Concurrency control algorithms have traditionally been based on locking and timestamp ordering mechanisms. Recently optimistic schemes have been proposed. In this paper a distributed, multi-version, optimistic concurrency control scheme is described which is particularly advantageous in a query-dominant environment. The drawbacks of the original optimistic concurrency control scheme, namely that inconsistent views may be seen by transactions (potentially causing unpredictable behavior) and that read-only transactions must be validated and may be rolled back, have been eliminated in the proposed algorithm. Read-only transactions execute in a completely asynchronous fashion and are therefore processed with very little overhead. Furthermore, the probability that read-write transactions are rolled back has been reduced by generalizing the validation algorithm. The effects of global transactions on local transaction processing are minimized. The algorithm is also free from dedlock and cascading rollback problems.