Cryptocurrency
Microsoft Introduces Ethereum Proof-of-Authority Algorithm on Azure via @cointelegraph
As reported by Cointelegraph, “Microsoft’s cloud platform Azure has introduced a proof-of-authority (PoA) algorithm on its Ethereum (ETH) blockchain product, according to a blog post Aug. 7. “The new Ethereum network algorithm will reportedly allow a ‘more efficient’ way of building decentralized applications (DApps) for private or consortium networks, where ‘all consensus participants are known and reputable.’ “In contrast to proof-of-work (PoW) — the existing protocol […]
As reported by Cointelegraph, “Microsoft’s cloud platform Azure has introduced a proof-of-authority (PoA) algorithm on its Ethereum (ETH) blockchain product, according to a blog post Aug. 7.
“The new Ethereum network algorithm will reportedly allow a ‘more efficient’ way of building decentralized applications (DApps) for private or consortium networks, where ‘all consensus participants are known and reputable.’
“In contrast to proof-of-work (PoW) — the existing protocol on Azure — a PoA algorithm is based on the principle of approved identities or validators on a blockchain, and does not require competition in completing the transactions.
“The new Ethereum product on Azure is equipped with a number of features to ensure its correct functioning and security, such as an identity leasing system, Parity’s web-assembly support, Azure Monitor, and a Governance DApp.”