Jed McCaleb Talks Stellar’s New Protocol for Consensus


The Stellar Foundation has released details about the new consensus protocol it hopes to deploy on the Stellar network as early as this summer.

Founded on a concept called federated Byzantine agreement, the Stellar Consensus Protocol is intended to replace Stellar’s existing consensus protocol, itself is based on the system used by competitor Ripple Labs. The Stellar team said in December that it was working to replace its existing protocol following network issues last September.

The Stellar Foundation, the organization that oversees the development of the Stellar network, published the code for the protocol alongside a white paper by Stanford University researcher and Stellar Foundation chief scientist Professor David Mazieres.

Founder Jed McCaleb said in an interview that the protocol and associated white paper have been in development for months. The goal of the release, he said, was to both provide analytical backing for the new protocol as well as give less technology inclined individuals the means to understand the new technology.

McCaleb explained that work on the new protocol was based on the intention to build a scalable, decentralized system, noting:

“From the beginning, we were trying to design it to be able to reach hundreds of millions of accounts, thousands of transactions.

Read more ... source: CoinDesk