The Proof of Authority Consensus Mechanism

The Proof of Authority Consensus Mechanism

The cryptocurrency space has witnessed many innovations ever since Bitcoin hit the scene. These include consensus mechanisms such as proof-of-stake (PoS) and proof-of-authority (PoA), which serve as alternatives to Bitcoin’s proof-of-work. These consensus mechanisms were proposed in light of criticisms pertaining to PoW’s energy consumption and scalability.

When it comes to transactions per second (TPS), Bitcoin and other PoW-based blockchains suffer from a lack…