Blockchain Consensus Mechanisms
Federated Byzantine Agreement (FBA) is a consensus mechanism used in blockchain networks, particularly in private or permissioned networks. FBA allows for a group of pre-selected nodes to come to a consensus without the need for a proof-of-work mechanism. In FBA, nodes are organized into federations, each of which is responsible for validating a subset of transactions. Transactions are considered valid only if a super-majority of federations agree on them.
FBA is particularly useful in scenarios where the consensus mechanism needs to scale to handle large numbers of transactions. In contrast to PoW and PoS, FBA does not require all nodes to participate in the consensus process, allowing for more efficient processing of transactions.
One example of a blockchain platform that uses FBA is the Stellar network. Stellar uses FBA to achieve consensus among its nodes and to validate transactions. The Stellar network is used to facilitate cross-border payments and other financial transactions, and FBA allows it to handle a high volume of transactions efficiently and securely.
To implement FBA, nodes are organized into federations, which are groups of nodes that have a shared interest in the network. These federations interact with each other to come to an agreement on the state of the network and the validity of transactions. Each federation has a quorum slice, which is a subset of nodes within that federation that are responsible for validating transactions. Transactions are considered valid only if they are approved by a super-majority of quorum slices. The network uses a unique node identification system to prevent Sybil attacks and ensure the integrity of the consensus process.
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