Question

What is a proof-of-authority (PoA)?

Answer 1

Proof-of-Authority (PoA) is a consensus algorithm used in blockchain networks to achieve agreement on the state of the network. In PoA, validators are known and reputable entities that validate transactions and create new blocks based on their authority, rather than through a competitive mining process. This makes PoA more efficient and secure in certain use cases where a limited number of known validators are preferred over a decentralized network.

Answer 2

Proof of Authority (PoA) is a consensus algorithm used in blockchain networks to achieve agreement on the validity of transactions. In a PoA network, the participants are known and have to be authorized in order to validate transactions and create new blocks. This consensus mechanism is commonly used in private or consortium blockchains where the participants are known and trusted entities, such as within an organization or between certain parties.