of 
bnew]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
+    \node (exchange) [node distance=4em and 0.5em, draw, below =of 
blinded]{Exchange};
 
     \tikzstyle{C} = [color=black, line width=1pt]
 
-    \draw [<-, C] (T) -- (co) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (sign) -- (co) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (customer) -- (T) node [midway, above, sloped] (TextNode) 
{link};
-    \draw [<-, C] (customer) -- (sign) node [midway, above, sloped] (TextNode) 
{link};
+    \draw [<-, C] (cnew) -- (dice1) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (planchet) -- (cnew) node [midway, above, sloped] (TextNode) 
{};
+    \draw [<-, C] (bnew) -- (dice2) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (planchet) node [midway, above, sloped] 
(TextNode) {};
+    \draw [<-, C] (blinded) -- (bnew) node [midway, above, sloped] (TextNode) 
{};
+    \draw [<-, C] (exchange) -- (blinded) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
   \end{tikzpicture}
   \end{minipage}
+  \pause
+  \vfill
+  {\bf Problem: Owner of $c_{new}$ may differ from owner of $c_{old}$!}
 \end{frame}
 
 
-\begin{frame}{Customer: Link (threat!)}
-  \begin{minipage}{6.3cm}
+\begin{frame}{Customer: Transfer key setup (ECDH)}
+  \begin{minipage}{8cm}
+    Given partially spent private coin key $c_{old}$:
    \begin{enumerate}
-    \item Have $c_{old}$.
-    \item Obtain $T_\gamma$, $s$ from exchange
-    \item Compute $X_\gamma = c_{old}T_\gamma$
-    \item Derive $c_{new,\gamma}$ and $b_{new,\gamma}$ from $X_\gamma$
-    \item Unblind $s := s' b_{new,\gamma}^{-1} \mod n$
-  \end{enumerate}
-
+    \item Let $C_{old} := c_{old}G$ (as before)
+    \item Create random private transfer key $t \mod o$
+    \item Compute $T := tG$
+    \item Compute $X := c_{old}(tG) = t(c_{old}G) = tC_{old}$
+    \item Derive $c_{new}$ and $b_{new}$ from $X$
+    \item Compute $C_{new} := c_{new}G$
+    \item Compute $f_{new} := FDH(C_{new})$
+    \item Transmit $f_{new}' := f_{new} b_{new}^e$
+    \end{enumerate}
    \end{minipage}
-  \begin{minipage}{5.7cm}
+  \begin{minipage}{4cm}
   \begin{tikzpicture}
-  \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
-    \node (T) [def, draw=none] at (0,0) {$T_\gamma$};
-    \node (exchange) [def, inner sep=0.5em, draw, above left=of T] {Exchange};
-    \node (signed) [def, draw=none, below left=of 
T]{\includegraphics[width=0.15\textwidth]{sign.pdf}};
-    \node (dh) [def, draw=none, below right=of 
T]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
-    \node (bp) [def, draw=none, below left= of dh]  {$b_{new,\gamma}$};
-    \node (co) [def, draw=none, above right= of dh]  {$c_{old}$};
-    \node (cp) [def, draw=none, below= of dh]  {$c_{new,\gamma}$};
-    \node (coin) [def, draw=none, below left = of 
bp]{\includegraphics[width=0.2\textwidth]{coin.pdf}};
-    \node (psign) [def, node distance=2.5em and 0em, draw=none, below = of 
cp]{\includegraphics[width=0.2\textwidth]{planchet-sign.pdf}};
+   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
+    \node (t) [def, draw=none] at (0,0) {$t$};
+    \node (dice) [def, draw=none, above = of 
t]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
+    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
+    \node (d) [def, draw=none, above left= of dh]  {$c_{old}$};
+    \node (cp) [def, draw=none, below left= of dh]  {$c_{new}$};
+    \node (bp) [def, draw=none, below right= of dh]  {$b_{new}$};
+    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
+    \node (exchange) [node distance=4em and 0.5em, draw, below =of 
blinded]{Exchange};
 
     \tikzstyle{C} = [color=black, line width=1pt]
 
-    \draw [<-, C] (dh) -- (co) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (dh) -- (T) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (dh) -- (t) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (t) -- (dice) node [midway, above, sloped] (TextNode) {};
     \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
     \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (coin) -- (signed) node [midway, above, sloped] (TextNode) 
{};
-    \draw [<-, C] (coin) -- (bp) node [midway, above, sloped] (TextNode) {};
-    \draw [<-, C] (T) -- (exchange) node [midway, above, sloped] (TextNode) 
{link};
-    \draw [<-, C] (signed) -- (exchange) node [midway, below, sloped] 
(TextNode) {link};
-    \draw [<-, C, double] (psign) -- (cp) node [midway, below, sloped] 
(TextNode) {};
+    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (exchange) -- (blinded) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
   \end{tikzpicture}
   \end{minipage}
 \end{frame}
 
