The design, which has now been adopted by nonprofit Stellar, explores into the disadvantages associated with the Bitcoin network, mostly related to security, sluggishness and energy consumption. As per the claims made by Mazières, he seemed to have overcome such issues in his new protocol that is reportedly faster, cheaper and safer than its seven year old counterpart.
In his conversation to MIT Technological Review (MITTR), Mazières briefly spoke about mining, an energy-consuming process that confirms Bitcoin transaction through consensus, and its limitations on whole. According to the professor, his system doesn’t rely on machines that consume more electricity to mine a single block of digital currency. On the contrary, SCP validate transactions through people over a software equipped with cutting-edge cryptographic rules to ensure fairness.
“The math shows that those rules will allow his system to reliably verify transactions much more quickly and with less energy,” the professor adds.
Mazières’s invention has further received its own quick consensus from his colleague at Stanford University, Professor Dan Boney, who, upon reviewing SCP, called it a trustable infrastructure. “The security proposition of Bitcoin is that the people who invested in mining infrastructure can be trusted, but that may not be true,” he told MITTR. “Here I can choose for myself who to trust.”
On the other hand, an associate professor from Cornell University, Emin Sirer, thinks forming a software-based consensus might have a little drawback; mostly related to attackers orchestrating a situation in which the consensus is tampered due to weak interconnectivity between chosen trusted partners. Mazières admitted that it could happen, but also proposed the technology to be use undertaken by larger authorities — such as banks — that could effectively monitor this social glitch, not technical.