Jed McCaleb Talks Stellar's New Protocol for Consensus
The Stellar Foundation has released details about the new consensus protocol it hopes to deploy on the Stellar network as early as this summer. Founded on a concept called federated Byzantine agreement, the Stellar Consensus Protocol is intended to replace Stellar's existing consensus protocol, itself is based on the system used by competitor Ripple Labs. The Stellar team said in December that it was working to replace its existing protocol following network issues last September. The Stellar Foundation, the organization that oversees the development of the Stellar network, published the....
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Remember Jed McCaleb's Secret Bitcoin Project we wrote about in early February? We're finally getting some more information about it via a Wall Street Journal report. Before we get in to it, you should probably know who Jed McCaleb is by now. If not, he's the original founder of Mt. Gox (which he subsequently sold to Mark Karpeles in 2011) and Ripple. McCaleb's project - which isn't quite so secret anymore - is called Stellar, located at Stellar.org. Stellar is more of a protocol than anything else, allowing consumers to easily send money in different currencies. Description from the....
Update: Stellar's Jed McCaleb has issued a statement on the issue. While he does not deny that the code has been changed since its fork from Ripple, he does maintain that the Ripple protocol could be at risk. The "TL;DR" version he posted can be found at the bottom of this article, along with the full version here. The remainder of the article, saving for the quote at the end, is in its original form. A failure in its consensus system has caused a hard fork of the Stellar network, forcing its creators to switch to a centralized system while it awaits an upgrade. In the meantime, Stellar....
Developers will now be able to build on Stellar's distributed network following an upgrade to its codebase which will also protect it against forking. According to a blog post by founder Jed McCaleb, the upgraded network is now more secure, scalable and modular than before. He added: 'The Stellar Consensus Protocol (SCP) optimises for safety rather than liveness when the network loses quorum - meaning the system is secure against forking. The Stellar Core code is now more comprehensible and elegant. Less than half the size of the previous codebase, it runs faster and uses less memory and....
A recent unintended ledger fork in the Stellar network led to a temporary disruption of its transaction system and a broader debate about the integrity of the Ripple consensus protocol. The debate began on 5th December, when Stellar Development Foundation (SDF) executive director Joyce Kim published a blog post outlining a fork in the Stellar network that the company attributed to problems within the Ripple consensus protocol. Both Ripple Labs and Stellar use the open-source protocol to provide competing transaction networks that allow fiat money to be sent over the blockchain. The....
Stellar, the long-secret digital currency project helmed by industry entrepreneur Jed McCaleb, has officially launched. McCaleb is the original founder of defunct Japanese bitcoin exchange Mt. Gox and a co-founder of digital currency-focused payment network Ripple Labs. The new platform is a decentralized gateway for digital currency to fiat currency transfers, The Wall Street Journal reports. Like Ripple and bitcoin, Stellar will act as a public transaction authenticator and feature its own in-house digital currency called 'stellar'. McCaleb's announcement follows months of rumors about....