Stellar founder David Mazieres argues that proof of agreement, not proof of work or stake, is better suited for issuer-backed tokens. He explains how Stellar's consensus protocol uses quorum slices with known validators to enable low-cost, censorship-resistant transactions while protecting against double redemption attacks.
David Mazieres, Stellar's creator, presents a technical argument for why proof of agreement outperforms proof of work and proof of stake for issuer-backed tokens like stablecoins, CBDCs, and tokenized securities. He explains three core blockchain innovations: coin distribution, censorship resistance, and irreversible transactions across untrusted parties. Mazieres critiques proof of work and stake as economically inefficient for high-value tokens, noting security costs become prohibitive at scale. He introduces Stellar's consensus protocol based on quorum slices, where validators advertise trusted peers rather than competing anonymously. The system leverages existing human agreements on property rights and legal frameworks, eliminating the need for expensive incentive mechanisms. Mazieres demonstrates how this design prevents double redemption attacks through hierarchical validator dependencies and discusses Stellar's production track record since 2015, including sub-second consensus times and minimal transaction fees.