What is POA Network (POA)?
Future of POA Cryptocurrency and know how to buy POA

#1 – What is POA Network?

POA Network: The Basics

  1. POA Network is an open-source, public sidechain of the Ethereum protocol, which uses a Proof-of-Authority algorithm as its consensus system.
  2. It’s a platform aimed to make running and execution of smart contracts easier, cheaper and faster.

POA Network Development

  1. The POA website lists an R&D and open-source development team of 10 members and also 3 advisors.
  2. Igor Barinov, POA Network’s Technical Lead is a certified blockchain expert with over 12 certifications in programming, data science and deep learning. Before joining POA Network, he co-founded Block Notary, a notary built on blockchain technology.
  3. Their Project Lead Andrew Cravenho has over a decade of experience in the financial sector, and a year or two of experience in blockchain. He has been the founder/CEO of various blockchain as well as financial companies and firms.
  4. Other members include Core Developers, DApps Developers, Researchers and others.
  5. Advisors of this platform include David Thelander, Mark Pui and William Mougayar, all prominent personalities in the blockchain world or the financial sector.

source: POA Network Website

#2 – What are the advantages of POA Network?

POA Network Technology

  1. POA Network, also called Oracles network, is a permission, open, public blockchain based on Ethereum which uses the Proof of Authority consensus algorithm.
  2. Proof of Authority is a type of Proof of Stake which is more efficient as well as straightforward, having known validators and a governance-based penalty system.
  3. Initial validators are supposed to be independent public notaries with a valid US commission license, and they were to be given keys by a master of ceremony. Initially, only 12 keys were created.
  4. After this initial distribution, new validators can be added through voting on POA Network’s built-in governance system. Majority votes will decide the acceptance or rejection of the new validators.
  5. Each validator can change their key to a subset of keys in a dApp on the client’s side.
  6. Validators can create blocks and generate a coin reward on the network. For each block, one coin is generated as validator reward and one more for sustaining the network. The validator also receives the fees for each transaction related to the block he/she creates.
  7. Validators are prevented from malpractices as their identity is known in the network since validators are required to prove their identities using proof-of-identity dApps on the network. If any rules are broken, participants in the network can use legal means to resolve the issue since the identities are known.
  8. POA Network provides a set of built-in dApps for the purpose of functioning, governance, identity verification, etc.
  9. The Initial Ceremony dApp is used to create the initial set of keys for a validator in any new network based on the POA Network. The keys generated here are a “mining key”, “voting key” and “payout key”.
  10. Proof of Identity dApps are basically used to verify and prove the identity of validators on the network. Proof of Physical Address and Proof of Bank Account dApps are other means to validate the identity of any user and connect it to his/her wallet.
  11. The Governance dApp, as the name suggests, is a voting app on the Network, on which votes are made on changes in the network and other things, new ballots are created and existing ballots can be seen.

#3 – How to buy and store POA Network tokens (POA)?

How to buy POA

POA Network tokens (POA) are available for exchange in 6 exchanges for various other cryptocurrencies like Bitcoin and Ether. The exchanges include Binance, Bibox, Bancor Network, Ethfinex, Tidex and Bilaxy. Binance accepts its own native token (BNB) in addition to Bitcoin and Ether, and Bancor Network only accepts its own token (BNT).

As of July 2018, only one exchange accepts any fiat currency in exchange for POA, and that is Ethfinex, which accepts US dollars.

  1. These are just platforms where you can buy or sell POA tokens, but help is often needed to decide which one to buy from. This help is what CoinSwitch, one of the best cryptocurrency exchanges provides, by displaying the prices at the exchanges it’s sold in, all at one place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you want with your POA token, and CoinSwitch will help you decide the best one for you!
  2. What’s more - with CoinSwitch, you need not rely on wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

POA Storage

  1. POA Network is on the Ethereum blockchain, so the POA token can be stored in any of the numerous wallets compatible with Ethereum.
  2. Hardware wallets are the most secure, and Ledger Nano S as well as Trezor work for ERC20 tokens.
  3. Exodus and Mist are desktop wallets for which store Ethereum and tokens on its blockchain. It is compatible with Windows, Linux and Mac operating systems.
  4. Jaxx, another Ethereum wallet, functions as a desktop wallet for Windows, Linux and Mac PCs, a mobile wallet for Android and iOS phones, as well as a web wallet through Chrome and Firefox extensions, making it one of the most versatile wallets around.
  5. MyEtherWallet is its most popular Web wallet, and ETHAdress is one of the paper wallets storing ERC20 tokens.

