What Is POA (POA)?

POA is the cryptocurrency of the POA network. The POA network is a public, open, permissioned blockchain based on Ethereum protocol. A permissioned blockchain signifies an additional security system with an access control layer on blockchain that allows specific actions to be operated only by specific identifiable participants. Henceforth, the currency aims to develop a new public test network in order to prevent spam attacks on Ropsten testnet. Ropsten testnet is an Ethereum-based network that permits blockchain development and testing before launching on the main Ethereum network. To achieve this aim, POA developed a proof-of-authority consensus on the ETH protocol. Proof of authority is a reputation-based consensus algorithm that provides an efficient and practical solution for blockchain networks.

Furthermore, to ensure this smooth functioning on the POA network, the cryptocurrency launched the POA token. The token is used for paying the gas fee on the POA network and functions on the Ethereum protocol. Further, the token is also used to pay the individuals who perform mining on the network at a rate of 1 POA for each block generated. Besides this, the income generated from the pre-sale of the token was used to fuel the overall network and is allocated for various operations of the network:

• 75% of the income generated from the token sale is spent on research and development of the network.

• 8% of the revenue generated from the token sale is used for operational purposes.

• 10% of the income is spent on the marketing of the network.

• 4.5% is spent on all the legal expenses of the network.

• 2.5% is allocated as the fee for token sale.

Therefore, the token plays a considerable role for the POA network.

History of POA (POA)

The POA network was launched on March 6, 2017, by a group of companies working from Kovan in Singapore. The pre-sale of the POA token began on November 17, 2017. The POA network’s token POA has a maximum supply of 252,460,800 POA coins.