arXiv:1607.01341v9 [cs.CR] 26 May 2017 ALGORAND * Jing Chen Computer Science Department Stony Brook University Stony Brook, NY 11794, USA jingchen@cs.stonybrook.edu Silvio Micali CSAIL MIT Cambridge, MA 02139, USA silvio@csail.mit.edu Abstract A public ledger is a tamperproof sequence of data that can be read and augmented by everyone. Public ledgers have innumerable and compelling uses. They can secure, in plain sight, all kinds of transactions —such as titles, sales, and payments— in the exact order in which they occur. Public ledgers not only curb corruption, but also enable very sophisticated applications —such as cryptocurrencies and smart contracts. They stand to revolutionize the way a democratic society operates. Ascurrently implemented, however, they scale poorlyandcannot achiev

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