 
-\begin{frame}{Refresh protocol summary}
-  \begin{itemize}
-  \item Customer asks exchange to convert old coin to new coin
-  \item Protocol ensures new coins can be recovered from old coin
-  \item[$\Rightarrow$] New coins are owned by the same entity!
-  \end{itemize}
-  Thus, the refresh protocol allows:
-  \begin{itemize}
-  \item To give unlinkable change.
-  \item To give refunds to an anonymous customer.
-  \item To expire old keys and migrate coins to new ones.
-  \item To handle protocol aborts.
-  \end{itemize}
-  \noindent
-  \begin{center}
-    \bf
-   Transactions via refresh are equivalent to {\em sharing} a wallet.
-\end{center}
-\end{frame}
-
+\begin{frame}{Cut-and-Choose}
+  \begin{minipage}{4cm}
+  \begin{tikzpicture}
+   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
+    \node (t) [def, draw=none] at (0,0) {$t_1$};
+    \node (dice) [def, draw=none, above = of 
t]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
+    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
+    \node (d) [def, draw=none, above left= of dh]  {$c_{old}$};
+    \node (cp) [def, draw=none, below left= of dh]  {$c_{new,1}$};
+    \node (bp) [def, draw=none, below right= of dh]  {$b_{new,1}$};
+    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
+    \node (exchange) [node distance=4em and 0.5em, draw, below =of 
blinded]{Exchange};
 
+    \tikzstyle{C} = [color=black, line width=1pt]
 
-\section{Competitor analysis}
-\begin{frame}{Competitor comparison}
-  \begin{center} \small
-    \begin{tabular}{l||c|c|c|c|c}
-                & Cash & Bitcoin & Zerocoin & Creditcard & GNU Taler \\ \hline 
\hline
-   Online      &$-$$-$$-$  &   ++    &    ++    &     +      &   +++  \\ \hline
-    Offline     & +++  &   $-$$-$    &    $-$$-$    &     +      &   $-$$-$  
\\ \hline
-    Trans. cost & +    & $-$$-$$-$   & $-$$-$$-$  &     $-$      &   ++  \\ 
\hline
-    Speed       & +    & $-$$-$$-$   & $-$$-$$-$  &     o      &   ++  \\ 
\hline
-    Taxation    & $-$    &   $-$$-$    &  $-$$-$$-$   &    +++     &  +++  \\ 
\hline
-    Payer-anon  &  ++  &   o     &    ++    &  $-$$-$$-$   &  +++  \\ \hline
-    Payee-anon  & ++   &   o     &    ++    &  $-$$-$$-$    &  $-$$-$$-$ \\ 
\hline
-    Security    &  $-$   &   o     &    o     &    $-$$-$      &  ++   \\ 
\hline
-    Conversion  & +++  &  $-$$-$$-$   & $-$$-$$-$ &    +++     &  +++  \\ 
\hline
-    Libre       &  $-$   &  +++    &    +++   & $-$ $-$ $-$      &  +++  \\
-  \end{tabular}
-  \end{center}
-\end{frame}
+    \draw [<-, C] (t) -- (dice) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (dh) -- (t) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (exchange) -- (blinded) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
+  \end{tikzpicture}
+  \end{minipage}
+  \begin{minipage}{4cm}
+  \begin{tikzpicture}
+   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
+    \node (t) [def, draw=none] at (0,0) {$t_2$};
+    \node (dice) [def, draw=none, above = of 
t]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
+    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
+    \node (d) [def, draw=none, above left= of dh]  {$c_{old}$};
+    \node (cp) [def, draw=none, below left= of dh]  {$c_{new,2}$};
+    \node (bp) [def, draw=none, below right= of dh]  {$b_{new,2}$};
+    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
+    \node (exchange) [node distance=4em and 0.5em, draw, below =of 
blinded]{Exchange};
 
+    \tikzstyle{C} = [color=black, line width=1pt]
 
-\begin{frame}{How to support?}
-  \begin{itemize}
-    \item Join: \href{https://lists.gnu.org/mailman/listinfo/address@hidden, 
\href{irc://irc.freenode.net/\#taler}{\#taler}
-    \item Coding \& design: \url{https://gnunet.org/bugs/}
-    \item Translation: 
\url{https://git.taler.net/www.git/tree/locale/fr/LC_MESSAGES/messages.po}
-    \item Integration: \url{https://docs.taler.net/} 
-    \item Donations: \url{https://gnunet.org/ev}
-    \item Funding: \url{https://taler.net/en/investors.html}
-  \end{itemize}
-\end{frame}
+    \draw [<-, C] (t) -- (dice) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (dh) -- (t) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (exchange) -- (blinded) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
+  \end{tikzpicture}
+  \end{minipage}
+  \begin{minipage}{4cm}
+  \begin{tikzpicture}
+   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
+    \node (t) [def, draw=none] at (0,0) {$t_3$};
+    \node (dice) [def, draw=none, above = of 
t]{\includegraphics[width=0.2\textwidth]{dice.pdf}};
+    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
+    \node (d) [def, draw=none, above left= of dh]  {$c_{old}$};
+    \node (cp) [def, draw=none, below left= of dh]  {$c_{new,3}$};
+    \node (bp) [def, draw=none, below right= of dh]  {$b_{new,3}$};
+    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
+    \node (exchange) [node distance=4em and 0.5em, draw, below =of 
blinded]{Exchange};
 
