POA consensus is unique in the public blockchain space. The POA DAO(Decentralized Autonomous Organization) is composed of US Notaries who secure the network and validate transactions.
POA Network validators are a diverse and self-governed group of individuals. They have each been entrusted in a decentralized manner to promote network health, performance and security. Validators must monitor their own nodes and the ecosystem at large to maintain optimal performance.
The POA DAO began with a trusted ceremony. The Master of Ceremonies distributed 12 keys to the initial 12 validators. These initial validators were all licensed US Public Notaries (this is a requirement for all POA Network validators). All validator information is public and available for cross-reference through the Validators DApp.
Since that initial ceremony, the validators have become a self-regulated decentralized autonomous organization (DAO) consisting of a variable number of participants. The POA network is wholly managed by these individuals without any company, corporate or government influence.
Validators participate in on-chain governance, where they propose ballots to add or remove members, update network parameters, or distribute emission funds. All proposals are brought to a vote, and a minimum required number of approval votes must be collected before any measure is passed.
In PoA, a validator is not required to hold a stake in the network. He or she is required, however, to have a known and verified identity. By staking this identity to secure the network in exchange for the block rewards, a validator is dis-incentivised to act maliciously or to collude with other validators. With on-chain governance in place, malicious actors can be removed and replaced. Existing legal anti-fraud guarantees are used to protect participants of the open network from malicious actions of validators.
A Validator has both technical and social responsibilities both of which are important for the health, performance and security of the network.
- Ensure node is secure by practicing safe key management
- Maintain node requisite software version
- Monitor node to ensure its availability and participation in consensus
- Monitor network in general and communicate with other validators and network entities if problems arise.
- Participate in on-chain Governance of the network. Governance is a collection of DApps where ballots are proposed and voted on by existing Validators to manage the network.
- The Ballot types include:
- Adding new Validators
- Removing Validators, i.e. for compromising security of network, malicious behavior, non-participation in Governance
- Updating/swapping of one of more Validator keys
- Changing the Approve Ballot Threshold
- Changing Consensus Proxy Contract
- Participate in POA Network Community Forum