This paper introduces a new model for consensus called federated Byzantine agreement (FBA). FBA achieves
robustness through quorum slices—individual trust decisions made by each node that together determine
system-level quorums. Slices bind the system together much the way individual networks’ peering and transit
decisions now unify the Internet.
We also present the Stellar Consensus Protocol (SCP), a construction for FBA. Like all Byzantine agreement
protocols, SCP makes no assumptions about the rational behavior of attackers. Unlike prior Byzantine
agreement models, which presuppose a unanimously accepted membership list, SCP enjoys open membership
that promotes organic network growth. Compared to decentralized proof of-work and proof-of-stake
schemes, SCP has modest computing and financial requirements, lowering the barrier to entry and potentially
opening up financial systems to new participants.
– Security and privacy → Distributed systems security;
– Security protocols.