Have you ever heard of the POA Network? Our review subject today is a platform for smart contracts and Dapps which is based on the Ethereum blockchain.
What Is POA Network?
The POA Network is a platform based on the Ethereum blockchain whose main objective is to create smart contracts which can combine speed, security and a high efficiency while having smaller costs than the other companies.
The company as created because its creators perceived a problem: it is very hard to create a service on top of the Ethereum blockchain because it has barriers like the need for people who understand complex blockchain theories and has significant costs. Because of this, smaller business does not stand a chance and are excluded from using the blockchain technology until the moment.
POA Network was created to solve this issue. Its mission is to be a public network which can offer quality and become a decentralized hub for many different types of projects based on the blockchain technology. The company sees this as a first step creating many blockchains with scalability using a proof of authority consensus.
The platform was made by a team of experts in blockchain technology, but they will not necessarily own the blockchain, as the blockchain is open source and the users will have the power to give their opinions and votes on matters of the POA Network. Some partners of the POA Network are CyberStudio, Blocknotary, BitClave, Trust Ethereum Wallet and Ministry of Velocity.
How POA Network Initial Coin Offering Token Wizard Works Works
By using the POA Network, you would be able to do everything that you would do if you were on the Ethereum blockchain. The network can be used by developers that can deploy their own dapps using the POA Network. It will be just like the Ethereum blockchain, but easier to use and also cheaper.
This platform uses the proof of authority mechanism, which is an alternative consensus mechanism that works in a different way than proof of work or proof of stake consensus mechanisms. IT does not use nodes to solve mathematical problems, but uses a set of “authorities” instead. These authorities are nodes which are able to create new blocks and secure the structure of the whole blockchain.
This system works using validators, which are people who validate the newly created blocks. They validate the authority blocks to secure the network.
This blockchain will have a block time of 5 seconds (faster than Ethereum), no mining as it is not proof of work and a very important feature: the built-in governance tools which will allow validators to add or to remove other validators using the Governance DApp. This means that the network will work on consensus. The majority votes, validates and wins.
Also, the hard fork decisions are legally binding and all the validators have to sign a legal agreement to use the platform. Proof of identity dapps are also supported on this blockchain.
How To Invest In POA Network?
Unfortunately, the POA Network will not have an Initial Coin Offering (ICO), so you will not be able to invest in this company at this moment. The thing that you can do with it is to use this technology to create your own POA Network-based company and to use the advantages that this blockchain can give to you.
POA Network Verdict
Is the POA Network a good platform for you? It can certainly be, you can be sure about that. By using the Ethereum blockchain as a model, the POA Network already has one of the most interesting technologies of the moment, which is great news. This company really stands a chance of turning into something really interesting and that might be valuable with time.
The only issue that this company might face are difficulties to find proper companies which want to use for building their businesses, but the platform is good for small companies, so it might be a good idea for them. In fact, the POA Network does stand some chance of facing Ethereum in the market, as it is more accessible and faster and the original Ethereum blockchain, but it is too early to tell.
Even if it is still early to be sure about anything related to the POA Network, this is a company that you should watch out for. It has really interesting ideas and it might be a relevant player in the future, so you would do well if you decide not to ignore it. The POA Network might still be a great blockchain in the future.