+    \tikzstyle{C} = [color=black, line width=1pt]
 
-\begin{frame}{Conclusion}
-  \begin{center}
-    {\bf  What can we do?}
-   \end{center}
-  \vfill
-\begin{itemize}
- \item{Suffer mass-surveillance enabled by credit card oligopolies with high 
fees, and}
- \item{Engage in arms race with deliberately unregulatable blockchains, and}
- \item{Enjoy the ``benefits'' of cash \\
-  \hfill  \includegraphics[height=0.3\textheight]{atm-rupee.jpg} \hfill}
-\end{itemize}
-\vfill
-\begin{center}
-  {\bf OR}
-\end{center}
-\vfill
-\begin{itemize}
- \item{Establish free software alternative balancing social goals!}
-\end{itemize}
-\vfill
+    \draw [<-, C] (t) -- (dice) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (dh) -- (t) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (exchange) -- (blinded) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
+  \end{tikzpicture}
+  \end{minipage}
 \end{frame}
 
 
-\begin{frame}
-\frametitle{Do you have any questions?}
-\vfill
-References:
-{\tiny
-  \begin{enumerate}
- \item{Christian Grothoff, Bart Polot and Carlo von Loesch.
-       {\em The Internet is broken: Idealistic Ideas for Building a GNU 
Network}.
-       {\bf W3C/IAB Workshop on Strengthening the Internet Against Pervasive 
Monitoring (STRINT)}, 2014.}
- \item{Jeffrey Burdges, Florian Dold, Christian Grothoff and Marcello Stanisci.
-       {\em Enabling Secure Web Payments with GNU Taler}.
-       {\bf SPACE 2016}.}
- \item{Florian Dold, Sree Harsha Totakura, Benedikt M\"uller, Jeffrey Burdges 
and Christian Grothoff.
-       {\em Taler: Taxable Anonymous Libre Electronic Reserves}.
-       Available upon request. 2016.}
- \item{Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian 
Miers, Eran Tromer and Madars Virza.
-       {\em Zerocash: Decentralized Anonymous Payments from Bitcoin}.
-       {\bf IEEE Symposium on Security \& Privacy, 2016}.}
- \item{David Chaum, Amos Fiat and Moni Naor.
-       {\em Untraceable electronic cash}.
-       {\bf Proceedings on Advances in Cryptology, 1990}.}
-  \item{Phillip Rogaway.
-       {\em The Moral Character of Cryptographic Work}.
-       {\bf Asiacrypt}, 2015.} \label{bib:rogaway}
-\end{enumerate}
-}
-\begin{center}
-  {\bf Let money facilitate trade; but ensure capital serves society.}
-\end{center}
+\begin{frame}{Exchange: Choose!}
+   \begin{center}
+    \item Exchange sends back random $\gamma \in \{ 1, 2, 3 \}$ to the 
customer.
+    \end{center}
 \end{frame}
 
 
-
-
-\end{document}
-
-
-
-
-\begin{frame}{Taler {\tt /withdraw/sign}}
-% Customer withdrawing coins with blind signatures
-% \bigskip
-  \begin{figure}[th]
-    \begin{minipage}[b]{0.45\linewidth}
-      \begin{center}
-        \begin{tikzpicture}[scale = 0.4,
-            transform shape,
-            msglabel/.style    = { text = Black, yshift = .3cm,
-                                   sloped, midway },
-            okmsg/.style       = { ->, color = MidnightBlue, thick,
-                                   >=stealth },
-            rstmsg/.style      = { ->, color = BrickRed, thick,
-                                   >=stealth }
-          ]
-          \node[draw = MidnightBlue,
-            fill = CornflowerBlue,
-            minimum width = .3cm,
-            minimum height = 10cm
-          ] (h1) at (-4, 0) {};
-          \node[draw = MidnightBlue,
-            fill = CornflowerBlue,
-            minimum width = .3cm,
-            minimum height = 10cm
-          ] (h2) at (4, 0) {};
-          \node[above = 0cm of h1] {Wallet};
-          \node[above = 0cm of h2] {Exchange};
-
-          \path[->, color = MidnightBlue, very thick, >=stealth]
-            (-5, 4.5) edge
-            node[rotate=90, text = Black, yshift = .3cm] {Time}
-            (-5, -4.5);
-          \path[okmsg, dashed]
-             ($(h1.east)+(0, 4.0)+(0, -1.0)$) edge
-             node[msglabel] {SEPA(RK,A)}
-             ($(h2.west)+(0, 3.5)+(0, -1.0)$);
-          \path[okmsg]
-            ($(h1.east)+(0, -1.0)$) edge
-            node[msglabel] {POST {\tt /withdraw/sign} $S_{RK}(DK, B_b(C))$}
-            ($(h2.west)+(0, -1.5)$);
-          \path[okmsg]
-            ($(h2.west)+(0, -2.0)$) edge
-            node[msglabel] {200 OK: $S_{DK}(B_b(C))$)}
-            ($(h1.east)+(0, -2.5)$);
-          \path[rstmsg]
-            ($(h2.west)+(0, -3.5)$) edge
-            node[msglabel] {402 PAYMENT REQUIRED: $S_{RK}(DK, B_b(C))$)}
-            ($(h1.east)+(0, -4)$);
-          \node at (5.3, 0) {};
-        \end{tikzpicture}
-      \end{center}
-      Result: $\langle c, S_{DK}(C) \rangle$.
-    \end{minipage}
-    \hspace{0.5cm}
-    \begin{minipage}[b]{0.45\linewidth}
-      \tiny
-      \begin{description}
-      \item[$A$] Some amount, $A \ge A_{DK}$
-      \item[$RK$] Reserve key
-      \item[$DK$] Denomination key
-      \item[$b$] Blinding factor
-      \item[$B_b()$] RSA-FDH blinding % DK supressed
-      \item[$C$] Coin public key $C := cG$
-      \item[$S_{RK}()$] EdDSA signature
-      \item[$S_{DK}()$] RSA-FDH signature
-      \end{description}
-    \end{minipage}
-  \end{figure}
+\begin{frame}{Customer: Reveal}
+   \begin{enumerate}
+   \item If $\gamma = 1$, send $t_2$, $t_3$ to exchange
+   \item If $\gamma = 2$, send $t_1$, $t_3$ to exchange
+   \item If $\gamma = 3$, send $t_1$, $t_2$ to exchange
+  \end{enumerate}
 \end{frame}
 
