Fed Paper Accidentally Validates Consensus Model Used by XRP, XLM, and HBAR
The Federal Reserve has inadvertently validated the consensus model used by XRP, XLM, and HBAR, according to crypto researcher SMQKE. This conclusion was reached after examining a paper titled 'Heraclius: A Byzantine Fault Tolerant Database System with Potential for Modern Payments Systems' published in the Fed's Finance and Economics Discussion Series.
The researchers behind the paper identified the 'Federated Byzantine Agreement' consensus model, which is used by Ripple (XRP) and Stellar (XLM). This model allows for secure and high-speed payment infrastructure. In fact, the researchers noted that a Byzantine fault-tolerant system can process up to 110,000 transactions per second.
Additionally, HBAR operates on the Hedera Hashgraph network, which uses an asynchronous Byzantine fault-tolerant mechanism. This consensus type achieves security without requiring heavy electricity usage.
The paper's favorable view of BFT mechanisms strengthens the case for HBAR's infrastructure credentials alongside XRP and XLM. SMQKE also noted that other assets such as ALGO, IOTA, and XDC use the same Byzantine fault-tolerant mechanism.