To maintain this secure and transparent environment, it is crucial to have a mechanism that ensures the integrity of the network and verifies transactions. That’s where consensus mechanisms come into play.
Proof of Authority (PoA) is one such consensus mechanism used in blockchain networks that provides a secure and efficient way of validating transactions and adding new blocks to the chain. Unlike other consensus mechanisms like Proof of Work (PoW) and Proof of Stake (PoS), PoA does not rely on a competitive process to reach consensus, but instead uses a pre-selected group of nodes, called “validators”, to validate transactions and add new blocks to the chain.
Validators are trusted entities such as organizations, businesses, or individuals who have been vetted and authorized to act as validators. They are incentivized to act honestly and fairly to maintain their reputation and the security of the network. The network relies on the trustworthiness and reliability of these validators to validate transactions and add new blocks to the chain.
One of the key benefits it is the ability to provide a high degree of security and stability. Since the validators are known entities, they have a vested interest in maintaining the security and integrity of the network. Furthermore, it is also highly efficient as it eliminates the need for energy-intensive processes like PoW and reduces the time required to validate transactions and add new blocks to the chain.
PoA is ideal for use in networks that require a high degree of trust and security like Wireshape, such as consortium blockchains and networks handling sensitive data and assets. It is also well-suited for private networks and permissioned blockchains, where only authorized participants are allowed to transact and participate in the network.
In summary, Proof of Authority (PoA) is a consensus mechanism that provides a secure and efficient way of validating transactions and adding new blocks to the chain. By relying on a pre-selected group of trusted validators, PoA provides a high degree of security and stability and is ideal for use in networks that require a high level of trust and security. Using this mechanism, Wireshape can benefit a high standart level of trust for the ecosystem and interesting rewards for the validators, also giving certain authonomy to them take decisions about another validators.
About Wireshape
Wireshape is a new and open layer-1 blockchain dedicated to decentralizing global product data, making it useful for consumers to have real, complete, and relevant information about a product before it is purchased, ensuring greater satisfaction by acquiring what was really expected. Wireshape delivers a new product data standard, open and audited by the community. Consumers themselves, as well as manufacturers, are able to suggest and validate the fidelity of product information publicly recorded on the blockchain.
