International payments are slow and expensive, in part because of multi-hop payment routing through heterogeneous banking systems. Stellar is a new global payment network that can directly transfer digital money anywhere in the world in seconds. The key innovation is a secure transaction mechanism across untrusted intermediaries, using a new Byzantine agreement protocol called SCP. With SCP, each institution specifies other institutions with which to remain in agreement; through the global interconnectedness of the financial system, the whole network then agrees on atomic transactions spanning arbitrary institutions, with no solvency or exchange-rate risk from intermediary asset issuers or market makers. We present SCP's model, protocol, and formal verification; describe the Stellar payment network; and finally evaluate Stellar empirically through benchmarks and our experience with several years of production use.

Dynamic languages such as JavaScript are more difficult to compile than statically typed ones. Since no concrete type information is available, traditional compilers need to emit generic code that can handle all possible type combinations at runtime. We present an alternative compilation technique for dynamically-typed languages that identifies frequently executed loop traces at run-time and then generates machine code on the fly that is specialized for the actual dynamic types occurring on each path through the loop. Our method provides cheap inter-procedural type specialization, and an elegant and efficient way of incrementally compiling lazily discovered alternative paths through nested loops. We have implemented a dynamic compiler for JavaScript based on our technique and we have measured speedups of 10x and more for certain benchmark programs.