What is the Stellar Consensus Protocol (SCP)?
2024-12-14
Bittime - Imagine if you could carry out financial transactions without intermediaries, quickly and safely, with lower costs. Sounds like a dream in the digital world, right? Well, that's what the Stellar Consensus Protocol (SCP) offers.
Through this innovative technology, Stellar brings a decentralized system that is not only secure but also cost-effective. So, how does SCP work to ensure safe and efficient transactions? Let's dig deeper!
Why is Consensus Important in Decentralized Payment Systems?
Consensus is key in a decentralized payment system. In this system, the process of verifying and approving transactions is shared among many individual nodes (computers), rather than relying on one closed central system.
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This ensures that every transaction is recorded safely and protected from potential attacks such as double-spend. SCP exists to maintain the security of transactions on the Stellar network in an efficient and decentralized manner.
How SCP Works?
SCP is based on concepts Federated Byzantine Agreement (FBA), which is different from traditional consensus mechanisms such as Proof of Work or Proof of Stake. FBA relies on agreements between a set of trusted nodes, called of which set.
Each Stellar Core node (or validator) chooses which nodes they want to trust in reaching consensus. This process gives anyone the freedom to become a validator, without any central authority regulating who can participate. In this way, Stellar achieves more open decentralization.
What is a Quorum Set and How Does It Work?
One of the important elements in SCP is quorum set. Each Stellar Core node selects a set of nodes they trust to reach an agreement. This quorum set allows the network to remain decentralized and provides greater control to network participants. By choosing the right quorum set, validators can ensure that verified transactions are safe and valid.
Federated Voting: A Three-Step Process in SCP
In SCP, results are achieved through federated voting, which consists of three steps: vote, accept, and confirm. Each node will have four possible opinions on a transaction: knowing nothing, choosing to support the transaction, accepting the transaction because enough nodes support it, and confirming the transaction as a valid transaction to continue. This voting process guarantees that the transactions received have passed various stages of strict verification before being considered valid.
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Why is SCP Important for Stellar?
SCP not only offers a new way of achieving consensus, but also makes the Stellar network more efficient and secure. By prioritizing fault tolerance (fault tolerance) and safety (security), SCP guarantees that even if some nodes fail to function, the network continues to run safely. This makes Stellar an ideal platform for fast, low-cost cross-border transactions, without the need to rely on centralized systems.
Conclusion
Stellar Consensus Protocol (SCP) brings critical solutions to ensure security, efficiency, and decentralization in digital transactions. With a unique and flexible consensus model, SCP allows anyone to participate in maintaining network integrity without sacrificing privacy or security.
This technology shows how the blockchain world can move towards a more open and distributed future, where transactions can be processed faster, more securely, and cheaper.
FAQ Stellar Consensus Protocol (SCP)
What is the Stellar Consensus Protocol (SCP)?
SCP is a consensus mechanism used in the Stellar network to validate transactions. SCP relies on agreements between trusted nodes, rather than computing power as in Proof of Work or Proof of Stake, making it more efficient and decentralized.
How does SCP ensure transaction security?
SCP ensures transaction security by using federated voting which consists of three steps: vote, accept, and confirm. Each node verifies transactions through a quorum set, consisting of trusted nodes, before approving the transaction.
What are the main advantages of using SCP?
The main advantages of SCP are cost efficiency and decentralization. This system enables fast transactions with low fees, and avoids dependency on a central system, ensuring security even if some nodes fail.
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Reference
Stellar, Stellar Consensus Protocol (SCP), accessed December 14, 2024.
Subasi, Arhan, The Stellar Consensus Protocol (SCP): A Technical Deep Dive, accessed December 14, 2024.
Author: MF
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