This algorithm is similar to Paxos (consensus algorithm), which we have not yet touched, but as Lamport's Paxos is a classic, let's give Raft a shot right away :-)
Raft claims to be simpler than Paxos, which while "well known" isn't very simple. In a recent google talk they also noted that what they've referred to as "their paxos impl" is basically raft.
The formula is as always:
• Read the paper before the meeting,
• Come and discuss with fellow paper-cups during the meeting,
• The snacks and drinks are sponsored by ebay :-)