PoET
PoET is a novel consensus algorithm that allows a node to be selected randomly based on the time that the node has waited before proposing a block. This concept is in contrast to other leader election and lottery-based proof of work algorithms, such as the PoW used in Bitcoin where an enormous amount of electricity and computer resources are used in order be elected as a block proposer; for example in the case of Bitcoin. PoET is a type of Proof of Work algorithm but, instead of spending computer resources, it uses a trusted computing model to provide a mechanism to fulfill the Proof of Work requirements. PoET makes use of Intel's SGX architecture (Software Guard Extensions) to provide a trusted execution environment (TEE) to ensure ...
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