Stellar Consensus by Instantiation.

Stellar introduced a new type of quorum system called a Federated Byzantine Agreement System. A major difference between this novel type of quorum system and a threshold quorum system is that each participant has its own, personal notion of a quorum. Thus, unlike in a traditional BFT system, designed for a uniform notion of quorum, even in a time of synchrony one well-behaved participant may observe a quorum of well-behaved participants, while others may not. To tackle this new problem in a more general setting, we abstract the Stellar Network as an instance of what we call Personal Byzantine Quorum Systems. Using this notion, we streamline the theory behind the Stellar Network, removing the clutter of unnecessary details, and refute the conjecture that Stellar's notion of intact set is optimally fault-tolerant. Most importantly, we develop a new consensus algorithm for the new setting.