Fast and Secure Global Payments with Stellar
summary
Stellar implements a production payment network that claims issuer-enforced finality and cross-issuer atomicity via the Stellar Consensus Protocol where nodes configure quorum slices and reach federated voting/balloting agreement. Ledgers close roughly every five seconds with up to 1,000 operations; the live network shows ~133 nodes, ~74 signing validators and about 17 tier‑one validators run by five organizations. The protocol leverages a cascade theorem to push accepted decisions through intact sets and is running in production.
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chapters (18)
- 0:00Intro
- 1:43Things we take for granted
- 3:45Stellar: equitable access to the financial system
- 6:50Non-solutions
- 9:16Stellar transaction model
- 11:43How to guarantee ledger integrity?
- 16:15Consensus from the Internet hypothesis
- 20:57Quorum slices in action
- 24:10What is necessary to guarantee safety?
- 24:45What about malicious failures?
- 26:30Liveness
- 29:09Key concepts in SCP
- 31:01Cascade theorem
- 34:39Federated voting properties
- 36:50Federated voting example
- 45:51Balloting overview
- 47:29Statements in balloting votes
- 48:58Balloting example
