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. Pure proof-of-stake™: A design implementation that defines how people can participate in a decentralized network while preventing false identities. It is a mechanism that, combined with a Byzantine Memorandum of Understanding, creates a way for a large group of people to reach consensus – or a single source of verifiable truth. Pure proof-of-stake means that anyone wishing to participate in the Algorand network can signal this intention by identifying an algos account as a participant (such as switching a switch). The likelihood that users will be selected is determined by the amount of algos they have in their account, relative to all other accounts that have also reported their intention to participate. “Pure” means that they are free to come and go as they please, because their algos are not locked up or “attached” for a certain period of time, as in other proof-of-stake systems. Each user can disable the switch at any time without penalty or fear of losing their bet. The financial industry relies heavily on traditional contractual agreements in which trusted third parties verify compliance with the terms of the agreement`s corresponding documents.
This method is obsolete, slow and, above all, unprofitable for today`s financial institutions.