Ethereum BaaS or Blockchain as a Service product, the new announcement from Microsoft is going to end the era of mining. This new offering will find its applicability in the daily business across different industries. The launch of Ethereum Proof-of-Authority, based on Azure, was announced by the tech giant on August 7.
The new technology will allow various applications to be developed on the Ethereum blockchain platform which won’t be necessitating the security of Proof-of-Work (PoW) centric algorithm.
A software engineer with Azure Global, Cody Born, has given a detailed definition of PoW. He said,
works great in anonymous, open networks where cryptocurrency promotes security on the network. However, in private/consortium networks the underlying ether has no value.
Bestowing his confidence on the familiarity and reputation of participants in blockchain network, Born said he feels governance and network operations can function separately.
GovernanceDApp or decentralised application characterises the Proof-of-Authority products. With this, members get the power to govern the network and entrust others with voting powers.
The participants can authorise others with secondary nodes as their representatives to vote in case the primary nodes become offline or inactive.
Thus, to maintain transparency or audit, administrators use the procedure of on-chain voting to either vote or alter the network authorities.
The PoW based Ethereum blockchain will provide a single click DLT solution to the entities. Microsoft’s integration support will make the utility of the product multi-dimensional for smart contracts.
Parity’s WebAssembly toolkits are leveraged to develop smart contacts which helps developers design smart contracts in familiar programming languages like C, C++ and Solidity.
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