Hello and welcome to this blog post about POA White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the POA white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the POA.
I can ensue you that, you will be able to understand every bits and pieces related to POA after going through the POA white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
POA White Paper
POA white paper will be going to provide you, all the information that is needed to get started with POA, including the inspiration for creating, the problem it is trying to solve and the solution proposed by POA.
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 POA Network will close a gap between private and public networks, and will become a model for open networks based on PoA consensus.
White Paper Link: POA White Paper
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