Proof of Authority (PoA) method of blockchain system
The theme of high energy consumption in the blockchain causing environmental pollution is truly hot potatoes. The alternative is the PoA method. PoA is explained in detail below, so please check and get to know and contact us in the comments for more questions.
Proof of Authority (PoA) is an agreement algorithm raised to complement and use the way work of proof, an initial consensus algorithm, as an alternative to consuming a lot of energy. Proof of work is a safe and reliable algorithm. However, it is not scalable and consumes a lot of energy to prove its work. There is also a limit to increasing transaction processing per second. These limitations are limiting the speed of consensus in the blockchain. PoA is an algorithm used to improve these limitations.
The PoA algorithm is a form of the algorithm in which reliable institutions with authority agree to create blocks. With this method, the nodes that generate the block are determined, so you can trust the block generated through the consensus algorithm. However, to select a trusted node, most of them choose a reliable institution because the node must be reliable and identifiable.
To become a reliable node to use PoA agreements, you need to prove that you are a reliable organization rather than prove your stake, such as Proof of Steaks (PoS), and you need to be selected as a node authorized to create blocks. And institutions or organizations with the ability to select and add nodes should proceed transparently and fairly. Usually, the organization that operates the blockchain selects and operates an institution that can have the authority to create blocks. The same foundation that operates the blockchain in the MEPIUS blockchain will proceed with the selection authority and block creation.
The advantage of PoA algorithms is that unlike PoW (Proof of Work), only certain nodes can generate blocks, which can secure reliability for block creators and prevent nodes from consuming energy to generate blocks, reducing the energy used by nodes.
Because limited nodes create blocks, block creation time can be shortened and block consensus can proceed quickly. In addition, nodes can create blocks quickly, which can speed up transactions. MEPIUS chose to use PoA-type algorithms to reduce energy consumption in block generation and prevent unnecessary energy consumption. The energy used to generate blocks of MEPIUS can reduce carbon generation by reducing energy consumption compared to PoW.
However, when using the PoA consensus algorithm, decentralization cannot be maintained in order to delegate and manage block generation to reliable organizations. It will be managed centrally and it will be managed centrally to select and manage reliable institutions. Eventually, decentralization is not maintained, and all management is done centrally. However, in order to maintain the reliability of the blockchain, the institutions and organizations that manage it must transparently manage the selection process and maintenance process to maintain reliability.
In addition, you need to pay attention to security because you can see that nodes that create blocks are concentrated outside. Therefore, efforts are needed for the security of nodes participating in PoA.
MEPIUS considered consensus algorithms to reduce energy consumption and speed up transaction processing, which is emerging as problems with existing PoW blockchain systems in consideration of environmental aspects and selected PoA as the consensus algorithm. While building a blockchain system through the construction of the mainnet, we will use the PoA consensus algorithm to build a blockchain system that is environmentally friendly and supports users’ fast transactions.
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