CryptoAcademyWeek13HomeworkPostForProfessor@alphafx

Consensus Algorithm

Personally, I wonder how every traction on the blockchain is verified and secured, I have realized it can be possible due to the availability of the consensus algorithm.

The consensus algorithm is important because it provides safety, privacy over the distribution of decentralized network. A consensus algorithm is an innovative technology which all blockchain platforms come together in agreement with the state of transaction distribution. By this, there ensures trust which is a very important factor for the blockchain network. This agreement sees to it that only the certified version agreed by the nodes are added to the blockchain.

Before I proceed i would like to discuss about an effective security mechanism "SGX".

SGX

This is a complex security technology that is very effective and serves as a set of guidelines for a central processing unit; It is used to code date and apply to specific instructions. Codes in TEE that uses SGX are provided with valid authentication in a trusted environment. The storage of the SGX is free from unscrupulous physical user's and controls the highest access to storage device; In relation to poET ,SGX operates as the tools to join and verify entry with trusted codes. It takes out the need for mining process with better timer system, cooperation, collaboration and equal rights.

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Proof Of Elapsed Time(poET)

This is a blockchain that prevents high energy consumption and the utilization of human resource. It generates algorithm by a random selection time log to determine rights and block winners for the algorithm network. Another way, transparency is achieved by making sure the lottery out come are validated by external participants.

Features of Proof Of Elapsed Time (poET)

Only blockchain network with full permission are allowed to determine winners and mining rights. It is developed by intel corporation, the lottery system allows equal chance of participants to win. Each node must be on sleep mode during the period of wait in the blockchain network. When the nodes go to sleep, for a specific period the one with the shortest time of wait will wake up first and wins the block. And It consumes less power and increases efficiency.

Advantages of poET

Since it operates like lottery, the mechanics ensures the genuine selection and not independent shorter system. It shows fairness and justice is involved. The mechanism also shows that the owner has finished the waiting section. It allows miner's processor to switch to other duties for a stipulated time. The codes are trusted and in a secured environment and cannot be hacked by other external participants.

Ensures transparency : results can be validated by external participants. It is highly cost effective as it maintains the requirement by crypto economy.

Disadvantages of poET

It relies too much on the hardware SGX which is innovative but at high. It increases fear as it is assured to it's working based on intel (a third party) and encrypt .

Phases of poET

i. Network verification and SGX

This serves as the forefront phase of the consensus. Here, a signed agreement is presented to run the Code is downloaded by the participant Network of nodes either accept or reject the agreement; If accepted, the participant shows the network and can partake in the lottery selection.

ii. The Elapsed Time Lottery Selection

This is the second and final stage of the consensus. Every round, a network participant waits for the expiry time;after the expiry period the participants a signed certificate to show that they are the block leader for that round. All participants go through the same

Conclusion

PoEt is still proven to be highly effective with valid authentication, the only worry seems to be it's association with the intel corporation as a third party. Who knows how viable it will be in the nearest future? but it is believed to come better in the future.