Can a distributed algorithm be serial?

Question

Can a distributed algorithm be serial? For example if I have 3 distinct agents in a network would an algorithm that looks like this be considered a distributed algorithm?

    Process ABC
       If (you are agentA) then
           Do stuff
       Else if (you are agent B) then
           Wait until agent A has finished doing stuff
           Do other stuff
       Else if (you are agentC) then
           Wait until agent B has finished doing stuff
           Do your own thing
       EndIf
    EndProcess 

To my understanding it should be considered as distributed as long as the agents don't share memory. Wouldn't being serial defeat the purpose of having a distributed algorithm though?