Publication

FastPay: High-Performance Byzantine Fault Tolerant Settlement

ACM Conference on Advances in Financial Technologies (AFT)


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.

Related Publications

All Publications

MLSys - March 1, 2020

Predictive Precompute with Recurrent Neural Networks

Hanson Wang, Zehui Wang, Yuanyuan Ma

CODE - November 20, 2020

Privacy-Preserving Randomized Controlled Trials: A Protocol for Industry Scale Deployment (Extended Abstract)

Mahnush Movahedi, Benjamin M. Case, Andrew Knox, Li Li, Yiming Paul Li, Sanjay Saravanan, Shubho Sengupta, Erik Taubeneck

USENIX Security - November 11, 2020

Deep Entity Classification: Abusive Account Detection for Online Social Networks

Teng Xu, Gerard Goossen, Huseyin Kerem Cevahir, Sara Khodeir, Yingyezhe Jin, Frank Li, Shawn Shan, Sagar Patel, David Freeman, Paul Pearce

ACM IMC - October 28, 2020

Towards A User-Level Understanding of IPv6 Behavior

Frank Li, David Freeman

To help personalize content, tailor and measure ads, and provide a safer experience, we use cookies. By clicking or navigating the site, you agree to allow our collection of information on and off Facebook through cookies. Learn more, including about available controls: Cookies Policy