The Areon Network is a decentralized blockchain platform that utilizes a unique consensus mechanism called Proof of Area (PoA). PoA is a hybrid consensus mechanism that combines the cost-effectiveness of Proof-of-Stake (PoS) with the transactional security of Proof-of-Work (PoW).
Under the PoA algorithm, all transactions are verified by a network of randomly selected validators, who are known as Area Land shareholders. Area Land is a virtual asset that is purchased using the native AREA token. The more Area Land a validator owns, the greater their chances of being selected to verify transactions.
When a validator is selected to verify a transaction, they are rewarded with a block reward. This block reward is then distributed to all Area Land shareholders, proportional to the amount of Area Land they own.