What Is Proof of Elapsed Time (PoET)?

Proof of elapsed time (PoET) is a blockchain network consensus mechanism that prevents high resource util💙ization ﷽and energy consumption; it keeps the process more efficient by following a fair lottery system.

The algorithm uses a randomly generated elapsed time to decide mining rights and block winners on a blockchain network. By running a trusted code within a secure environment, the PoET 澳洲幸运5官方开奖结果体彩网:algorithm also enhances transparency by ensuring lottery results are verifiable by external participants.

Understanding Proof of Elapsed Time (PoET)

A consensus mechanism is a method used by blockchain networks to verify transactions and create more blocks. Proof of elapsed time (PoET) is a 澳洲幸运5官方开奖结果体彩网:consensus mechanism often used on permissioned blockchain networks to decide the mining rights or the block winners on the network. 澳洲幸运5官方开奖结果体彩网:Permissioned blockchain networks are types that require any would-be participant to identify themselves before they are allowꦺ♌ed to join.

The PoET network consensus mechanism needs to ensure two crucial factors. First, it ensures that the participating nodes genuinely select a time that is indeed random and not a shorter duration chosen purposely by the participants to win. Second, it establishes that the winner has completed the waiting time.

The PoET concept was invented in early 2016 by Intel Corporation (INTC), the chip manufacturing giant. It offers a ready-made high-tech tool to solve the computing problem of "random leader election." The ingrained mechanism allows applications to execute trusted code in a protected environment, ensuring that both requirements—randomly selecting the waiting time for all pa𓆉rticipating nodes and genuine completion of waiting time by the winning participant—are fulfilled.

In conjunction with other organizations such as the Linux Project and IBM, Intel sponsored the open-source Hyperledger Sawtooth project, which uses the PoET consensus mechanism. 澳洲幸运5官方开奖结果体彩网:Hyperledger Sawtooth is a distributed ledger solution that is both scalable and adaptable for many uses at the enterprise level.

How Does PoET Work?

Based on 🗹the principle of a💮 fair lottery system where every node is equally likely to be chosen, the PoET mechanism spreads the chances of winning across the largest possible number of network participants.

Under PoET, each participating node in the network must wait for a randomly chosen period; the first to complete the designated waiting time wins the new block. Each node in the blockcha🎐in network generates a random wait time and༒ sleeps for that specified duration.

The one to wake up first—that is, the one with the shortest wait time—wakes up and commits a new block to the blockchain, broadcasting the necessary information to the whole peer network. The same process then repeats for the discovery of the next block.

How Is PoET Different from PoW?

Essentially, the workflow is similar to the consensus mechanism followed by Bitcoin's 澳洲幸运5官方开奖结果体彩网:proof of work (PoW) algorithm, but without its hig🧸h power consumption. It allows a node to sleep and switch to other tasks for the specified time, thereby increasing the network's efficiency.ꦅ

The mechanism of running trusted code within a secure environment also takes care of many other network necessities. It ensures that the trusted code runs within the secure environment and is not alterable by any participant. It also ensures that the results are verifiable by participants or other permissioned entities, thereby enhancing the transparency of the network consensus.

PoET controls the cost of the consensus process and keeps it nimble so that it remains proportional to the value derived from the process, an essential requirement for the cryptocurrency economy to continue flourishing.

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