Stellar Consensus Protocol (SCP) is a federated Byzantine agreement system that provides a fast, secure, and decentralized way for a network of nodes to reach consensus on transaction validity. Unlike proof-of-work or proof-of-stake, SCP relies on “quorum slices,” where each node selects a set of other nodes it trusts. Consensus is achieved when all trusted nodes agree, allowing for flexible trust configurations. This protocol is designed for high throughput and low latency, making it suitable for payment networks.
Context
The ongoing discussion surrounding Stellar Consensus Protocol highlights its unique approach to achieving distributed consensus, particularly its emphasis on customizable trust and speed. A key debate involves the potential for centralization if a small number of entities control many quorum slices, impacting the protocol’s decentralization properties. Critical future developments will include efforts to broaden the distribution of trust within the Stellar network and enhance the protocol’s interoperability with other blockchain ecosystems, expanding its utility beyond payments.
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