POA coin is the native token or cryptocurrency of the POA network. In the POA network, POA coin is used for transaction purposes, transaction fees, and as a reward mechanism for validators. Apps like DopeRaider use POA for in-game purchases and transaction costs, while others like Geon benefit from POA for gas fees i.e., transaction fees, while providing their own in-game tokens to users.
What is POA?
POA is an autonomous network secured by a group of trusted validators. All validators in the network are United States notaries and their information is public. This known distributed group of validators allows the network to provide fast and inexpensive transactions.
The POA organization also develops products and tools to improve interoperability, infrastructure, and transparency across the ecosystem. These include BlockScout, an open-source explorer, and TokenBridge, a multi-chain asset transfer solution.
In addition, according to announcements, all POA Projects use Identicon to create unique logos. A mix of the project name with its color scheme is used to create the visual identity of each project. This emphasizes the uniqueness of each project while creating consistency.
Moreover, POA coin operates as the native currency of the POA Network and is used for transactions and fees within the network. POA20 also serves as an ERC20 token for use on the Ethereum mainnet.
With TokenBridge, POA is pioneering the interconnection and interaction of blockchains. Cross-chain TokenBridge solutions have facilitated asset transfers between Ethereum-based networks since May 2018, providing interoperability and scalability.
The use cases of POA are listed as follows:
- POA Network offers a scalability solution for Ethereum DApps and developers. This means a consistent, high-performance environment, 5-second block time, 60 transactions per second, and minimal transaction fees. This is said to be ideal for game development and user experience.
- Community currencies (CCs) are locally created currencies similar to coupons that local communities can use to trade goods and services. CCs are created for marginal communities where access to the national currency is limited. They increase trade between small communities and villages in rural areas, create jobs, and improve food security for individuals in these programs.
- Kauri is a decentralized article pool similar to Medium web3. Users create articles, tutorials, and documentation and publish them on the platform. When a user creates an article with Kauri, it is stored on IPFS. Metadata such as the author’s name, article ID, and IPFS hash are then processed on-chain to record ownership and creation time.
- While POA is found on the POA Network, most large-scale decentralized finance applications can only be accessed from the Ethereum mainnet. To access these services, POA can be bridged to POA20 and used on the mainnet.
POA Coin Reviews
Looking at the reviews of POA Coin, it is said that POA is seen as a long-term investment. Especially after the increases in DeFi tokens, POA coin seems to be attracting attention, receiving positive reviews from investors.
To understand investors’ expectations about POA coin, it seems beneficial to look at current prices.
At the time of writing, according to CoinMarketCap data, the POE token is trading at $0.0204 and against Bitcoin (BTC) at 0.00000127 BTC. Additionally, with a market cap of $5,742,883, POA is ranked 660th, indicating its position in the lower ranks.
In addition, it’s worth noting that the POA token saw its lowest level at $0.0042 on March 13, 2020, and a record level at $0.9524 on May 10, 2018. According to CoinMarketCap data, 281,447,709 POA are in circulation, and it’s important to note that the total supply of POA is unknown.
How to Buy POA Coin?
POA Coin can be purchased through Binance, the largest cryptocurrency exchange by trading volume. POA was listed on Binance on December 18, 2018. However, we see that this listing did not bring a record performance.
