  The proof-of-work consensus protocol suffers from two main limitations: waste
of energy and offering only probabilistic guarantees about the status of the
blockchain. This paper introduces SklCoin, a new Byzantine consensus protocol
and its corresponding software architecture. This protocol leverages two ideas:
1) the proof-of-stake concept to dynamically form stake proportionate consensus
groups that represent block miners (stakeholders), and 2) scalable collective
signing to efficiently commit transactions irreversibly. SklCoin has immediate
finality characteristic where all miners instantly agree on the validity of
blocks. In addition, SklCoin supports high transaction rate because of its fast
miner election mechanism
