Coin flipping with constant bias implies one-way functions

It is well known (cf., Impagliazzo and Luby [FOCS '89]) that the existence of almost all "interesting" cryptographic applications, i.e., ones that cannot hold information theoretically, implies one-way functions. An important exception where the above implication is not known, however, is the case of coin-flipping protocols. Such protocols allow honest parties to mutually flip an unbiased coin, while guaranteeing that even a cheating (efficient) party cannot bias the output of the protocol by much. Impagliazzo and Luby proved that coin-flipping protocols that are safe against negligible bias do imply one-way functions, and, very recently, Maji, Prabhakaran, and Sahai [FOCS '10] proved the same for constant-round protocols (with any non-trivial bias). For the general case, however, no such implication was known. We make progress towards answering the above fundamental question, showing that (strong) coin-flipping protocols safe against a constant bias (concretely, √2 -1/2 - o(1)) imply one-way functions.