Baudet, M;
Danezis, G;
Sonnino, A;
(2020)
FastPay: High-Performance Byzantine Fault Tolerant Settlement.
In:
AFT '20: Proceedings of the 2nd ACM Conference on Advances in Financial Technologies.
(pp. pp. 163-177).
ACM: Association for Computing Machinery
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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.
| Type: | Proceedings paper |
|---|---|
| Title: | FastPay: High-Performance Byzantine Fault Tolerant Settlement |
| Event: | AFT 2020 - 2nd ACM Conference on Advances in Financial Technologies |
| ISBN-13: | 9781450381390 |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1145/3419614.3423249 |
| Publisher version: | https://doi.org/10.1145/3419614.3423249 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | distributed system, bft, settlement system, consistent broadcast |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10172333 |
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