Many blockchain networks use Proof of Authority (PoA) as a consensus mechanism. Gavin Wood, the co-founder of Ethereum and former Chief Technology Officer (CTO) of Ethereum, invented PoA. PoA is a consensus mechanism that relies on the worth of one’s identity and reputation rather than cryptographic assets or computational power. PoA relies on a small number of nodes to verify transactions and is frequently chastised for being overly centralized. This trade-off is balanced by exceptional scalability and transaction speeds.
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