Stellar Consensus Protocol - A Better Alternative to Bitcoin Protocol
Most of you might have heard about the new SCP protocol developed by Professor David Mazieres from Stanford. Few hardcore Bitcoin fans may find it blasphemous, but it is about time someone created an alternative protocol. Bitcoin protocol has had its own share of troubles in the past couple of years. READ MORE: Better Alternative to Bitcoin from Stanford Professor? SCP or Stellar Consensus Protocol is being used for Stellar Digital Currency, which is an initiative of the non-profit - Stellar Development Foundation. Transactions over SCP are faster, economical and safer than on Bitcoin....
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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....
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....
Stanford professor David Mazières thinks he has a faster, more flexible and more secure alternative to Bitcoin, MIT Technology Review reports. Two independent reviewers, from Stanford and Cornell universities, agree that the new technology could make digital payments and other transactions cheaper, safer and easier. Alternative blockchains are often dismissed as worthless "me-too" copycats or scamcoins, which, unfortunately, has some element of truth. But Mazières' approach deserves a place among the serious alternatives to Bitcoin that have been proposed, alongside Ethereum and Ripple.....
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....
Decentralized financial system, Stellar, invites the members of the Bitcoin community to claim their cryptocurrency, Lumens. With around 19 billion Lumens being distributed in multiple rounds to anyone based on the quantity of Bitcoin they have, people can start claiming their Lumens on July 5, 2016. Due to restrictions, the program is closed to the residents of New York, Georgia, New Hampshire, Connecticut and any countries on the U.S Sanctions list such as Iran, Cuba, and North Korea. StellarCT r: 130CT r: 130 itself is a network which, unlike regular blockchains, uses the Stellar....