POA Network (POA)
POA Network is a platform build for smart contracts and DApps. The network is an open Ethereum sidechain with PoA (proof of authority) consensus which is reached by a group of independent validators. POA is also building a public network that will allow for security, affordability, and speed combined. According to the official website, “Building a service on top of a public blockchain has both high technical barriers to entry and significant upfront costs. As the result, many small and medium businesses are excluded from adopting and enjoying the benefits of the blockchain technology.” The platform aspires to become a decentralized hub based on PoA consensus.
What are the features of POA?
Legally recognizable hard fork decisions: POA uses a hard fork to legally bind validators. Validators on the platform are required to sign a legal agreement with the network to be recognized.
Built-in governance: using the governance DApp, validators are allowed to vote to add or remove other validators. This means the network supports voting at the consensus level.
No mining: user does not need to have a significant computational resource to create blocks in the PoA network.
5 seconds block time: the PoA network is compatible with the Ethereum protocol, which means the POA Mechanism allows for much faster block time compared to other platforms.
Model for hybrid networks: to quickly launch open on-premise networks with intrinsic value, all you need the POA network model that can be used as a blueprint.
Supported DApps: another feature in POA Network is its ability to support a broad range of Dapps and integrating them to prove the identity of validators.
The POA Network is designed for general use on the blockchain technology. For instance, whatever can be done using the Ethereum network can also be accomplished on the POA Network. Organizations can create their networks using their validators or validator based on the POA network governance and ceremony. Developers, on the other hand, can deploy DApps using POA’s framework. The most immediate use case of the POA network includes crowdfunding, real estate transactions and much more.
POA Network roadmap is as follows:
April 2017: The POA Network announced on Silicon Valley Ethereum Meet up
May 2017: Notary Coin renamed to Oracles Network.
August 2017: initial Ceremony and Governance DApps deployed in production and the launch on the testnet with 12 independent validators
Jan 2018: the team expanded and experienced engineers and researchers focused further on blockchain scalability.
First Half, 2018: the network used bridges to connect to DApps to Multiple PoA based networks