POA Network POA

$0.1087
Market Cap $ 23.897 MM (#186)
24h Volume $ 1.043 MM
Chg. 24h: 2.57%
Algo. score 3.8/5  (#75)
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POA Network project purpose and description

POA Network clarity of purpose

POA Network purpose and aspects

The POA Network will allow organizations to build their own networks with their own validators and developers to deploy DApps.

POA Network additional differentiation against competition

POA Network is a public sidechain based on the Ethereum protocol. The blockchain will feature the Proof-of-Authority algorithm, which does not depend on the nodes solving mathematical problems, but instead uses a set of "authorities", pre-selected validators that will be able to seal the blocks and secure the network. The validators identity will be public enabling any third party to check their identity.

POA Network categories

Build dappsGovernance integratedPlatform

Short description

POA Network is an open Ethereum sidechain with Proof of Authority consensus, reached by independent validators. We are building a public network for smart contracts that combines speed, security, and cost efficiency.

Abstract

POA Network is an open, public, permissioned blockchain based on Ethereum protocol. To reach consensus on a global state, it uses a Proof of Authority consensus algorithm. PoA consensus is a straightforward and efficient form of Proof of Stake with known Validators and governance-based penalty system. A list of validators is managed by a smart contract with governance by Validators. During an initial ceremony, master of ceremony distributes keys to 12 independent Validators. They add 12 plus one more to reach initial requirements for the consensus. To be Validators on the network, a master of ceremony asks them to have an active notary public license within the United States. A concerned third party can cross-validate Validators’ identities using open data sources and ensure that each Validator is a good actor with no criminal records. In the proposed network, identity of individual Validator and trust to independent and non-affiliated participants will secure the consensus. The network is fully compatible with Ethereum protocol. The network supports only Parity client version 1.7 and later. The network supports trusted setup, on-chain governance, and a variety of “proof of identity” oracles. We believe that Oracles Network will close a gap between private and public networks, and will become a model for open networks based on PoA consensus.

Link to Roadmap: n/a
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