David Mazières: "The Stellar Consensus Protocol" | Talks at Google

David Mazières: "The Stellar Consensus Protocol: A Federated Model for Internet-level Consensus"
This talk presents federated Byzantine agreement (FBA),
a generalization of the standard Byzantine agreement problem. Unlike traditional Byzantine agreement--which presupposes unanimous agreement on system membership--the FBA model grants organizations individual control over whom to trust, allowing membership to grow organically out of pairwise relationships between participants. Compared to proof-of-work and
proof-of-stake, two other decentralized alternatives to Byzantine
agreement, FBA enables far more efficient constructions with greater margins of computational security. The talk further presents the Stellar consensus protocol (SCP), the first FBA protocol. SCP forms the backbone of the Stellar payment network, where it secures financial transactions. Other potential applications include secure timestamping and strengthening certificate transparency.