Foundations of Blockchain

Proof of Elapsed Time (PoET)

PoET is a consensus algorithm designed to solve the performance issues faced by existing consensus protocols. It solves the Byzantine Generals' problem using the trusted execution environment. Due to its trusted execution model, it is only suitable for a permissioned blockchain network. PoET consensus has been implemented in Hyperledger's Sawtooth, which is a permissioned blockchain project backed by Intel. The trusted execution environment (TEE) in the network is achieved by Intel's Software Guard Extensions (SGX), which are instruction sets that allow user code to allocate private memory regions.

Similar to the PoS algorithm, PoET elects a random peer to construct the next block with the exception that there ...