#4 – What is the future of POA Network?

Also Read: Complete Analysis of POA Network | Live POA Network (POA) Price Charts And Predictions

Market Cap and Global Acceptance

  1. The ICO for POA Network tokens was held in November 2017, selling about 252.46 million tokens with a hard cap of $12.5 million USD. The proceeds from the ICO were distributed as below:
    1. 75% was used for the Research and Development of the POA Network
    2. 8% went into Operations
    3. 10% was used for Marketing
    4. 4.5% went into the legal aspects, and
    5. The remaining 2.5% was the token sale fee
  2. The distribution of the POA tokens is as follows:
    1. 70% was sold during the crowdsale
    2. 10% was kept aside for the founders
    3. 10% was used by the foundation and for the legal formalities
    4. 5% was used by parity, and
    5. The remaining 5% went to the partners and advisors of the platform.
  3. The circulating supply of POA Network tokens is about 218.46 million POA, with a market cap of about $34.71 million USD and an individual price of about $0.159.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 27, 2018

0.157711

0.164606

0.147867

0.160678

4,68,758

3,44,50,300

Jul 01, 2018

0.175066

0.195129

0.17147

0.191378

9,86,166

3,59,52,800

Jun 01, 2018

0.399295

0.400959

0.372366

0.384816

16,74,980

8,17,95,200

May 01, 2018

0.679371

0.69051

0.65107

0.67863

72,49,100

13,88,05,000

Apr 01, 2018

0.379365

0.386614

0.314728

0.339845

26,96,440

7,73,12,700

Mar 01, 2018

0.630485

0.655799

0.559415

0.575771

3,18,55,500

-

Feb 28, 2018

0.636262

0.708823

0.612476

0.634475

7,93,76,200

-

Trends so far

  1. It’s difficult to predict the trends of such a new cryptocurrency, which is not even 6 months old as of July 2018. POA tokens were launched with an initial price of about $0.63 per token in February 2018, increasing to a maximum of about $0.84 USD in May 2018. The minimum value of the token is about $0.15 USD, as of July 2018.
  2. POA Network has definitely risen in rank in the months since its launch, with a rank among the first 200 in terms of market cap. As of July 2018, it has a rank of 198 among cryptocurrencies worldwide, in market cap rankings.
  3. The market cap ranking of the POA Network token is quite an encouraging prospect, although it does show a downward trend as of July 2018. The idea of a blockchain which makes smart contracts easier and cheaper to execute also holds merit.

#5 – What makes POA Network different from other cryptocurrencies?

  1. POA Network’s consensus algorithm, Proof-of-Authority, makes it stand out among all its counterparts.
  2. Proof-of-Authority promises to be safer, fairer and capable of holding rule-breakers accountable, and the use of this consensus mechanism makes POA Network unique among all the Proof-of-Work and Proof-of-Stake algorithm-using cryptocurrencies.

#6 – Should you invest in POA?

  1. The high rank of POA Network in global market cap rankings makes the cryptocurrency an attractive option for investors.
  2. The website gives a clear idea as to who the developers are, inspiring trust that it’s not just a pump-and-dump scheme.
  3. With the increase in the use of smart contracts, the demand for an easier solution like the one that POA provides will increase, leading to an appreciation in the token value.
  4. This may not fetch high returns in the short term, but POA is likely to be a good option for long-term investment.
  5. Of course, you must make sure to look up the platform, its whitepaper and all the details you can gather about it before investing in it, because it’s always better to be careful where you put your money.
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