Proof of Authority

The Complete Blockchain Professional Course Different types of Consensus Algorithms
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Transcript

The fourth important type of consensus algorithm is proof of authority. Proof of authority is essentially an optimized proof of stake model, where the users instead of staking their currencies stake their identities. Usually the stakeholders or the validators inside the proof of authority systems are very small in number, almost less than 25. To ensure that the efficiency and the security of the network are maintained, there is no incentive for the validators with proof of authority consensus algorithm. The individuals on the right to become a validator, a stakeholder needs to go through a very formal and secure verification process to become a validator. The individuals need to go through many steps including staking their identities concerning to secure domain models.

And also provide evidence for validation of their identities. The eligibility to become a validator for proof of authority is quite complex and difficult to obtain. Now let's understand the proof of authority with the help of a diagram. As you can see in the diagram, we have a blockchain present with users and validators connected to the blockchain. The users use their wallets with the blockchain to encrypt the transaction, and then submit the transaction on the blockchain as a transaction request. The validators are present to validate the transaction and confirms the block on top of the blockchain.

Stakeholders need to go through a complicated process to become validators in which they need to stake their identity with security domain authority. As you can see in the image, well raters are joined with the identity authority, which performs various kinds of checks for the validators. This includes notary exam, criminal checks, and also the availability and performance checks. Moreover, the identities of the validators are stored on a public domain so that all the users inside the blockchain can know that who is the validator and how they are securing the network. One of the significant blockchain examples running proof of authority consensus algorithm is the proof of authority network blockchain. This blockchain was founded on the principle of implementing the proof of authority consensus algorithm over a public platform.

Proof of authority network consists of independent vectors, which are to be evaluated on proof of authority network candidates need to pass a notary exam followed by a test for no criminal records and good moral standing, only then they can be elected as one of the validators. If validators are not available or committed to the blockchain, then they are filtered out and removed from their positions. Proof of authority consensus algorithm is available as one of the consensus mechanism under aetherium blockchain So, you can also create your private blockchain using proof of authority consensus algorithm. The next major consensus algorithm is proof of weight. Now, let's go and understand about proof of work consensus algorithm.

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