You may have heard of proof-of-work or proof-of-stake consensus mechanisms, but there are many others. AntolinWriter explains the rules and reasons for proof-of-authority:
One such consensus mechanisms is proof-of-authority , which has been introduced as a more energy-efficient alternative to PoS as less computational resources are needed.Proof-of-authority is a consensus algorithm that delivers an efficient solution for blockchains, specifically private ones. The term was coined in 2017 by Gavin Wood, a co-founder of the Ethereum blockchain.
A validator candidate should be willing to invest money and stake their own reputation. A rigorous process reduces the possibility of selecting questionable validators and encourages a long-term commitment. Let’s take an example of a reputational rating mechanism within eBay . In the beginning, all sellers are subjugated to rules of the platform and feedback from buyers.
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