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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.
and thus re-write the payment history, as it pleases. In particular, it could make a payment ℘, obtain the benefits paid for, and then “erase” any trace of ℘.
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