Mathieu Baudet
ABSTRACT
FastPay allows a set of distributed authorities, some of which are Byzantine, to maintain a high-integrity and availability settlement system for pre-funded payments. It can be used to settle payments in a native unit of value (crypto-currency), or as a financial side-infrastructure to support retail payments in fiat currencies. FastPay is based on Byzantine Consistent Broadcast as its core primitive, foregoing the expenses of full atomic commit channels (consensus). The resulting system has low-latency for both confirmation and payment finality. Remarkably, each authority can be sharded across many machines to allow unbounded horizontal scalability. Our experiments demonstrate intra-continental confirmation latency of less than 100ms, making FastPay applicable to point of sale payments. In laboratory environments, we achieve over 80,000 transactions per second with 20 authorities---surpassing the requirements of current retail card payment networks, while significantly increasing their robustness.
- Alex Prut. 2020 (accessed January 29, 2020). Libra Quick Introduction. https://medium.com/@alexprut/libra-quick-introduction-6ce2c51d703cGoogle Scholar
- Georgia Avarikioti, Eleftherios Kokoris Kogias, and Roger Wattenhofer. 2019. Brick: Asynchronous state channels. arXiv preprint arXiv:1905.11360 (2019).Google Scholar
- Arati Baliga, I Subhod, Pandurang Kamat, and Siddhartha Chatterjee. 2018. Performance evaluation of the quorum blockchain platform. arXiv preprint arXiv:1809.03421 (2018).Google Scholar
- Bank for International Settlements. 2005 (accessed January 20, 2020). New developments in large-value payment systems. https://www.bis.org/cpmi/publ/d67.pdfGoogle Scholar
- Shehar Bano, Alberto Sonnino, Mustafa Al-Bassam, Sarah Azouvi, Patrick McCorry, Sarah Meiklejohn, and George Danezis. 2019. SoK: Consensus in the age of blockchains. In Proceedings of the ACM Conference on Advances in Financial Technologies. 183--198.Google ScholarDigital Library
- Morten L Bech and Bart Hobijn. 2006. Technology diffusion within central banking: the case of real-time gross settlement. FRB of New York Staff Report (2006).Google Scholar
- Blockchain Council. 2019 (accessed January 29, 2020). Permissioned and permissionless blockchains: a comprehensive guide. https://www.blockchain-council.org/blockchain/permissioned-and-permissionless-blockchains-a-comprehensive-guideGoogle Scholar
- Stephanie Bolt, David Emery, Paul Harrigan, et al. 2014. Fast retail payment systems. RBA Bulletin, December (2014), 43--51.Google Scholar
- Dan Boneh, Ben Lynn, and Hovav Shacham. 2001. Short signatures from the Weil pairing. In International Conference on the Theory and Application of Cryptology and Information Security. Springer, 514--532.Google ScholarDigital Library
- Richard Gendal Brown, James Carlyle, Ian Grigg, and Mike Hearn. 2016. Corda: an introduction. R3 CEV, August 1 (2016), 15.Google Scholar
- Ethan Buchman. 2016. Tendermint: Byzantine fault tolerance in the age of blockchains.Google Scholar
- Christian Cachin. 2016. Architecture of the hyperledger blockchain fabric. In Workshop on distributed cryptocurrencies and consensus ledgers, Vol. 310. 4.Google Scholar
- Christian Cachin, Rachid Guerraoui, and Luís Rodrigues. 2011. Introduction to reliable and secure distributed programming. Springer Science & Business Media.Google Scholar
- Calibra. 2019 (accessed January 17, 2020). The Libra Blockchain. https://developers.libra.org/docs/assets/papers/the-libra-blockchain.pdfGoogle Scholar
- Miguel Castro, Barbara Liskov, et al. 1999. Practical Byzantine fault tolerance. In OSDI, Vol. 99. 173--186.Google ScholarDigital Library
- Ryan Chard. 2018 (accessed January 20, 2020). Ripple Documentation. https://buildmedia.readthedocs.org/media/pdf/ripple/latest/ripple.pdfGoogle Scholar
