POA Network
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POA Network in numbers
It has traded since Feb 28, 2018, with $0.237477 of volume in the last 24 hours. Its all-time high of $0.939197 was reached on May 10, 2018; the current price is 99.9% below that peak. Its cycle low of $2.97661e-05 came on Aug 14, 2023.
About POA Network
POA Network is an Ethereum-based sidechain platform that provides infrastructure for deploying smart contracts, focusing on scalability and low-cost transactions. It uses a Proof-of-Authority consensus model and supports tools for decentralized applications and cross-chain interoperability.
Background
POA Network was created in April 2017, with the mainnet launched in December 2017. The high-level goal of the project is to provide fast and secure Ethereum sidechain, solving the scalability and connectivity issues in existing blockchain ecosystem. POA Network’s vision is to create an ecosystem of multiple networks designed for connectivity using bridges.
POA offers minimal transaction costs and faster transactions processing, compared to Ethereum. Their bridging technology allows users to bridge their tokens easily from one blockchain to another and back again, as well as converting their own POA Native Tokens from the POA Network onto the Ethereum network. POA offers both their own explorer and wallet, and has implemented on-chain governance.
POA Network allows for standalone networks to be launched with separate set of validators based on their governance system and trusted ceremony.
The network was launched in 2017 by the founding team and is currently run by the set of validators, voted in through the on-chain governance system. Project’s technical lead, Igor Barinov, is a developer and serial entrepreneur, who previously co-founded Block Notary, a notary service built on blockchain technology, which is used by a number of American and European banks.