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[ ] 26 May 2017 ALGORAND Jing ChenComputer Science DepartmentStony Brook UniversityStony Brook, NY 11794, MicaliCSAILMITC ambridge, MA 02139, public ledger is a tamperproof sequence of data that can be read and augmented by ledgers have innumerable and compelling uses. They can secure, in plain sight, all kindsof transactions such as titles, sales, and payments in theexact order in which they ledgers not only curb corruption, but also enable very sophisticated applications such ascryptocurrencies and smart contracts. They stand to revolutionize the way a democratic societyoperates. As currently implemented, however, they scale poorly and cannot achieve their a truly democratic and efficient way to implement a public ledger. Unlike priorimplementations based on proof of work, it requires a negligible amount of computation, andgenerates a transaction history that will not fork with overwhelmingly high is based on (a novel and super fast) message-passing Byzantine concreteness, we shall describe Algorand only as a IntroductionMoney is becoming increasingly virtual.
as varied as payments and contracts, in a tamperproof way. The technology of choice to guarantee such tamperproofness is the blockchain. Blockchains are …
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