SteemitCryptoAcademy: Consensus Algorithms@ alphafx || Proof of Elapsed Time

Introduction to Proof of elapsed time

Just like there are public blockchains, so are they private blockchains anf proof of permission consensus algorithm is often associated with private/permission blockchains where each node is assigned a period to wait by the network in other to mine. While the one with the shortest waiting period mine first, the nest period mines next. The consensus model is designed for "fairness" and "efficiency".

Proof of elapsed time was mainly introduced in the year 2016 just to make sure there is scalability and fair consensus model. Proof of elapsed time is a cryptography protected time lottery based consensus algorithms which provides intel to its technology in other make it usable without its outside warranties. The most striking and useful among the consensus algorithms is the proof of elapsed time.

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How proof of elapsed time works (PoET)

Poet was created as a primary consensus mechanism which is permissioned mostly for blockchain network which makes it the model of choice for Hyperledger Sawtooth’s modular framework and this encourages them in implementing a popular tool for experimenting it within its ledger system.

Proof of elapsed has an innovative technology that works hand in hand with it and this goes by the name Intel’s Hyped Software Guard Extensions and this came into limelight in the year 2015 when it was introduced into the bitcoin network and this gives the application to run a code on it without depending on the application.

PoET mains objective is to create a group where trust is the main key and this group are controlled by a leader called the controller. the main objective of the controller is to confirm the work that goes around between the group to know how correct the work is. The controller ensures that the code sent within the group is legit and securer and make sure other necessary things are put into place.

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For Nodes interested in joining the network, the Proof of Elapsed Time should be downloaded and run the Software Guard extention (SGX) in a Trusted Execution Environment (TEE)

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Proof of Elapsed Time consensus and intel Corporation

Intel corporation came to invent Proof of Elapsed Time in the year 2015 with a ready-made high tech tool which is now used to solve every computing problem, mostly the selection of electing leaders. This invention made sure that there are fulfilment in winning participant and the random selection of leader for a particular group.

Benefit of Proof of Elapsed time

There is high efficiency increase the miners time frame and it gives all miners processor the ability to rest and take care of other tasks over a given period of time.

It makes sure their transparency within the network thereby giving them the ability to take care of network necessities as to be able to run a trusted code within the bitcoin network.

Proof of Elapsed Time makes sure the cost of consensus process are easily controlled in put in place so that the actual cost is almost the same to the actual value derived from the cryptocurrency economy. Proof of elapsed time is also similar to proof of work but the differences is that PoET gets it resources through energy unlike its alternative. Proof of elapsed time deals mainly with leadership appointment between members of the living ecosystem.

PoET gives anybody full access to participate in the community all across the globe once an individual have a laptop or a mobile device, there is a probability they are likely to gain public interest in the nearest future due to their low consumption of power.

Advantages of Proof of Elapsed Time

• PoET brings about the improvement in the working efficiency

• It solves the issue of Random selection problem that is being faced without making use of incentive structures thereby giving the privilege to act on its own accord.

• PoET works as a plug and play model which also reduces its work efficiency as connected with the Hyperledger consensus network.

• It also makes sure that there is a control of Selection Leaders random problem

• It gives every nodes a 50 percent chance of winning and this act like an equal participant among the system network.

Disadvantages of Proof of Elapsed Time

• PoET has an issue of not been vulnerable due to its reliability on mostly hardware security issues

• This reliance deals with the ability of not being able to have trust between intermediaries or third parties.

• PoET finds it hard to take full control over the developments that happens mostly in between the frameworks of the modular blockchain network.

Conclusion

Developed by Intel Corporations, Proof of Elapsed Time will be a great blockchain consensus for private companies and corporations. Thanks to @alphafx for the class and the assignment, I was able to do a lot of research and I have learned a lot alongside.