 
-\begin{frame}[t]{Taler {\tt /deposit}}
-Merchant and exchange see only the public coin $\langle C, S_{DK}(C) \rangle$.
-\bigskip
-  \begin{figure}[th]
-    \begin{minipage}[b]{0.45\linewidth}
-      \begin{center}
-        \begin{tikzpicture}[scale = 0.4,
-            transform shape,
-            msglabel/.style    = { text = Black, yshift = .3cm,
-                                   sloped, midway },
-            okmsg/.style       = { ->, color = MidnightBlue, thick,
-                                   >=stealth },
-            rstmsg/.style      = { ->, color = BrickRed, thick,
-                                   >=stealth }
-          ]
-          \node[draw = MidnightBlue,
-            fill = CornflowerBlue,
-            minimum width = .3cm,
-            minimum height = 10cm
-          ] (h1) at (-4, 0) {};
-          \node[draw = MidnightBlue,
-            fill = CornflowerBlue,
-            minimum width = .3cm,
-            minimum height = 10cm
-          ] (h2) at (4, 0) {};
-          \node[above = 0cm of h1] {Merchant};
-          \node[above = 0cm of h2] {Exchange};
+\begin{frame}{Exchange: Verify ($\gamma = 2$)}
+  \begin{minipage}{4cm}
+  \begin{tikzpicture}
+   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
+    \node (h) [def, draw=none] at (0,0) {$t_1$};
+    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
+    \node (d) [def, draw=none, above left= of dh]  {$C_{old}$};
+    \node (cp) [def, draw=none, below left= of dh]  {$c_{new,1}$};
+    \node (bp) [def, draw=none, below right= of dh]  {$b_{new,1}$};
+    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
 
-          \path[->, color = MidnightBlue, very thick, >=stealth]
-            (-5, 4.5) edge
-            node[rotate=90, text = Black, yshift = .3cm] {Time}
-            (-5, -4.5);
-          \path[->, color = MidnightBlue, thick, >=stealth]
-            ($(h1.east)+(0,3)$) edge
-            node[text = Black, yshift = .3cm, sloped] {POST {\tt /deposit} 
$S_{DK}(C), S_{c}(D)$}
-            ($(h2.west)+(0,2)$);
-          \path[->, color = MidnightBlue, thick, >=stealth]
-            ($(h2.west)+(0,0.5)$) edge
-            node[text = Black, yshift = .3cm, sloped] {200 OK: 
$S_{SK}(S_{c}(D))$}
-            ($(h1.east)+(0,-0.5)$);
-          \path[rstmsg]
-            ($(h2.west)+(0, -2.5)$) edge
-            node[msglabel] {409 CONFLICT: $S_{c}(D')$}
-            ($(h1.east)+(0, -3.5)$);
-          \node at (5.3, 0) {};
-        \end{tikzpicture}
-      \end{center}
-    \end{minipage}
-    \hspace{0.5cm}
-    \begin{minipage}[b]{0.45\linewidth}
-      \tiny
-      \begin{description}
-      \item[$DK$] Denomination key
-      \item[$S_{DK}()$] RSA-FDH signature using $DK$
-      \item[$c$] Private coin key, $C := cG$.
-      \item[$S_{C}()$] EdDSA signature using $c$
-      \item[$D$] Deposit details
-      \item[$SK$] Exchange's signing key
-      \item[$S_{SK}()$] EdDSA signature using $SK$
-      \item[$D'$] Conficting deposit details $D' \not= D$
-      \end{description}
-    \end{minipage}
-  \end{figure}
-\end{frame}
+    \tikzstyle{C} = [color=black, line width=1pt]
 
