POA Network (POA) logo

POA Network (POA) -
Business Platform

The POA Network is providing enterprises with a simple and useful way to issue tokens and conduct a crowd sale or ICO.

They have also simplified the KYC process, and t..

Basic Intro

Name (Ticker)
POA Network (POA)
Price (USD)
$0.0189647112745
Rank
223
Active Supply
242.0 million
Total Supply
242.0 million
Volume (24H)
152275
Marketcap
4.6 million
Fun Name
Business Platform
Social Links
Block Explorer
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Overview

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.

Pros

  • Quality exchanges
  • Simple yet useful
  • Efficiency

Cons

  • No direct backing (asset, profits, commodity)
  • Scaliblity

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Problems

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Since the main advantage of Oracles Network is speed and scalability, if Ethereum is able to scale according to the roadmap and through off-chain solutions, the attractiveness of Oracles would be reduced dramatically. All validators of Oracle Networks are US residents.

Although they are independent, it might not be decentralized enough in the eyes of some. POA is not an ERC-20 token, so it may take a longer time for exchanges to list it as some integration is needed. The Proof-of Authority system is not bullet proof. If the incentives are large enough, validators can still act maliciously even if their identities are known.

Gaming

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ne of the identified use cases for the POA Network is in building online games that will be able to scale massively while also receiving security protections from the Proof-of-Authority consensus.
One of the benefits to gamers is the minimal transaction costs offered by using the POA Network.

Additionally, the POA Network is three times faster than Ethereum, even for ERC-721 tokens.
The recent addition of bridging technology is the most exciting part of the POA Network for gamers. It will allow players to easily transfer tokens and other assets from one blockchain to another and back again. In practice this means game items can be transferred from one game to another seamlessly.

Sidechain

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The POA Network was designed as a clone of Ethereum and was meant to be its own public blockchain. This means it isn’t simply sidechain technology, and it comes with its own consensus mechanism known as proof-of-authority. With the POA Network there is a notary system in place that is used to solve any node trust issues that might arise.

This works because any validator in the network goes through the full KYC process. Validators on the POA Network are public personalities, in many cases professors at various universities. This means the POA network is not fully decentralized, however it is trustable. One of the most interesting implementations being developed by the POA Network is the Bridge solution, which allows tokens to move between the Ethereum mainnet and other blockchains. The POA Network believes that this type of cross-chain interoperability is one of the keys to making blockchain technology useful in business settings and everyday use.

Interoperability

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A main focus at POA Network is to increase interoperability between EVM based chains. We’ve accomplished this through our bridge infrastructure, which enables different chains to interact and transact with one another.

On November 20th, POA Network launched a new interoperability solution, the ERC20 to ERC20 Bridge. This novel solution allows users to transfer ERC20 tokens from one Ethereum Virtual Machine (EVM) based network to another EVM based network within a single wallet.

The ERC20 to ERC20 is the third POA Bridge that we released in 2018! Each bridge addresses different concerns and enables horizontal scalability in a secure and efficient manner.

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