International Association
for Cryptologic Research

In this paper we propose a new framework of cryptocurrency system. The major parts what we have changed include removing the bloated history transactions from data synchronization, no mining, no blockchain, it\'s environmentally friendly, no checkpoint, no exchange hub needed, it\'s purely decentralized and purely based on proof of stake. The logic is very simple and intuitive, 51% stakes talk. A new data synchronization mechanism named \"Converged Consensus\" is proposed to ensure the system reaches a consistent distributed consensus. We think the famous blockchain mechanism based on PoW is no longer an essential element of a cryptocurrency system. In aspect of security, we propose TILP & SSS strategies to secure our system.