Get to Understand Õpet Through its Powerful Proof of Authority Framework
By Charlotte Kng
Heard of Proof of Work? What about Proof of Stake?
If you’re an avid patron of the blockchain space, you’d be very familiar with these two consensus algorithms; also known as the most prominent and celebrated frameworks in blockchain.
However, as with many of the things in this world, they are not irreplaceable. New mechanisms are constantly birthed everyday and one notable contender is the Proof of Authority (PoA) framework.
Proof of Authority — How it Works
The PoA framework is really quite simple. Recall how Proof of Stake work? PoA works very similarly, except for the fact that tokens are no longer the sole factors in deciding the extent of investment in the success of the network; identities are. These identities are staked by a group of validators that are pre-approved to validate transactions and blocks within the respective networks, hence maintaining the integrity of the validation process — essentially, you can’t sit with them if you’re not up to standard!
So, What’s So Great About Proof of Authority?
The most celebrated feature of the PoA network is its low requirement of computational power. Because the transactions are validated by identities whom have already been pre-approved as:
(i) formally identifiable on-chain with the ability to be cross-referenced through reliable data available in the public domain,
(ii) one of clear incentive, both financially and reputationally, and
(iii) aligns with the uniformity of validator establishment process,
there is no actual need for additional security gateways such as, say, the solution of complicated mathematical equations in Proof of Work.
If that’s not enough, the PoA framework also does not require communication between nodes to reach consensus, neither is it dependent on the number of genuine nodes to ensure continuity of the network like other algorithms. What more can you ask for?
A Speedier, More Reliable Network for Õpet
Recall when we mentioned that the identities will be staked by a group of validators that are pre-approved to validate transactions on the network? In Õpet, the more reputable institution can serve as “Master Nodes” in the Hyperledger Fabric’s PoA framework to speed up the system of authentication and validation, hence increasing the robustness of the entire system.
Ethereum’s ERC Token’s voting mechanism will be used to determine who the deserving “Master Nodes” are in performing validation efforts. These institutions will subsequently be rewarded with more incentive tokens which they can provide to their deserving students for future tertiary scholarships and digital tuition companion services, hence contributing further to the virtuous cycle and network effects Õpet seeks to achieve.
This thoughtful blend of a powerful Hyperledger Fabric and an intelligent Proof of Authority framework will ultimately serve up Opet users with what they need as the platform embarks on their visionary journey to build a global alliance of institutions with user-approved data-validation capabilities.
To find out more about Õpet and it’s PoA framework, be sure to visit their social media sites below:
Official Website: https://opetfoundation.com/
Twitter: https://twitter.com/opetfoundation
Telegram: https://t.me/opetfoundationgroup
Medium: https://medium.com/@opetbot
Bitcointalk: https://bitcointalk.org/index.php?topic=3735418