+    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (dh) -- (h) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
+  \end{tikzpicture}
+  \end{minipage}
+  \begin{minipage}{4cm}
+ \
+  \end{minipage}
+  \begin{minipage}{4cm}
+  \begin{tikzpicture}
+   \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
+    \node (h) [def, draw=none] at (0,0) {$t_3$};
+    \node (dh) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
+    \node (d) [def, draw=none, above left= of dh]  {$C_{old}$};
+    \node (cp) [def, draw=none, below left= of dh]  {$c_{new,3}$};
+    \node (bp) [def, draw=none, below right= of dh]  {$b_{new,3}$};
+    \node (blinded) [def, draw=none, below right=of 
cp]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
 
-\begin{frame}{Taler {\tt /refresh/melt}}
-  \begin{figure}[th]
-    \begin{minipage}[b]{0.45\linewidth}
-      \begin{center}
-       \begin{tikzpicture}[scale = 0.4,
-            transform shape,
-            msglabel/.style    = { text = Black, yshift = .3cm,
-                                   sloped, midway },
-            okmsg/.style       = { ->, color = MidnightBlue, thick,
-                                   >=stealth },
-            rstmsg/.style      = { ->, color = BrickRed, thick,
-                                   >=stealth }
-         ]
-         \node[draw = MidnightBlue,
-           fill = CornflowerBlue,
-           minimum width = .3cm,
-           minimum height = 10cm
-         ] (h1) at (-4, 0) {};
-         \node[draw = MidnightBlue,
-           fill = CornflowerBlue,
-           minimum width = .3cm,
-           minimum height = 10cm
-         ] (h2) at (4, 0) {};
-         \node[above = 0cm of h1] {Customer};
-         \node[above = 0cm of h2] {Exchange};
+    \tikzstyle{C} = [color=black, line width=1pt]
 
-         \path[->, color = MidnightBlue, very thick, >=stealth]
-           (-5, 4.5) edge
-           node[rotate=90, text = Black, yshift = .3cm] {Time}
-           (-5, -4.5);
-         \path[->, color = MidnightBlue, thick, >=stealth]
-           ($(h1.east)+(0,3)$) edge
-           node[text = Black, yshift = .3cm, sloped] {POST {\tt /refresh/melt} 
$S_{DK}(C), S_c({\cal DK}, {\cal T},{\cal B})$}
-           ($(h2.west)+(0,2)$);
-         \path[->, color = MidnightBlue, thick, >=stealth]
-           ($(h2.west)+(0,0.5)$) edge
-           node[text = Black, yshift = .3cm, sloped] {200 OK: $S_{SK}(H({\cal 
T}, {\cal B}),\gamma)$}
-           ($(h1.east)+(0,-0.5)$);
-         \path[rstmsg]
-           ($(h2.west)+(0, -2.5)$) edge
-           node[msglabel] {409 CONFLICT: $S_{C}(X), \ldots$}
-           ($(h1.east)+(0, -3.5)$);
-         \node at (5.3, 0) {};
-       \end{tikzpicture}
-      \end{center}
-    \end{minipage}
-    \hspace{0.5cm}
-    \begin{minipage}[b]{0.45\linewidth}
-      \tiny
-      \begin{description}
-      \item[$\kappa$] System-wide security parameter, usually 3.
-      \\ \smallskip
-      \item[$\cal DK$] $:= [DK^{(i)}]_i$ \\ List of denomination keys \\
-      $D + \sum_i A_{DK^{(i)}} < A_{DK}$
-      \item[$t_j$] Random scalar for $j<\kappa$
-      \item[${\cal T}$] $:= [T_j]_\kappa$ where $T_j = t_j G$
-      \item[$k_j$] $:= c T_j = t_j C$ is an ECDHE
-      \item[$b_j^{(i)}$] $:= KDF_b(k_j,i)$ % blinding factor
-      \item[$c_j^{(i)}$] $:= KDF_c(k_j,i)$ % coin secret keys
-      \item[$C_j^{(i)}$] $: = c_j^{(i)} G$ % new coin publics % keys
-      \item[${\cal B}$] $:= [H( \beta_j )]_\kappa$ where \\
-         $\beta_j := \left[ B_{b_j^{(i)}}(C_j^{(i)}) \right]_i$
-      \\ \smallskip
-      \item[$\gamma$] Random value in $[0,\kappa)$
-%      \\ \smallskip
-%      \item[$X$] Deposit or refresh
-      \end{description}
-    \end{minipage}
-  \end{figure}
+    \draw [<-, C] (dh) -- (d) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (dh) -- (h) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (cp) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (blinded) -- (bp) node [midway, above, sloped] (TextNode) {};
+  \end{tikzpicture}
+  \end{minipage}
 \end{frame}
 
