When it comes to designing our network, we have always been focused on maximum user-friendliness. Today there are many possibilities, from a blockchain based on POW, such as Bitcoin or based on POS, such as Cardano.
We have been looking for the best option, an option meant to provide the best safety, transaction speed and compatibility with the established protocols.
In order to invest in DeFi, it is essential to work with Metamask, the most used wallet to sign Smart Contracts and to interact on Web 3. Therefore, we have chosen to build a network based on EVM (Ethereum Virtual Machine), which allows us to reach the largest number of users.
As regards the safety of the network, something essential these days in order to face the dangers of the digital world, we have chosen POA, Proof of Authority.
Proof of Authority is designed to be a practical and effective solution, especially aimed at private blockchains. The term PoA was suggested by Gavin Wood, co-founder and former CTO of Ethereum. This consensus protocol has a marked difference compared to others such as PoW and PoS, because PoA takes advantage of real identities to allow validation within a blockchain. This means that validators put their real identity and reputation as a guarantee of transparency, a process that includes an arbitrary selection of such trusted validators. A totally different situation than PoW mining, but similar to the PoS participation scheme.
Moreover, PoA relies on a limited number of validators. This feature gives it a clear advantage, the high scalability of the blockchain, which has a positive impact in applications where speed is vital. In addition, it maintains a high level of access control of the blockchain in question, since only nodes allowed can participate.
This is the main focus of the end user, if their Metamask, Trustwallet or any other wallet account compatible with EVM will be available in order to invest in the protocols hosted on the Galo network.
Our network will be compatible with both concepts, since we want our users to be able to interact in any DeFi protocol, facilitating the entry from the FIAT world into the crypto world.