Proof of Elapsed Time (PoET) is a consensus mechanism used in some permissioned blockchain networks where participants wait for a randomly chosen period, and the first one to complete the waiting period wins the right to create the next block. This mechanism relies on trusted execution environments (TEEs) to ensure that participants genuinely wait for the specified time and that the random selection is fair. It offers a low-cost, high-efficiency consensus method.
Context
PoET is often discussed in news relating to enterprise blockchain solutions and consortia chains, where trust assumptions differ from public, permissionless networks. Intel’s Hyperledger Sawtooth is a prominent example utilizing this mechanism. Debates around PoET typically focus on its reliance on hardware security and the degree of decentralization it offers compared to proof-of-work or proof-of-stake. Its suitability for specific business applications is a frequent topic.
Proof of Time is a novel cryptographic primitive that uses Zero-Knowledge proofs to verify elapsed time while preserving the confidentiality of the initial event's timestamp.
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