Crypto Academy Season 2 - Week 13 - For @alphafx

WHAT IS PROOF OF ELAPSED TIME (POET)?

Since its start, the cryptocurrency world has been full of new ideas, and one of them is Proof of Elapsed Time (POET). It is a totally new and revolutionary consensus algorithm with unmatched scalability.

It is among the blockchain consensus and mining algorithms, one of the most amazing algorithms is Proof of time elapsed (POET), This is a consensus algorithm designed from the ground up to be highly scalable and targeted at private blockchains. For this reason, we will hardly see it supporting the activity of a blockchain of a public cryptocurrency, as in the case of Bitcoin.

However, the potential of POET is geared to be applied in blockchain development as part of information-intensive systems. For example, companies that needs integrated control systems that guarantee the immutability of such information. This would be the case with highly technical and automated assembly lines, chemical and medical laboratories, among others.

HOW DOES PROOF OF ELAPSED TIME (POET) WORK?

Basically what POET does is create a trust ring in which a group of participants is coordinated by a controller. This controller is in charge of taking the work of the people in the trust ring and verifying that it is correct. Once a participant is chosen, they generate the block, develop the cryptographic proof and send it to the controller.

When the controller receives the test, it checks it and, if correct, accepts the lock. If not, discard it. Given this last decision, he triggers the timer again so that the selection process starts over and the test is generated by another participant. The process follows this cycle of repetitions allowing keeping the network functioning indefinitely. Obviously this is a very easy way to explain how POET works, but it will give you a general idea of ​​the process and will help you better understand the explanation we will do next.

START OF THE POET SELECTION PROCESS

The basis of how POET works is in the selection process created by the process verification algorithm. The task of this selection algorithm is to give each participant a temporal object.

We can see this time object as a countdown timer that has a certain amount of time described in it. At the end of this time, the stopwatch starts an activation event for the participant which, from that moment, becomes a block generator. You can then see this time object as an alarm, which when it reaches the indicated time, the alarm will sound indicating that it is time to work to generate a block.

RANDOMNESS, THE KEY TO THE PROCESS

This selection process is random and is powered by Intel's random number generation instructions, the RDRAND instruction.

This instruction unique to Intel processors (although AMD also has an equivalent) generates random numbers in an accelerated fashion using the entropy (or chaos) that originates electrically within the processors. A process that in theory generates random numbers that is very difficult to detect.

This is the basis of this initial process and also tells us how extremely dependent POET is on these processors. Also, the only way a participant can become a block generator is to present a certificate that approves it. This certificate is generated using the Intel Software Guard Extensions (SGX) Instructions.

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These instructions specialize in cryptography and are used to generate a secure digital certificate. The generated certificate is stored in a hardware vault (such as those of hardware wallets, an HSM file) OR TEE (Trusted Execution Environment) that resides within the same processor.

Only participants who respect the possession of a valid certificate in the system, with public and private keys in their TEE, and who have a verified and active time object, will have the opportunity to take part in the generation blocks by using POET algorithm

GENERATION PHASE

Presently, when the member gets their time object and is enacted, the generation interaction starts. From the exact second wherein the time object "awakens" the member, this is empowered to generate a block.

The entire interaction above guarantees that that member conformed to the pre-generation rules which are:

Generate a safe endorsement utilizing RDRAND, SGX and saving it in your TEE.
Share the certificate with the network. This is to turn into a functioning and perceived member inside the organization.

As should be obvious, these two stages are plainly access control points, guaranteeing that nobody who isn't perceived by the focal specialists of the organization can take part in them. So, we are confronted with an agreement convention planned explicitly for private or approved networks.

ADVANTAGES OF POET

It is an incredibly effective and adaptable consensus and block generation calculation.
The measure is amazing to apply to private blockchain networks, truth be told it is focused on controlled corporate spaces.

The choice and acknowledgment of validators guarantees that the network is impervious to outside and inside assaults.
The age measure is decentralized. Its age interaction is decentralized. Time components and enactment guarantee that everybody has a similar square bring forth openings.

DISADVANTAGES OF POET

Extremely subject to Intel innovation. Albeit the algorithm is a free software and can be adjusted to different platforms, the progressions would make these network practically inconsistent or with genuine contrariness issues. 


There are assault vehicles on these networks that adventure known weaknesses in Intel processors. 

VULNERABILITY

Although POET is a conceptually very secure consensus algorithm, the framework it uses to work has begun to falter: Intel and its processors are full of bugs, which are publicly known but unsolved.

While there is no bug-free hardware or software, Intel has faced serious problems over the past 10 years. Problems that have worsened recently; Vulnerability cases such as Meltdown , Specter , SGX Crack , Prime + Probe , LVI , Plundervolt , Play SGX or Enclave , have a direct impact on POET's security. In fact, they have a direct impact on the overall security of our computers.

Although the vehicles and means of attack are very complex, they are possible and can be exploited by any resourceful hacker or group of hackers.

Governments in their quest to control everything, spend fortunes seizing this kind of vulnerability to develop tools that allow them to spy on their citizens and other governments, even the whole world if possible. Indeed, there is a suspicion that for example RDRAND, is a Trojanized or intentionally weakened instruction to facilitate spying.

WEAKNESS

Despite the fact that POET is a theoretically secure consensus algorithm, the structure it uses to work has started to flounder: Intel and its processors are brimming with bugs, which are openly known however inexplicable. While there is no sans bug equipment or software, Intel has dealt with difficult issues in the course of recent years.

Issues that have deteriorated as of late; Vulnerability cases like Meltdown , Specter , SGX Crack , Prime + Probe , LVI , Plundervolt , Play SGX or Enclave , straightforwardly affect POET's security. Truth be told, they straightforwardly affect the general security of our PCs.

Albeit the vehicles and methods for assault are extremely unpredictable, they are conceivable and can be misused by any ingenious programmer or gathering of programmers.

Governments in their journey to control everything, spend fortunes holding onto this sort of weakness to create devices that permit them to keep an eye on their residents and different governments, even the entire world if conceivable. Surely, there is a doubt that for instance RDRAND, is a Trojanized or deliberately debilitated guidance to work with spying.

USE CASES OF POETS

HYPERLEDGER: The main use instance of POET is the HyperLedger project, where POET is the default algoritm for arrangements utilizing the HyperLedger Sawtooth system (structure and programming improvement). Sawtooth is surely the origination and advancement of POET.

@alphafx