POA Network is a cryptocurrency that is focused on Proof of Authority consensus.
POA Network coin is the first Ethereum-based public network with Proof of Authority consensus, reached by independent validators. The project is building a public network for smart contracts that combines speed, security, and cost efficiency. POA Network is an attempt towards realizing horizontal blockchains scalability by creating a swarm of blockchains with Proof of Authority consensus, connected by interledger protocols.
Proof of Authority
AuthorityRound (AuRa) is one of the Blockchain consensus algorithms available in Parity. It is capable of tolerating up to 50% of malicious nodes with chain reorganizations possible up to a limited depth, dependent on the number of validators, after which finality is guaranteed. This consensus requires a set of validators to be specified, which determines the list of blockchain addresses which participate in the consensus at each height. Sealing a block is the act of collecting transactions and attaching a header to produce a block.
At each step the primary node is chosen that is entitled to seal and broadcast a block, specifically step modulo #_of_validatorsthe validator is chosen from the set. Blocks should be always sealed on top of the latest known block in the canonical chain. The block’s header includes the step and the primary’s signature of the block hash.
Block can be verified by checking that the signature belongs to the correct primary for the given step. Finality of the chain can be achieved within at most 2 x #_of_validator steps, after more than 50% of the nodes are signed on a chain and then they are signed again on those signatures White paper
History of POA
On March 6, 2017, a group of blockchain companies announced new blockchain based on Ethereum protocol with Proof of Authority consensus . Spam attack on the Ropsten testnet was the reason to create a new public test network. This network was named Kovan, for a metro station in Singapore, where companies who founded the network are located. It is a common name convention for Ethereum test networks, for example, Morden, Ropsten, and Rinkeby are names of metro stations White paper
POA Network ICO
'POA20 is an ERC20 representation of POA native tokens on Ethereum network. The POA20 token displays the exact same properties as the standard ERC20 token and allows it to be used in all the same places that offer ERC20 compatibility.POA Network ICO
POANetwork (POA) Price
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Independent U.S. public notaries with active commission license will be the first validators in Oracles Network. For the initial ceremony, 12 initial keys will be created by a master of ceremony. He will distribute those keys to individual validators. Each validator will change a key to a new subset of keys using a client-side DApp. After the initial distribution of licenses, an additional validator can be added through the voting process on the built-in Governance DApp. A majority of votes will be needed from validators to be accepted into the smart contract with a list of validators. White paper
POA Network Team
- Igor Barinov-Product Manager
- Viktor Baranov-Core Developer
- Pavlo Goncharenko-UI
- Dmitry Chirun-Evangelist
- Jeff Christian-Software Engineer
- Alexander Kolotov-Researcher
- Franco Victorio-DApps Developer
- Fernando Greco-DApps Developer
- Andrew Cravenho-Project Lead
- Siddig Zeidan-Community Manager