Microsoft – a tech giant – has introduced a new BaaS (Blockchain as a Service) product that lets firms to deploy a flexible instance of Ethereum designed especially for enterprise environments. Ethereum Proof of Authority (PoA) on Azure enables companies to develop apps on a blockchain of Ethereum which isn’t secured by a Proof of Work consensus algorithm and hence doesn’t need mining.
Cody Born’s Remark
According to Cody Born – a software engineer at Azure Global – Proof of Work works better in open, anonymous networks where the security on the network is promoted by digital currency. Nevertheless, in a consortium or private network, the underlying ETH doesn’t have any value.
He also added that since all the participants on the blockchain network of an enterprise are known and trustable, the operation of the network can be separated from governance.
Proof of Authority
The product of Proof of Authority (PoA) features an inbuilt decentralized app which is known as the “Governance Dapp” which offers consortium participants with the authority to give their voting power to others or govern the network. The members of the network can also assign other nodes to vote on their behalf in cases where their fundamental nodes go offline, making sure that the participants maintain a continuous consensus participation.
Along with the original of Azure, Proof of Work-based Ethereum product, blockchains that utilize this new consensus model can be set up in just a space of 5 minutes. To increase the usability of the product further, Microsoft incorporated support for smart contracts that are built with the WebAssembly toolkit of Parity.
Ethereum (ETH) Price Today – ETH / USD
Ethereum (ETH) is currently valued at $361 after losing about 2.7 percent of its value over the past twenty-four hours. The market cap of the digital currency is $36.85 billion and its trading volume over the past twenty-four hours is $1.93 billion.