The Stellar Consensus Protocol | David Mazières | 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.

[michaelhuang]

I'd definitely recommend watching this before reading the paper. Video was definitely easier to understand.

[Dripping-Liquidity]

THIS IS JUST THE VIDEO I HAVE BEEN LOOKING FOR!!! Tysm this is legendary

[ashleychrista]

What is exactly candidate consensus value 'x'? Is it hash value?
How does a candidate find this value?

[kakistocracyusa]

The core issue of reliability: corruptibility of node management. Time spent on core issue: about 5 seconds.

[menacingyou]

How do my Lumens equate into the system though? are the Lumens going to be obsolete since the system is the "good part of this"? The only way i can invest is into the Lumen, not into the Protocol?

[AdrianChilders]

I don't understand why a consensus protocol like SCP was not conceived before bitcoins proof of work?

[PatrickJonas]

WELCOME, I'd like to welcome both new and seasoned users to r/Stellar! The community has grown exponentially over the past 6 months and with this growth has come a great collection of fresh ideas to the ecosystem. It's important to remember to protect this community's philosophy of Open-Source Citizenship by respecting the rules (see sidebar and scroll to the bottom of this post) and respecting each other. This community's rules & guidelines are in place to foster collaboration, quality conversation, and user safety.

[Erosadios]

I appreciate anyone's response:
But do you think XLM will defeat XRP and eventually become the best system out there???..I know XRP their biggest customer or Bread and Butter is banks, but I think will be something of the past as they're becoming expensive and eating people's money;it's becoming a useless middle man.
So that's my theory that Stellar is already trying to do that-go around this old ways banking protocols..

Could stellar eventually become more worth than Bitcoin????..
If we deeply analyze...It all comes down to Lumens and Satoshis.There's 100 Billion Lumens, but there's gazillion of Satoshis.Just calculate 100 million Satoshis which it equal 1 Bitcoin and times it to 17 million BITCOIN (i.e. 17 million Bitcoin × 100 million Satoshis) you will realize there's just too many Satoshis than Stellars..Also, XRP there's like 40 billion coins in storage and they could dump them whenever they feel like it, and that again is too much supply in circulation which will kill the value of your XRP coin....I believe everyone is skipping Stellar..

[kaczan]

34:00 Yeah, you realize those banks nodes are bad, but v7 already lost his money and there's no way of getting it back. This is a problem with this consensus protocol.

[Daniel-xaogjeyh]

just read the original paper, this presentation is not very good

[evennot]

Let's say I'm a bank that failed to cover transaction assets due to rapid currency inflation or something like this. I can overspend my money and transfer them back to increase my assets.
Let's say I have $100 in local currency (or stocks or property), that dropped to $50 in dollar equivalent for some reason just before or during the transaction settling. Real assets' values and bank risk management goes below radar of the protocol, so nobody quite knows it. I'm transferring said fake $100 and then transfer $100 backed up by real dollars back to me. And bang! I got twice as much money.

That's why poor countries have such terrible transfer rates. Solely because wealthy banks prevent such frauds making poor banks back up external accounts with solid assets. And poor countries' governments apply regulation on banks to prevent further undermining of local currency by flushing it into the firm western bank system.

[narayankunwar]

THANSK FOR THE GRAET VIDEO PLS AND PI WILL LEAD THE CRYPTO MARKET NO MATTER FANALLY WILL BECOME BILLIONAIRE IN 5 YRS 100 BILLION DOLLLARMAN NARAYAN KUNWAR

[TheFeloA]

How come you need an HOUR to explain a project. Be concise man.