A new ultra-fast Byzantine agreement allows Algorand users to agree on the new block while the block is broadcast on the network. « I prefer Byzantine agreements [other methods of block agreement], » Micali explains. « Once you have an approach that has been proposed and agreed upon, and it`s very quick to agree, you can of course use it to agree on the next block, but you can use it to agree on almost everything, like monetary policy. » « I believe in governance, but I believe in a distributed world. So I believe in self-management, but self-management needs a technical instrument, » Micali said. With Algorand, the Byzantine agreement inherent in the protocol creates a very strong and mathematically determined agreement, which can, at any time, tell users where the network is on a subject. Micali recently came to see us at the (Off) The Chain Summit, which was presented by Pillar to explain how he thinks the Byzantine chords will come to save the blockchains. Abstract: We present a simple Byzantine memorandum of understanding with the Leader election, which works in > 2/3 honest majority and does not rely on the fact that participants have synchronized watches. When honest messages are sent within the most pessimistic time frame, an agreement will be reached in the number of steps expected if the elected leader is malicious, and will be reached after two steps, if the elected leader is honest. Our protocol is resistant to any network part with an unknown length and it recovers quickly after dissolving the partition and recovering from the message delay.
We will briefly discuss how the protocol will be applied to blockchains in a system without authorization. In particular, when an honest leader proposes a block of transactions, the first stage of the vote is done in parallel with the spread of the bloc. In fact, after the block has been multiplyed, a certificate is generated in a single stage of the vote. Algorand is a new cryptocurrency that confirms transactions of the order of one minute with a negligible probability of bifurcation. Algorand`s design is based on a cryptographic sorting mechanism combined with BA`s BYzanian Memorandum of Understanding. Algorand avoids targeted attacks on selected participants with replacement at each stage. Experimental results with an Algorand prototype show that it reaches sub-minute latency and 125× Bitcoin flow and amounts to 500,000 users. Abstract: A public ledger is a sequence of data that can be read and extended by anyone. Public ledgers have countless and compelling uses. Simply put, you can back up all kinds of transactions, such as securities, sales and payments, in the exact order in which they take place.
Public ledgers not only limit corruption, they also allow highly sophisticated applications, such as cryptocurrencies and smart contracts.