Heeding to the feedback from the community, tech giant Microsoft has included a new Ethereum (ETH) ledger product known as Ethereum Proof-of-Authority.
While solidity language has been a significant challenge for enterprise developers on Ethereum network, the new product eases their pain by enabling a Parity’s web-assembly support that allows them to design smart contract with common languages like C, C++, and Rust.
This makes Ethereum Proof-of-Authority (POA) a better way of designing decentralized applications for networks.
The Proof-of-Authority is established as dwarf on the shoulder of Proof-of-Work’s giant, leveraging on the error of the latter to better it. Proof-of-Work is a mechanism that requires competition for Cryptocurrency transaction, allow fair participation and makes use of reckoning costs to self-regulate the network.
Contrarily, Proof-of-Authority is a more efficient algorithm that leverages the principle of approved identities, does not require mining, or competition in completing transactions.
With POA, each consensus node is designed to have its own Ethereum character, making no two nodes can have an equal identity. With this, identity is protected even in the case of an outage or virtual machine.
Other important and favourable features the new Ethereum product on Azure is fortified, which are to give effectiveness and security includes Azure Monitor and Extensive Governance.
From feedbacks, it has been observed that quite a number of customers want to get involved in a consortium but not in the managing of a network.
Proof-of-Authority provides a solution to this as it permits users to segregate consortium governance and network operation.
With the Governance DApp, there is a decentralized control, members of a consortium has power over his/her own key, agree to optimum security in signing into preferred wallet like Ledger hardware wallet, or Azure Key Vault with ECC signing, MetaMask in-browser wallet.
Lastly, the Governance Dapp upholds transparency and auditability by ensuring all changes are stored on the blockchain.