A notary public commission is a prerequisite to qualify to be approved as a validator on the Proof of Authority (POA) blockchain network. Candidates should also have knowledge of blockchain and cybersecurity.
The POA blockchain algorithm is based on the use of verifiable individuals with good reputations, motivated to keep their good reputations and validator positions by working in the best interest of their network.
Once approved, a validator operates a node (computer) that approves incoming data blocks to add to the blockchain, in an average of 5 seconds. The validator earns digital currency (POA tokens) for each validation.
The POA consensus approval process is faster, cheaper, more scalable, and uses much less electricity than the Proof of Work (POW) blockchain algorithm that requires miners, comprised of expensive, power-hungry computer farms, and Proof of Stake (POS) that can become dominated by wealthy network stakeholders.
POA Network is an open Ethereum sidechain for smart contracts and Distributed Applications (DApps). It was launched in December 2017, and was previously named NotaryCoin, then Oracles Network.
POA native currency tokens on the POA Network can be converted to POA20 (ERC20) tokens on the Ethereum Network. Prices for the cryptocurrency are listed on cryptoexchanges. Recent market cap $35 million.
For information on the POA Network, their notaries and forum, see https://poa.network/
Disclaimer: This information is not investment advice. Conduct your own due diligence and consult your financial advisor before making any investment decisions regarding cryptocurrency. |
