Stellar Consensus Protocol

The Stellar Consensus Protocol (SCP) is a decentralized consensus algorithm developed by the Stellar Development Foundation. It is designed to facilitate the agreement and validation of transactions across a distributed network of nodes.

SCP serves as the underlying consensus algorithm for the Stellar blockchain, which is a decentralized platform for issuing, transferring, and exchanging digital assets. It aims to provide a secure and efficient mechanism for reaching consensus among participants in the network without relying on a central authority.

Here are some key features and concepts related to the Stellar Consensus Protocol:

Federated Byzantine Agreement (FBA): SCP is based on the Federated Byzantine Agreement model, which means that trust is delegated to a subset of nodes known as "quorum slices." These quorum slices are responsible for validating and agreeing on the state of the network.

Quorum slices: Quorum slices are groups of nodes that an individual node considers trustworthy. Each node maintains a list of other nodes that it trusts and relies on them to validate transactions. By connecting quorum slices across the network, consensus can be achieved.

Quorum Intersection: SCP ensures that there is at least one set of nodes that overlaps with the trusted nodes of every other node. This property is known as "quorum intersection" and helps in preventing the network from splitting and maintaining a connected consensus.

Voting process: To achieve consensus, nodes participate in a voting process. Nodes share their local state and the proposed transactions with each other and vote on which transactions should be included in the next ledger. Nodes can accept or reject transactions based on their own criteria and the information received from their trusted nodes.

Phases: SCP operates in several phases, including nomination and voting. During nomination, each node suggests a set of transactions it thinks should be included. In the voting phase, nodes evaluate the nominated sets and vote on their acceptance.

Agreement: For a transaction to be agreed upon and included in the ledger, it must receive enough positive votes from the quorum slices. Once a transaction reaches agreement, it is considered validated and is added to the blockchain.

The Stellar Consensus Protocol aims to achieve safety, liveness, and fault tolerance in a decentralized manner, making it suitable for consensus in a network of untrusted nodes. It enables quick transaction finality, low latency, and scalability, making it well-suited for financial applications and the issuance of digital assets.

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