POA Network Guide
(Last Updated On: March 6, 2018)

How To Buy POA Network Coins

POA Network is an open Ethereum sidechain with Proof of Authority (PoA) consensus, reached by independent validators. It’s a public network for smart contracts that combines speed, security, and cost efficiency. In this guide we will take you through the steps needed to easily buy POA coins, covering steps such as POA wallet selection, signing up for a reliable and trusted trading website, adding funds, performing trades and withdrawing POA to the safety of your wallet where you own the private keys.

Where To Buy POA

We would recommend using an established exchange platform such as Binance when buying crypto such as POA Network (POA) coins. You can either choose to store them on the platform or withdraw them and keep them in a personal wallet. If you are looking to hold for POA longterm, then move them off the Binance platform. If you are new to Binance, carry on reading this article for a step-by-step guide on how to use this trading platform.

POA Token Wallet

Within this guide, we will be making use of the easiest and most handy wallet for storing your Time New Bank coins. MyEtherWallet (which can store any coin ERC20 Tokens, including POA. For added security, we would strongly suggest using a hardware wallet such as the Trezor or the Ledger Nano S. You may also want to consider taking a look at our Trezor Model T review.

myetherwallet

How To Sign-Up To Binance To Buy POA

Enter your email and a strong password (that you won’t forget!) and then Click ‘Register’. You will be sent an email to confirm your email address? Click the link in the email. If you can’t find it, then check your spam folder, because if can sometimes end up there depending on your email provider.

You will be taken back to Binance as your email is confirmed. Press ‘Login’. On the login form, enter the email and password you just used to sign up, then press ‘Login’.

binace confirmed email

A pop-up will advise you to set up 2FA (two-factor authentication) on your account. We strongly recommend you set up 2-factor authorization (2FA) on your account.this second level of security makes it very unlikely they will be able to get into your Binance account.

Adding Trading Funds To Binance

Hover your mouse over ‘FUNDS’ on the top menu and click on ‘Deposits Withdrawals’. This screen displays any coins which you have stored on Binance – you will need to deposit some. I would suggest using Ethereum due to the lower sending fees and BNB for trading because of the lower trading fees – you get a 50% discount on trading fees for using BNB. However, you can deposit BTC if you wish to and then buy BNB.

binance add funds

Type ‘Ethereum’ in the search box. This will narrow the wallets displayed to just a few- in those, find Ethereum. Press ‘Deposit’ You will be given an Ethereum (ETH) deposit address. Make sure you have the correct address. If you send a currency to the wrong address, it will be lost forever. (The image below show LTC – this is for example purposes only).

binance add funds part 2

How To Perform POA Trades On Binance

The exchange page on Binance might appear too much to handle to start with, but don’t worry, you only need to use a small part of it and it really is pretty easily to buy POA coins on Binance.

There are 2 methods for buying coins on Binance:

  1. A ‘Limit’ order, which enables you to manually set the price you want to buy POA at.
  2. A ‘Market’ buy, which fills your order automatically at the best price available. The price may have spiked at that time, so be careful not to overpay. If you like the price then go ahead and use this method. Above the Buy POA’ button, click the ‘Market’ option.

In the input box marked ‘Amount’ you now need to fill out what number of POA you want to buy. It could be simpler to use the percentage buttons below the input box – for example, press 50% if you’d like to exchange 50% of your Ethereum for POA.

Once you’re satisfied with the quantity, press the buy button. Your order will be filled immediately.

Sending POA Tokens From Binance To A Private Wallet

If you’re happy with it, you can just leave your coins on Binance and they would in all probability be safe. On the other hand, exchanges have been compromised in the past, and users have lost coins, therefore we do suggest you keep them in a personal wallet.? (The picture below shows LINK coin – please note that this is for example purposes only) Make sure that you have selected POA.

  1. Press ‘Funds’ along the top menu, then ‘Deposits Withdrawals’. Within the search box, type POA. You will now see your new POA in your POA wallet.
  2. Click the ‘Withdrawal’ button.
  3. In the boxes that appear, complete all the information:
  4. Label: Write ‘My wallet’
  5. Address: Put the wallet address that you got from MyEtherWallet or any other ERC20 wallet you like to use that supports POA.
  6. Amount: Press the ‘Max’ button to send all your POA.

withdraw from binace

When you’re positive all information is accurate (check you’ve inputted the correct wallet address!), press ‘Submit’. If you’ve set up two-factor authentication, you will be asked for a code from your phone. Enter it and press ‘Submit’. You will be sent an email to confirm the withdrawal. Go to your email and click the link that’s been sent to you.

 

Visit Binace Here

What Is The POA Network?

TheĀ POA Network is an open Ethereum sidechain with Proof of Authority consensus, reached by independent validators. The aim is to build a public network for smart contracts that combines speed, security, and cost efficiency.

POA Core Network is made up of the PoA-based protocol, the validators who seal the blocks according to the rules of this protocol, and the DApps which enables the network functionality. Core Network is an independent chain with its own native coin.

At POA Network, we are making the case that consensus by individuals is a feasible business model for blockchains. A streamlined consensus algorithm that creates a trustless environment without an expensive setup, combined with a swarm of blockchains, connected to each other to transfer value, can establish a foundation for faster and cheaper smart contracts.

How Is POA Network Different and How Does It Work

Proof of Authority (PoA) is an alternate consensus mechanism, that does not rely upon the nodes solving arbitrarily difficult mathematical problems, but alternatively makes use of a set of “authorities” – nodes which are explicitly allowed to create new blocks and secure the blockchain.

Validators on POA Network are the known as the people which validate the blocks. Proof of Authority means that they stake their identity to secure the network. Their identity is subject to a variety of verification specifications, such as proof of address as well as no criminal record.

The Master of Ceremony is the initiator of a network. Making use of the Ceremony DApp, the Master of Ceremony generates 12 initial keys and distributes these to individual validators. Validators then replace initial keys with a new subset of keys. This initial ceremony launches the network.

POA Roadmap

POA Network Roadmap
The POA Network Roadmap which features their plans going into 2018.

Key Information and Additional Resources

5 Second Block Time: The network is fully compatible with Ethereum protocol. PoA consensus mechanism, however, allows much faster block time.

Built-in Governance: Validators vote for adding or removing validators using Governance DApp. Thus, the network supports voting at the consensus level.

Supported DApps: The network supports a broad range of “proof of identity” DApps and integrates them to proof the identity of validators.

Legally Recognizable Hard Fork: All validators are required to sign a legal agreement with the network. As a result, any Hard fork decisions are legally binding.

No Mining: Generating blocks in a PoA network does not demand substantial computational resources, like for example Proof of Work-based blockchains.

Model for Hybrid Networks: POA Network model can be used as a blueprint to be able to quickly launch open on-premise networks with intrinsic value.

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