- Daniel Collins, Rachid Guerraoui, Jovan Komatovic, Matteo Monti, Athanasios Xygkis, Matej Pavlovic, Petr Kuznetsov, Yvonne-Anne Pignolet, Dragos-Adrian Seredinschi, and Andrei Tonkikh. 2020. Online Payments by Merely Broadcasting Messages (Extended Version). arXiv preprint arXiv:2004.13184 (2020).Google Scholar
- Kyle Croman, Christian Decker, Ittay Eyal, Adem Efe Gencer, Ari Juels, Ahmed Kosba, Andrew Miller, Prateek Saxena, Elaine Shi, Emin Gün Sirer, et al. 2016. On scaling decentralized blockchains. In International Conference on Financial Cryptography and Data Security. Springer, 106--125.Google ScholarCross Ref
- George Danezis and Sarah Meiklejohn. 2015. Centrally banked cryptocurrencies. arXiv preprint arXiv:1505.06895 (2015).Google Scholar
- Cynthia Dwork, Nancy Lynch, and Larry Stockmeyer. 1988. Consensus in the presence of partial synchrony. Journal of the ACM (JACM) 35, 2 (1988), 288--323.Google ScholarDigital Library
- Elizabeth Lopatto. 2019 (accessed January 29, 2020). Libra, Explained. Move fast and bank things. https://www.theverge.com/2019/6/26/18716326/facebook-libra-cryptocurrency-blockchain-irs-starbucksGoogle Scholar
- European Central Bank. 2018 (accessed January 20, 2020). Single Shared Platform User Detailed Functional Specifications Core Services 1st Book (Version 12.01). https://www.ecb.europa.eu/paym/target/target2/profuse/nov_2018/shared/pdf/T2_UDFS_book_1_v12.01.pdfGoogle Scholar
- CYRIL Grunspan and Ricardo Pérez-Marco. 2018. Ant routing algorithm for the Lightning Network. arXiv preprint arXiv:1807.00151 (2018).Google Scholar
- Rachid Guerraoui, Petr Kuznetsov, Matteo Monti, Matej Pavlovič, and Dragos-Adrian Seredinschi. 2019. The Consensus Number of a Cryptocurrency. In Symposium on Principles of Distributed Computing(PODC).Google ScholarDigital Library
- Runchao Han, Gary Shapiro, Vincent Gramoli, and Xiwei Xu. 2019. On the performance of distributed ledgers for internet of things. Internet of Things (2019), 100087.Google Scholar
- Susan Herbst-Murphy. 2013 (accessed January 20, 2020). Clearing and Settlement of Interbank Card Transactions: A MasterCard Tutorial for Federal Reserve Payments Analysts. https://www.philadelphiafed.org/-/media/consumer-finance-institute/payment-cards-center/publications/discussion-papers/2013/D-2013-October-Clearing-Settlement.pdfGoogle Scholar
- Maurice Herlihy. 1991. Wait-free synchronization. ACM Transactions on Programming Languages and Systems (TOPLAS) 13, 1 (1991), 124--149.Google ScholarDigital Library
- Hyperledger. 2017 (accessed January 20, 2020). Hyperledger Fabric V0.6. https://readthedocs.org/projects/fabricdocs/downloads/pdf/origin-v0.6Google Scholar
- Hyperledger. 2020 (accessed January 20, 2020). Hyperledger Fabric V1.0. https://readthedocs.org/projects/hyperledger-fabric/downloads/pdf/masterGoogle Scholar
- Oumnia El Khazzani. 2019 (accessed January 17, 2020). Creating the future of Blockchain - Thorchain Update 002. https://www.swishlabs.com/blog/creating-the-future-of-blockchain-thorchain-update-002Google Scholar
- Butler W. Lampson and David B. Lomet. 1993. A New Presumed Commit Optimization for Two Phase Commit. In VLDB. Morgan Kaufmann, 630--640.Google Scholar
- Hyojeong Lee, Jeff Seibert, Md. Endadul Hoque, Charles Edwin Killian, and Cristina Nita-Rotaru. 2014. Turret: A Platform for Automated Attack Finding in Unmodified Distributed System Implementations. In ICDCS. IEEE Computer Society, 660--669.Google Scholar
- Stephen Lindsay. 2015. ISO 20022 and real-time domestic payments. Journal of Payments Strategy & Systems 9, 1 (2015), 22--29.Google Scholar
- Dahlia Malkhi and Michael Reiter. 1998. Byzantine quorum systems. Distributed computing 11, 4 (1998), 203--213.Google Scholar
