Proof Of Elapse Time

For you to understand what Proof of elapsed time is, it’s necessary you know what consensus is about.

Consensus algorithm is an essential part of the blockchain technology. They are used so that the main chain on every network stays the same. Consensus algorithm have formed a discipline in computer science according to Andreas Aandapoulous.

What is Proof of Elapsed Time?

Proof of elapsed time, this an algorithm which is used on the blockchain network to decide the mining rights on the network. Proof of elapsed time is a blockchain network developed by intel corporation which enables blockchain network to determine block winners and mining rights.

It spreads the chances of winning by following a a lottery system equally across network participants giving the same chance of winning to every single nodes. It is similar to bitcoin’s proof of work but it consume less power, switches to other tasks for a period of time and allows the miners processors to sleep to improve efficiency.

Background

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Proof of elapsed time was by the Intel corporation in 2016, the chip manufacturing giant. The selection is based on the time that they have waited. Every node is assigned a random wait time, and the node to finish first, gets to create the next block. It is a readymade tech tool to solve the computing issues of random leader selection.

Proof of elapsed time controls the overall cost of the consensus process and keeps it simple so that the cost is proportional to the value that obtained from the process and also a key requirement for the crypto economy to keep flourishing. Proof of elapsed time consensus protocols decide which node gets to produce the next block, therefore reducing some redundancies.

The Proof of Elapsed Time, used in Hyperledger Sawtooth doesn’t have the humongous electricity footprint, but resists attack by treating time as the scarce, competitive resource.

Before understanding, how the consensus of proof of elapsed time works, it is necessary to understand a bit about SGX.

What is SGX?

SGX is an advanced technology, but at its core. It is a set of instructions for a CPU that is used by apps to separate certain trusted regions of code and data. It serves as a secured database for developers to protect sensitive code from interference.

The code that runs in a tee using SGX is able to produce a signed evidence from the platform or application that is stored in the processor and also provides that the data is initialized in a trusted environment.

SGX Proof of Elapsed Time works great with a limited set of inputs. i.e. it can certainly prove time has elapsed, as long as you only want to prove zero days have elapsed."

Where the protected data is stored in SGX is safe from malicious users who have the controls to the physical access to the platform. Due to its potential security features afforded by this ability, SGX was widely accepted and have gained high expectations.

How proof of elapsed time works?

Proof of elapsed time is an effective work of proof of work (PoW) which removes the need for the mining process and replaces it with any random timer system for its network participants.

Each and everyone of the participants is given a random timer and the first timer to expire wakes up the participant that produces the new block and becomes the block leader. It provides an efficiently random solution for the “Random leader selection problem”.

The Proof of Elapsed Time (PoET)
consensus algorithm which is used in Hyperledger Sawtooth is very interesting compared to the famous Proof of Work (PoW) used in Bitcoin Blockchain. Eliminating the hardware advantage among nodes is the important difference of this algorithm.

it can only run inside secure enclaves and those aren't very secure or accessible.
It is a layer-2 sidechain and Cosmos Zone connected to Ethereum.

It leverages on the delayed functions of the technology to enforce a fair transaction ordering consensus that reflects real-world time via proof-of-elapsed-time.

The Protocol is a novel on-chain settlement scheme, tend to achieve the establishment of fair sequence of incoming orders, which resolves collision and front running by using a publicly verifiable proof of elapsed time.

Advantages of Proof of elapsed time

-poETis a substantial improvements in the proof of work (PoW) system.

-poET is an excellent consensus mechanism for permissions networks.

-poET scales efficiently and can also be used as Plug and Pay for testing environments.

Disadvantages of proof of elapsed time

-poET is vulnerable to malicious attacks.

-poET relies on a specialized hardware security which is a known weakness.

Satoshi's contribution to consensus mechanisms was massive! Hopefully there will be other mechanisms for decentralized consensus using fewer resources.

Proof of Stake.
Proof of Useful Work.
Proof of Elapsed Time (Intel) isn't trustless but neither is using Antminer, Bitmain.

Other cryptocurrencies are produced using less energy intensive ways such as proof of stake (POS) proof of capacity (POC) proof of elapsed time (poET) and proof of burn (POB). It all boils down to algorithm.

@alphafx