We propose an implementation of dissipative particle dynamics that is
free of the inconsistencies that plagued earlier algorithms. The prese
nt algorithm satisfies a form of microscopic reversibility. As a conse
quence, we recover the correct equilibrium properties. Moreover, we ca
n use much larger time steps than previously. We report a detailed com
parison between simulated transport properties and the theoretical pre
dictions. We find that the existing theory is only valid under very sp
ecial conditions. A more general theory is still lacking.