- Satoshi Nakamoto. 2019. Bitcoin: A peer-to-peer electronic cash system. Technical Report. Manubot.Google Scholar
- Qassim Nasir, Ilham A Qasse, Manar Abu Talib, and Ali Bou Nassif. 2018. Performance analysis of hyperledger fabric platforms. Security and Communication Networks 2018 (2018).Google Scholar
- Andrew Poelstra. 2016. Mimblewimble.Google Scholar
- Joseph Poon and Thaddeus Dryja. 2015. The bitcoin lightning network. Scalable o-chain instant payments (2015).Google Scholar
- Pavel Prihodko, Slava Zhigulin, Mykola Sahno, Aleksei Ostrovskiy, and Olaoluwa Osuntokun. 2016. Flare: An approach to routing in lightning network. White Paper (2016).Google Scholar
- R3. 2018 (accessed January 17, 2020). Sizing and Performance. https://docs.corda.r3.com/sizing- and-performance.htmlGoogle Scholar
- R3. 2018 (accessed January 20, 2020). R3 Corda (Release Notes). https://docs.corda.net/releases/release-V3.2/release-notes.htmlGoogle Scholar
- Team Rocket. 2018. Snowflake to avalanche: A novel metastable consensus protocol family for cryptocurrencies.Google Scholar
- George Samaras, Kathryn Britton, Andrew Citron, and C. Mohan. 1995. Two-Phase Commit Optimizations in a Commercial Distributed Environment. Distributed and Parallel Databases 3, 4 (1995), 325--360.Google ScholarDigital Library
- Vibhaalakshmi Sivaraman, Shaileshh Bojja Venkatakrishnan, Mohammad Alizadeh, Giulia Fanti, and Pramod Viswanath. 2018. Routing cryptocurrency with the spider network. arXiv preprint arXiv:1809.05088 (2018).Google Scholar
- Jakub Sliwinski and Roger Wattenhofer. 2019. ABC: Asynchronous Blockchain without Consensus. arXiv preprint arXiv:1909.10926.Google Scholar
- Alberto Sonnino, Mustafa Al-Bassam, Shehar Bano, Sarah Meiklejohn, and George Danezis. 2018. Coconut: Threshold issuance selective disclosure credentials with applications to distributed ledgers. arXiv preprint arXiv:1802.07344 (2018).Google Scholar
- Swift. 2020 (accessed February 04, 2020). SWIFT The global provider of secure financial messaging services. https://www.swift.com/Google Scholar
- Visa. 2020 (accessed January 20, 2020). Visa acceptance for retailers. https://usa.visa.com/run-your-business/small-business-tools/retail.htmlGoogle Scholar
- Marko Vukolić. 2015. The quest for scalable blockchain fabric: Proof-of-work vs. BFT replication. In International workshop on open problems in network security. Springer, 112--125.Google Scholar
- Gavin Wood et al. 2014. Ethereum: A secure decentralised generalised transaction ledger. Ethereum project yellow paper 151 (2014), 1--32.Google Scholar
Recommendations
Byzantine Fault Tolerance in the Age of Blockchains and Cloud Computing
CCSW'22: Proceedings of the 2022 on Cloud Computing Security WorkshopBFT is a generic technique used for ordering transactions on a distributed system even if a fraction of the processes are controlled by a malicious adversary. BFT is widely known as the model for permissioned blockchains, and is increasingly used in ...
SMChain: a scalable blockchain protocol for secure metering systems in distributed industrial plants
IoTDI '19: Proceedings of the International Conference on Internet of Things Design and ImplementationMetering is a critical process in large-scale distributed industrial plants, which enables multiple plants to collaborate to offer mutual services without outside interference. When distributed plants measure the data from a shared common source, e.g., ...
Blockchain and Distributed System
Web Information Systems and ApplicationsAbstractIn recent years, blockchain technology has received more and more attention. Blockchain is a storage technology for public decentralized databases. The emergence of blockchain technology makes it possible to solve the trust problem of distributed ...
Comments