 
-\begin{frame}{Taler {\tt /refresh/reveal}}
-  \begin{figure}[th]
-    \begin{minipage}[b]{0.45\linewidth}
-      \begin{center}
-       \begin{tikzpicture}[scale = 0.4,
-            transform shape,
-            msglabel/.style    = { text = Black, yshift = .3cm,
-                                   sloped, midway },
-            okmsg/.style       = { ->, color = MidnightBlue, thick,
-                                   >=stealth },
-            rstmsg/.style      = { ->, color = BrickRed, thick,
-                                   >=stealth }
-         ]
-         \node[draw = MidnightBlue,
-           fill = CornflowerBlue,
-           minimum width = .3cm,
-           minimum height = 10cm
-         ] (h1) at (-4, 0) {};
-         \node[draw = MidnightBlue,
-           fill = CornflowerBlue,
-           minimum width = .3cm,
-           minimum height = 10cm
-         ] (h2) at (4, 0) {};
-         \node[above = 0cm of h1] {Customer};
-         \node[above = 0cm of h2] {Exchange};
-
-         \path[->, color = MidnightBlue, very thick, >=stealth]
-           (-5, 4.5) edge
-           node[rotate=90, text = Black, yshift = .3cm] {Time}
-           (-5, -4.5);
-         \path[->, color = MidnightBlue, thick, >=stealth]
-           ($(h1.east)+(0,3)$) edge
-           node[text = Black, yshift = .3cm, sloped] {POST {\tt 
/refresh/reveal} $H({\cal T}, {\cal B}), {\tilde{\cal T}}, \beta_\gamma$}
-           ($(h2.west)+(0,2)$);
-         \path[->, color = MidnightBlue, thick, >=stealth]
-           ($(h2.west)+(0,0.5)$) edge
-           node[text = Black, yshift = .3cm, sloped] {200 OK: $\cal S$}
-           ($(h1.east)+(0,-0.5)$);
-         \path[rstmsg]
-           ($(h2.west)+(0, -2.5)$) edge
-           node[msglabel] {400 BAD REQUEST: $Z$}
-           ($(h1.east)+(0, -3.5)$);
-         \node at (5.3, 0) {};
-       \end{tikzpicture}
-      \end{center}
-    \end{minipage}
-    \hspace{0.5cm}
-    \begin{minipage}[b]{0.45\linewidth}
-      \tiny
-      \begin{description}
-      \item[$\cal DK$] $:= [DK^{(i)}]_i$
-      \item[$t_j$] .. \\ \smallskip
+\begin{frame}{Exchange: Blind sign change (RSA)}
+   \begin{minipage}{6cm}
+    \begin{enumerate}
+    \item Take $f_{new,\gamma}'$.
+    \item Compute $s' := f_{new,\gamma}'^d \mod n$.
+    \item Send signature $s'$.
+    \end{enumerate}
+   \end{minipage}
+  \begin{minipage}{6cm}
+  \begin{tikzpicture}
+   \tikzstyle{def} = [node distance= 2em and 0.5em, inner sep=0em, outer 
sep=.3em];
+    \node (hammer) [def, draw=none] at (0,0) 
{\includegraphics[width=0.15\textwidth]{hammer.pdf}};
+    \node (signed) [def, draw=none, below left=of 
hammer]{\includegraphics[width=0.2\textwidth]{sign.pdf}};
+    \node (blinded) [def, draw=none, above left=of 
signed]{\includegraphics[width=0.15\textwidth]{blinded.pdf}};
+    \node (customer) [node distance=4em and 0.5em, draw, below =of 
signed]{Customer};
+    \tikzstyle{C} = [color=black, line width=1pt]
 
-      \item[$\tilde{\cal T}$] $:= [t_j | j \in \kappa, j \neq \gamma]$ \\ 
\smallskip
+    \draw [<-, C] (signed) -- (hammer) node [midway, above, sloped] (TextNode) 
{};
+    \draw [<-, C] (signed) -- (blinded) node [midway, above, sloped] 
(TextNode) {};
+    \draw [<-, C] (customer) -- (signed) node [midway, above, sloped] 
(TextNode) {{\small transmit}};
+  \end{tikzpicture}
+  \end{minipage}
+\end{frame}
 
-      \item[$k_\gamma$] $:= c T_\gamma = t_\gamma C$
-      \item[$b_\gamma^{(i)}$] $:= KDF_b(k_\gamma,i)$
-      \item[$c_\gamma^{(i)}$] $:= KDF_c(k_\gamma,i)$
-      \item[$C_\gamma^{(i)}$] $: = c_\gamma^{(i)} G$
 
-      \item[$B_\gamma^{(i)}$] $:= B_{b_\gamma^{(i)}}(C_\gamma^{(i)})$
-      \item[$\beta_\gamma$] $:= \big[ B_\gamma^{(i)} \big]_i$
-      \item[$\cal S$] $:= \left[ S_{DK^{(i)}}( B_\gamma^{(i)} ) \right]_i$ \\ 
\smallskip
+\begin{frame}{Customer: Unblind change (RSA)}
+  \begin{minipage}{6cm}
+   \begin{enumerate}
+    \item Receive $s'$.
+    \item Compute $s := s' b_{new,\gamma}^{-1} \mod n$.
+    \end{enumerate}
+   \end{minipage}
+  \begin{minipage}{6cm}
+  \begin{tikzpicture}
+   \tikzstyle{def} = [node distance= 2em and 0.5em, inner sep=0em, outer 
sep=.3em];
+    \node (b) [def, draw=none] at (0,0) {$b_{new,\gamma}$};
+    \node (coin) [def, draw=none, below left=of 
b]{\includegraphics[width=0.2\textwidth]{coin.pdf}};
+    \node (signed) [def, draw=none, above left=of 
coin]{\includegraphics[width=0.15\textwidth]{sign.pdf}};
+    \tikzstyle{C} = [color=black, line width=1pt]
 
