Distributed.Fund x POA Network
On April 19 we organised a meetup with POA Network, here in Moscow. Despite a very shot notice, around 70 enthusiasts from the community came to hear about POA, its challenges and solutions. Jumping ahead, we can proudly say it was another successful story in the books!
But as Murphy’ law would have it, anything that can go wrong will go wrong… Okay, let’s start from the beginning.
POA Network team are true start-up minded people: what other team struggle to accomplish in weeks, POA team manages to get done in just a matter of days. So we thought ‘let’s do the same and organise a meetup just a week in advance’. Obviously, we were punished for it.
Firstly, we had to reschedule the event from April 23rd to April 19th — even less time to prepare: leaving us not with 7 days, but only with 4 days. Because of that we had to find another venue as ours was already occupied on that day — and of course communicate all that with POA team to adjust their schedule (which was obviously already quite full). But that is not even half of what we had to go through…
On the day of the event the sound system at the venue broke down — we had to get a new one, so we got a taxi to deliver it there. But the taxi ran out of gasoline mid-way (this never happens to anyone!) — we need blockchain solutions for that — a new startup idea? And after all that, the fire alarm signal went off 5 minutes prior to the start of the event. Luckily, the alarm was just a test, the equipment got there on time and in the end everything went according to plan. No one even realised what was going on behind the scenes of the organisational process that day ;)
Now about the event itself…
Igor Barinov started off with explaining the aspects of POA blockchain, POA platform and the roadmap for 2018.
POA team are actively developing the infrastructure for Ethereum side-chains, including explorer, which would be usable not only for the main chain but also for side-chains, forks. Bridges among Ethereum chains is another big thing they are working on. In fact, as of today POA has developed the first working Ethereum bridge.
At the meetup Alexander Kolotov demonstrated how POA works with Ethereum side-chains. Vadim Arasev explained the POA governance model and the process of creating side-chains. It was very cool to see how Viktor Baranov created a new side-chain from scratch in just 5 minutes! Horizontal approach to scalability in combination with POA governance model seems to be an interesting solution with many possible use-cases.
All POA nodes have US notary licences and from a legal standpoint are responsible for the information stored on the blockchain. There is a strict procedure for being apporved by the US notary to become a validator, so it does give good benefits to run a node — but at the same time validators have big responsibility and can actually be legally liable for up to 7.8 million USD. But overall POA blockchain has proven its superior qualities, and we hope to see many dApps build on the network in the near future!
Everyone who joined the event looked excited and to actually impressed by the quality of the content from POA team, big thank you to them! As for Distributed.Fund, we will keep working with the best projects, educating the community, bringing them all together and empowering people and businesses to step into the new era of blockchain technologies :)
Full video from the event can be found on Facebook (in Russian though, sorry!)
Till next time! By the way, if you are planning to go to EdCon in Toronto, or will be around in New York during the days of the Consensys event, get in touch with us and we can meet to discuss future plans ;)