Every node in Ripple or Stellar works with the same global state. You have to trust Coinbase not to run away with your money, but your Stellar node cannot. The

Every node in Ripple or Stellar works with the same global state. You have to trust Coinbase not to run away with your money, but your Stellar node cannot. The consensus system is more like a replacement for proof of work, ensuring that no one double spends.