Microsoft enters the fray here. Intriguing notion of proof of authority vs Proof of work. Examining implications.
Microsoft’s New Ethereum Blockchain Product Gets Rid of Mining
Software giant Microsoft has debuted a new Blockchain as a Service (BaaS) product that allows businesses across industry verticals to deploy a flexible instance of Ethereum tailored specifically for enterprise environments.
Announced on Tuesday, Ethereum Proof-of-Authority on Azure allows enterprises to build applications on an Ethereum blockchain that is not secured by a Proof-of-Work (PoW) consensus algorithm and consequently does not require mining — features that are better suited for networks in which participants do not trust one another.
PoW “works great in anonymous, open networks where cryptocurrency promotes security on the network,” said Azure Global software engineer Cody Born. “However, in private/consortium networks the underlying ether has no value.”
Born explained that, since all participants on an enterprise blockchain network are known and reputable, governance can be separated from network operation. ... "
Background:
https://en.wikipedia.org/wiki/Ethereum
https://azuremarketplace.microsoft.com/en-us/marketplace/apps/microsoft-azure-blockchain.azure-blockchain-ethereum?tab=Overview
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