-      \item[$Z$] Cut-and-choose missmatch information
-      \end{description}
-    \end{minipage}
-  \end{figure}
+    \draw [<-, C] (coin) -- (b) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (coin) -- (signed) node [midway, above, sloped] (TextNode) 
{};
+  \end{tikzpicture}
+  \end{minipage}
 \end{frame}
 
 
-\begin{frame}{Taler {\tt /refresh/link}}
-  \begin{figure}[th]
-    \begin{minipage}[b]{0.45\linewidth}
-      \begin{center}
-       \begin{tikzpicture}[scale = 0.4,
-            transform shape,
-            msglabel/.style    = { text = Black, yshift = .3cm,
-                                   sloped, midway },
-            okmsg/.style       = { ->, color = MidnightBlue, thick,
-                                   >=stealth },
-            rstmsg/.style      = { ->, color = BrickRed, thick,
-                                   >=stealth }
-         ]
-         \node[draw = MidnightBlue,
-           fill = CornflowerBlue,
-           minimum width = .3cm,
-           minimum height = 10cm
-         ] (h1) at (-4, 0) {};
-         \node[draw = MidnightBlue,
-           fill = CornflowerBlue,
-           minimum width = .3cm,
-           minimum height = 10cm
-         ] (h2) at (4, 0) {};
-         \node[above = 0cm of h1] {Customer};
-         \node[above = 0cm of h2] {Exchagne};
+\begin{frame}{Exchange: Allow linking change}
+  \begin{minipage}{7cm}
+    \begin{center}
+    Given $C_{old}$
 
-         \path[->, color = MidnightBlue, very thick, >=stealth]
-           (-5, 4.5) edge
-           node[rotate=90, text = Black, yshift = .3cm] {Time}
-           (-5, -4.5);
-         \path[->, color = MidnightBlue, thick, >=stealth]
-           ($(h1.east)+(0,3)$) edge
-           node[text = Black, yshift = .3cm, sloped] {POST {\tt /refresh/link} 
$C$}
-           ($(h2.west)+(0,2)$);
-         \path[->, color = MidnightBlue, thick, >=stealth]
-           ($(h2.west)+(0,0.5)$) edge
-           node[text = Black, yshift = .3cm, sloped] {200 OK: $T_\gamma$}
-           ($(h1.east)+(0,-0.5)$);
-         \path[rstmsg]
-           ($(h2.west)+(0, -2.5)$) edge
-           node[msglabel] {404 NOT FOUND}
-           ($(h1.east)+(0, -3.5)$);
-         \node at (5.3, 0) {};
-       \end{tikzpicture}
-      \end{center}
-    \end{minipage}
-    \hspace{0.5cm}
-    \begin{minipage}[b]{0.45\linewidth}
-      \tiny
-      \begin{description}
-      \item[$C$] Old coind public key \\ \smallskip
-      \item[$T_\gamma$] Linkage data $\cal L$ at $\gamma$
-      \end{description}
-    \end{minipage}
-  \end{figure}
+    \vspace{1cm}
+
+    return $T_\gamma$, $s := s' b_{new,\gamma}^{-1} \mod n$.
+  \end{center}
+   \end{minipage}
+  \begin{minipage}{5cm}
+   \begin{tikzpicture}
+    \tikzstyle{def} = [node distance= 3em and 0.5em, inner sep=0.5em, outer 
sep=.3em];
+    \node (co) [def, draw=none] at (0,0) {$C_{old}$};
+    \node (T) [def, draw=none, below left=of co]{$T_\gamma$};
+    \node (sign) [def, draw=none, below right=of 
co]{\includegraphics[width=0.15\textwidth]{sign.pdf}};
+    \node (customer) [def, draw, below right=of T] {Customer};
+
+    \tikzstyle{C} = [color=black, line width=1pt]
+
+    \draw [<-, C] (T) -- (co) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (sign) -- (co) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (customer) -- (T) node [midway, above, sloped] (TextNode) 
{link};
+    \draw [<-, C] (customer) -- (sign) node [midway, above, sloped] (TextNode) 
{link};
+  \end{tikzpicture}
+  \end{minipage}
 \end{frame}
 
