Marta Lokhava, Giuliano Losa, David Mazières, Graydon Hoare, N. Barry, E. Gafni, Jonathan Jove, Rafał Malinowsky, Jed McCaleb
{"title":"Fast and secure global payments with Stellar","authors":"Marta Lokhava, Giuliano Losa, David Mazières, Graydon Hoare, N. Barry, E. Gafni, Jonathan Jove, Rafał Malinowsky, Jed McCaleb","doi":"10.1145/3341301.3359636","DOIUrl":null,"url":null,"abstract":"International payments are slow and expensive, in part because of multi-hop payment routing through heterogeneous banking systems. Stellar is a new global payment network that can directly transfer digital money anywhere in the world in seconds. The key innovation is a secure transaction mechanism across untrusted intermediaries, using a new Byzantine agreement protocol called SCP. With SCP, each institution specifies other institutions with which to remain in agreement; through the global interconnectedness of the financial system, the whole network then agrees on atomic transactions spanning arbitrary institutions, with no solvency or exchange-rate risk from intermediary asset issuers or market makers. We present SCP's model, protocol, and formal verification; describe the Stellar payment network; and finally evaluate Stellar empirically through benchmarks and our experience with several years of production use.","PeriodicalId":331561,"journal":{"name":"Proceedings of the 27th ACM Symposium on Operating Systems Principles","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2019-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"89","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Proceedings of the 27th ACM Symposium on Operating Systems Principles","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1145/3341301.3359636","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 89
Abstract
International payments are slow and expensive, in part because of multi-hop payment routing through heterogeneous banking systems. Stellar is a new global payment network that can directly transfer digital money anywhere in the world in seconds. The key innovation is a secure transaction mechanism across untrusted intermediaries, using a new Byzantine agreement protocol called SCP. With SCP, each institution specifies other institutions with which to remain in agreement; through the global interconnectedness of the financial system, the whole network then agrees on atomic transactions spanning arbitrary institutions, with no solvency or exchange-rate risk from intermediary asset issuers or market makers. We present SCP's model, protocol, and formal verification; describe the Stellar payment network; and finally evaluate Stellar empirically through benchmarks and our experience with several years of production use.