August 2018
Beginner to intermediate
94 pages
2h 37m
English
Content preview from Learn Bitcoin and Blockchain
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Proof of Elapsed Time
PoET is a consensus algorithm similar to PoW which it consumes far less electricity, that Intel has developed for their own use. The algorithm uses a trusted execution environment (TEE), such as Software Guard Extensions (SGX), to ensure blocks get produced in a random lottery fashion without any work done, instead of having participants solve a cryptographic puzzle. This approach is based on a guaranteed rate time provided through the TEE. According to Intel, the PoET algorithm scales to thousands of nodes and will run efficiently on any Intel processor that supports SGX. A major drawback for PoET is the requirement to always put your trust in Intel, when moving away from putting trust in third-parties is the fundamental ...
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