 
-\begin{frame}{Operational security}
-  \begin{center}
-    \resizebox{\textwidth}{!}{
-\begin{tikzpicture}[
-  font=\sffamily,
-  every matrix/.style={ampersand replacement=\&,column sep=2cm,row sep=2cm},
-  source/.style={draw,thick,rounded corners,fill=green!20,inner sep=.3cm},
-  process/.style={draw,thick,circle,fill=blue!20},
-  sink/.style={source,fill=green!20},
-  datastore/.style={draw,very thick,shape=datastore,inner sep=.3cm},
-  dots/.style={gray,scale=2},
-  to/.style={->,>=stealth',shorten 
>=1pt,semithick,font=\sffamily\footnotesize},
-  every node/.style={align=center}]
+\begin{frame}{Customer: Link (threat!)}
+  \begin{minipage}{6.3cm}
+   \begin{enumerate}
+    \item Have $c_{old}$.
+    \item Obtain $T_\gamma$, $s$ from exchange
+    \item Compute $X_\gamma = c_{old}T_\gamma$
+    \item Derive $c_{new,\gamma}$ and $b_{new,\gamma}$ from $X_\gamma$
+    \item Unblind $s := s' b_{new,\gamma}^{-1} \mod n$
+  \end{enumerate}
 
-  % Position the nodes using a matrix layout
-  \matrix{
-    \node[source] (wallet) {Wallet};
-      \& \node[process] (browser) {Browser};
-      \& \node[process] (shop) {Web shop};
-      \& \node[sink] (backend) {Taler backend}; \\
-  };
+   \end{minipage}
+  \begin{minipage}{5.7cm}
+  \begin{tikzpicture}
+  \tikzstyle{def} = [node distance= 1.5em and 0.5em, inner sep=0em, outer 
sep=.3em];
+    \node (T) [def, draw=none] at (0,0) {$T_\gamma$};
+    \node (exchange) [def, inner sep=0.5em, draw, above left=of T] {Exchange};
+    \node (signed) [def, draw=none, below left=of 
T]{\includegraphics[width=0.15\textwidth]{sign.pdf}};
+    \node (dh) [def, draw=none, below right=of 
T]{\includegraphics[width=0.2\textwidth]{ct.pdf}};
+    \node (bp) [def, draw=none, below left= of dh]  {$b_{new,\gamma}$};
+    \node (co) [def, draw=none, above right= of dh]  {$c_{old}$};
+    \node (cp) [def, draw=none, below= of dh]  {$c_{new,\gamma}$};
+    \node (coin) [def, draw=none, below left = of 
bp]{\includegraphics[width=0.2\textwidth]{coin.pdf}};
+    \node (psign) [def, node distance=2.5em and 0em, draw=none, below = of 
cp]{\includegraphics[width=0.2\textwidth]{planchet-sign.pdf}};
 
-  % Draw the arrows between the nodes and label them.
-  \draw[to] (browser) to[bend right=50] node[midway,above] {(4) signed 
contract}
-      node[midway,below] {(signal)} (wallet);
-  \draw[to] (wallet) to[bend right=50] node[midway,above] {(signal)}
-      node[midway,below] {(5) signed coins} (browser);
-  \draw[<->] (browser) -- node[midway,above] {(3,6) custom}
-      node[midway,below] {(HTTPS)} (shop);
-  \draw[to] (shop) to[bend right=50] node[midway,above] {(HTTPS)}
-      node[midway,below] {(1) proposed contract / (7) signed coins} (backend);
-  \draw[to] (backend) to[bend right=50] node[midway,above] {(2) signed 
contract / (8) confirmation}
-      node[midway,below] {(HTTPS)} (shop);
-\end{tikzpicture}
-}
-\end{center}
-\end{frame}
+    \tikzstyle{C} = [color=black, line width=1pt]
 
+    \draw [<-, C] (dh) -- (co) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (dh) -- (T) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (cp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (bp) -- (dh) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (coin) -- (signed) node [midway, above, sloped] (TextNode) 
{};
+    \draw [<-, C] (coin) -- (bp) node [midway, above, sloped] (TextNode) {};
+    \draw [<-, C] (T) -- (exchange) node [midway, above, sloped] (TextNode) 
{link};
+    \draw [<-, C] (signed) -- (exchange) node [midway, below, sloped] 
(TextNode) {link};
+    \draw [<-, C, double] (psign) -- (cp) node [midway, below, sloped] 
(TextNode) {};
+  \end{tikzpicture}
+  \end{minipage}
+\end{frame}
diff --git a/presentations/investors/investors2017ls.tex 
b/presentations/investors/investors2017ls.tex
index 4c36711..5860480 100644
--- a/presentations/investors/investors2017ls.tex
+++ b/presentations/investors/investors2017ls.tex
@@ -343,7 +343,7 @@ Taler is an electronic instant payment system.
  \item[Leon Schumacher]\ \\ co-founder
  \item[Dr. Christian Grothoff]\ \\ co-founder
  \item[Dr. Jeff Burdges]\ \\ PostDoc
- \item[Dr. Christina Onete]\ \\ PostDoc
+ \item[Dr. Christina Onete]\ \\ Maître de conférences
  \item[Florian Dold]\ \\ PhD Student
     \end{description}
 
diff --git a/presentations/investors/team-images/christian-grothoff.jpg 
b/presentations/investors/team-images/christian-grothoff.jpg
index e67e7e1..c4ccbdf 100644
Binary files a/presentations/investors/team-images/christian-grothoff.jpg and 
b/presentations/investors/team-images/christian-grothoff.jpg differ

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