PoA is an alternative consensus mechanism that depends on known and reputable validators to create blocks and provide computational power to a network.Â
Reltime is in the process of developing a PoA based blockchain, where the application will allow the lenders to login to the platform with their wallets, list the Reltime tokens that they own in the platform, and receive interest from borrowers. Once logged in, the lender would have access to view the listed assets and their data. They will select the support they want to lend on the platform and set an interest rate. The users will also have provisions to assume the role of a borrower and view all assets put up for lending in the platform. The user will be able to borrow the asset after depositing a specified quantity of guaranteed fee in Reltime tokens into the Escrow Account and view their current borrowing status and their wallet balance.
In addition to reducing the amount of power necessary to maintain the network, the Proof of Authority algorithm simplifies the validation process. The consensus also has an additional series of benefits that should be considered, which are:
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- Eliminating the need for sophisticated hardware
- Better transaction rates
- Tolerance to 51% attacks
- Environmental friendliness
Reltime is a Norway based organization that has launched an innovative new state-of-the-art DeFi infrastructure that aims to revolutionize the global payments sector. Reltime uses blockchain technology to create a financial services ecosystem that offers minimal barrier-to-entry for its users. Its online decentralized money transfer platform lets users send and receive money via peer-to-peer local and global remittance backed by a crypto stable coin. The platform also offers domestic and international peer-to-peer lending to individual and small businesses and a crypto and fiat synced card. Reltime uses sophisticated DLT technology to deliver the DeFi payments ecosystem for B2B and B2B2C globally.
Frode van der Laak is the CEO, Founder and inventor of the PoA and the Ecosystem of Reltime. Frode, with an MSc in Software and System Security at the University of Oxford, MPhil in the Faculty of Natural and Mathematical Science, and a Pending PhD from King’s College London in DLT. He brings enormous value to this global project, by bridging distributed ledger with user efficiency interests and inventing patented and patent-pending to promote convenience in telecommunication and DLT environments. Frode has filled over 15 patents and are in process with several more.
Reltime will go public on a regulated exchange, where it will continue to develop innovations, file patents, and incorporate new technology.
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