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In the blockchain world there are various types of consensus mechanisms which are a basic work process where transactions and data changes are verified or approved by the network mechanism.
Unlike PoW consensus which only relies on computing power to validate a transaction, also on PoS consensus which only relies on crypto owners to lock their crypto. PoA focuses on the reputation and identity of the validators, so only verified individuals or entities can become validators. thus allowing the network to process transactions faster.
In PoA consensus, certain and trusted individuals or institutions will be selected as validators, so that the Proof of Authority (PoA) consensus mechanism will be very suitable for implementation on private or consortium blockchains and can be used by various agencies such as government agencies, financial institutions, private companies etc.
Unlike PoW consensus which only relies on computing power to validate a transaction, also on PoS consensus which only relies on crypto owners to lock their crypto. PoA focuses on the reputation and identity of the validators, so only verified individuals or entities can become validators. thus allowing the network to process transactions faster.
In PoA consensus, certain and trusted individuals or institutions will be selected as validators, so that the Proof of Authority (PoA) consensus mechanism will be very suitable for implementation on private or consortium blockchains and can be used by various agencies such as government agencies, financial institutions, private companies etc.
