Proof-of-Authority: A Streamlined Blockchain System for the Modern World As the world of cryptocurrency continues to evolve, new consensus mechanisms emerge to address the limitations of earlier models. While you might be familiar with Proof-of-Work (PoW) – the system powering Bitcoin (currently valued at around $98,499.19 as of November 22nd, 2024) – and Proof-of-Stake (PoS), another popular approach, there's a rising star in the blockchain space: Proof-of-Authority (PoA). What is Proof-of-Authority? PoA is a consensus mechanism that relies on a pre-selected group of trusted validators to verify transactions on a blockchain. Think of it like a council of reputable organizations or individuals who oversee the network's integrity. Unlike PoW, which requires vast amounts of computing power (driving up Bitcoin's energy consumption), PoA prioritizes efficiency and speed. How Does PoA Work? Trusted Validators: A select group with established reputations manages the network. B...