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SUMMARY:FastPay: High-Performance Byzantine Fault Tolerant Settlement - Al
 berto Sonnino\, UCL
DTSTART:20210504T130000Z
DTEND:20210504T140000Z
UID:TALK158116@talks.cam.ac.uk
CONTACT:Jack Hughes
DESCRIPTION:FastPay allows a set of distributed authorities\, some of whic
 h are Byzantine\, to maintain a high-integrity and availability settlement
  system for pre-funded payments. It can be used to settle payments in a na
 tive unit of value (cryptocurrency)\, or as a financial side-infrastructur
 e to support retail payments in fiat currencies. FastPay is based on Byzan
 tine Consistent Broadcast as its core primitive\, foregoing the expenses o
 f full atomic commit channels (consensus). The resulting system has low-la
 tency for both confirmation and payment finality. Remarkably\, each author
 ity can be sharded across many machines to allow unbounded horizontal scal
 ability. Our experiments demonstrate intra-continental confirmation latenc
 y of less than 100ms\, making FastPay applicable to point of sale payments
 . In laboratory environments\, we achieve over 80\,000 transactions per se
 cond with 20 authorities---surpassing the requirements of current retail c
 ard payment networks\, while significantly increasing their robustness.\n\
 nRECORDING : Please note\, this event will be recorded and will be availab
 le after the event for an indeterminate period under a CC BY -NC-ND licens
 e. Audience members should bear this in mind before joining the webinar or
  asking questions.
LOCATION:Webinar
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