Software giant Microsoft has launched a new service, Blockchain as a Service (BaaS), which will allow enterprises to deploy new decentralized applications on the Ethereum blockchain in the Azure cloud service using the Proof-of-Authority algorithm.
Proof-of-Authority is a consensus based on the authority of a node, an algorithm that differs from all other algorithms in that it does not require mining to work, as is the case with the proof of work (PoW) algorithm. In a blockchain network based on PoAuthority, all transactions and blocks are verified through approved accounts (validators). Transactions and block creation are carried out automatically using the computing power of the validator. This can significantly reduce network maintenance costs.
PoW “works great in anonymous open networks where cryptocurrency contributes to network security,” said Azure Global software developer Cody Bourne. “However, in private/consortium networks, Proof-of-Authority will be more effective.” Bourne explained that because all participants in a company's network blockchain are known and authoritative, governance can be separated from the operation of the network.
To this end, the Proof-of-Authority product has a built-in decentralized application (DApp) or "Governance Application" that gives consortium members the authority to govern the network or delegate their voting rights to other nodes in the event their primary nodes are taken down, ensuring that all participants maintain ongoing participation in the consensus. Network administrators, in turn, can use on-chain voting to delegate authority to other network participants in a transparent and verifiable manner.
Along with Azure's original PoW-based product on the Ethereum network, blockchains using this new consensus model can be deployed in as little as five minutes, providing DLT enterprises with a "one-click" solution. To make the product even more user-friendly, Microsoft has integrated support for smart contracts using Parity's WebAssembly (Wasm) tool, which allows developers to write smart contracts in familiar programming languages such as C, C++ and Rust instead of learning Solidity, Ethereum's core programming language.
According to https://www.ccn.com
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