![]() ![]() However, in the media and on some exchanges, the cryptocurrency’s old name was Stellar with a STR ticket, which the platform used before switching to the Stellar Consensus Protocol (SCP). The native token of the system is Lumen with an XLM ticket. How SCP works on a technical level is well covered in this Talks at Google video. In the event of a failure or if fraud is detected, SDF compensates for the damage and punishes the “guilty” nodes. If the system is unable to make a decision, then it stops all operations and connects specialists from the SDF. Stellar solves this with SDF nodes that do not claim to be the leader, but are reliable enough to be trusted. The main feature here is that there should be at least one intersection between quorum slices and the chain of nodes. This scheme, in contrast to the Ripple algorithm, does not depend on the Central Bank and can work with a dynamic set of nodes. If the decisions of the banks and the third party coincide, the transaction is considered confirmed if not, the request goes to a higher level and to the parties trusted by the banks and the third party. Under the FBA, such clients will be able to attract a third party (a group of other banks and financial institutions) that joins the pool of validators. Suppose we have several banks that validate the transactions of their clients, but the clients do not fully trust these banks. Let’s see how this can work with a real example. If no decision is made, then the request travels further along the chain. When a transaction needs to be confirmed, a node sends a request to its trusted nodes, which makes a decision by majority vote. ![]() Quorum slices are formed with the help of referral links, where each participant chooses other participants they trust, and those, in turn, choose participants whom they already trust. This is a set of nodes, the votes of which are enough to make a decision on a particular node transaction. The AMF introduces the concept of quorum slice. This is the first implementation of the Federated Byzantine Agreement (FBA), which was developed by David Mazier. In 2015, the system switched to its own Stellar Consensus Protocol (SCP). This approach went against Stellar’s goal. To confirm a transaction in such a system, 66% of validators need to be approved. With Ripple, this task is solved by creating a limited closed list of validator nodes, which are completely subordinate to the main node. It is designed in such a way as to keep the network operational even if some nodes are taken over by hackers and shut down. Stellar Consensus ProtocolĪt the time of launch, Stellar used a Ripple consensus mechanism called Byzantine Fault Tolerance (BFT). The organisation supports and works on the project, building relationships with developers, businesses, banks and people. A bright altruistic goal is to connect “people to budget banking services to combat poverty and human development”.Ĭontrol over the ecosystem has been given to the non-profit organisation, Stellar Development Foundation (SDF), which operates independently of the developers and is not tied to obtaining financial benefits. It is devoid of its shortcomings associated with the governance structure. Thus, the Stellar network was originally created as a decentralised “clone” of Ripple. According to McCaleb, the main reasons for his departure from Ripple and the launch of a new project were the ecosystem’s purposeful centralisation and the management’s interest in their revenues. The platform was launched in 2014 by Joyce Kim and Jed McCaleb as a fork of the Ripple Protocol (XRP). The system copes equally well with global payment solutions, exchange of any currencies and micropayments. Stellar API and SDK are built to develop dApps and integrate platform capabilities into existing payment solutions. Stellar software makes it easy and quick to issue new tokens to create digital equivalents of all forms of money: dollars, euros, pounds, bitcoins, litecoins or gold. The platform has a built-in peer-to-peer decentralised crypto-exchange, StellarX (analogue of LocalBitcoins), with which anyone can exchange fiat money for cryptocurrency or other fiat. The Stellar ecosystem has been developed with three purposes: The Stellar platform is not a competitor for existing financial structures. The Stellar network strives to become a decentralised payment system for carrying out fast and inexpensive money transactions between banks, payment systems and people from country to country and from currency to currency. The payment system works with both fiat and cryptocurrency.Īlmost instant confirmation of transactions – 3-5 seconds. The new SCP consensus algorithm was developed by David Mazier, a computer science professor at Stanford University. The main advantages and features of Stellar are as follows: ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |