Algorand Byzantine Agreement
“I believe in governance, but I believe in a distributed world. So I believe in self-management, but self-management needs a technical tool,” says Micali. With Algorand, the Byzantine agreement inherent in the protocol creates a very strong and mathematically safe agreement that allows users to know at any time where the network is for a problem. Micali recently joined us at the Pillar Chain Summit to explain how he thinks Byzantine deals will come to save blockchains. Algorand is a new cryptocurrency that confirms transactions of the order of one minute with a negligible probability of falsification. Algorand`s design is based on a cryptographic sorting mechanism in combination with the Byzantine archaeological BA Memorandum of Understanding. Algorand avoids targeted attacks against selected participants by replacing the participant at each stage. Experimental results with a prototype of Algorand show that it can achieve a latency of less than 1 minute and 125× the throughput of Bitcoin and be well resized to 500,000 users. A new, very fast Byzantine agreement allows Algorand users to agree on the new block while the block is broadcast on the network. “I prefer Byzantine agreements [over other methods of block agreement],” Micali explains. “Once you have an approach that is proposed and agreed, 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 anything, like monetary policy.” Summary: We present a simple bizantin memorandum of understanding with The Choice of Guide, which works under > honest majority 2/3 and does not need participants to have synchronized watches.
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