Consensus protocols are important components of distributed blockchain systems required for their operations. Users can interact with each other conveniently with the help of the consensus protocols. The correct uses of the consensus protocols in the cryptocurrency have benefits.
Stellar Consensus Protocol (SCP)
Stellar Consensus Protocol (SCP) is a consensus protocol used by the Stellar Network. The concept of a consensus protocol called Byzantine Agreements (BA) has contributed to the development of SCP.
The consensus protocol SCP can work in a decentralized and permissionless network. It uses quorums and quorum slices. Decentralized control, low latency, flexible trust, and asymptotic security can be provided by SCP. Although every consensus has its trade-offs, a high level of effectiveness is maintained by the SCP with the objective to reach a consensus in a distributed and permissionless network in no time. Safety will not be sacrificed using SCP.
One must understand BA, FBA, quorums and quorum slices, the federated voting model, and the commit/abort ballot system of the SCP protocol in order to understand SCP.
Byzantine Agreements and Federated Byzantine Agreements
Byzantine Agreements (BA) is defined as the Byzantine Fault Tolerance (BFT) of distributed computing systems. A consensus can be reached despite malicious nodes. The assumption about the behavior of nodes is not made by BA. Practical Byzantine Fault Tolerance (pBFT) is defined as the prototypical model for Byzantine Agreement (BA). A consensus can be reached quickly and efficiently. A huge amount of energy is not required like PoW. While pBFT doesn’t upon a financial stake like PoS.
BA (pBFT) needs a large communication overhead. A unanimous agreement can reduce Sybil attacks. Nodes can join and leave a system depending on their wishes. Quorum slices are employed by FBA in SCP. Quorum slices are defined as subsets of quorums. Each node will have to select its own quorum slices in FBA. Each node can select other nodes on whom they have trust.
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