Intel's PoET (Proof of Elapsed Time) Blockchain Consensus Algorithm

Proof of Elapsed Time (PoET) Consensus Algorithm

In recent times, leading microchip manufacturer, Intel has been working on its proprietary consensus protocol, known as Proof of Elapsed Time (PoET). The new standard is an integral component of the Hyperledger Sawtooth blockchain framework and is used to provide enclave in Intel’s Software Guard Extensions (SGX).

The primary goal of the PoET protocol is to maximize the utilization of resource while facilitating the efficient consumption of energy resources. Moreover, this standard leverages a fair lottery system to ensure the continued efficiency of the entire process. While PoET is substantially promising, consumer reception is difficult to ascertain as of now.

PoET: An Exciting Concept

Currently, consensus algorithms are developed on a regular basis. This makes it exciting to check on the new releases regularly. As of now, the market is dominated by two protocols, namely Proof-of-Stake and Proof-of-Work. These two standards are an integral component of the world's top two virtual currencies, Ethereum and Bitcoin, respectively. Nonetheless, this duopoly is likely to subside in the near future, if the increasing number of new consensus methods is anything to go by.

Irrefutably, PoET is among the standout protocols that are competing with Proof-of-Work (PoW) and Proof-of-Stake (PoS). The concept of PoET was inaugurated two years ago by Intel, a renowned electronic microchip manufacturer. Back then, most people questioned the development of the protocol, since the company had no precedent of creating such products. However, its integration into the more massive Hyperledger Sawtooth project justified its establishment.

How It Works

Similar to the Proof-of-Work model used by Bitcoin, PoET aims to achieve a fair consensus. The difference between these two is that PoET uses energy resources efficiently as compared to its alternative. This is accomplished by replacing Bitcoin's cryptographic puzzle with an algorithm that tones down or hibernates the mining hardware, thus consuming less power.

Fundamentally, the PoET protocol is based on the appointment of distributing leaders amongst the members of the ecosystem. The cost of regulating the election process must be proportional to its potential returns. Therefore, individuals who desire to contribute to this project are required to invest a substantial amount of money, as well as time. Furthermore, the legitimacy of every election must be validated by each member of the community.

Surprisingly, PoET will leverage the new, cutting-edge software that is compatible with all categories of computer processors, including typical low-end devices. Theoretically, this implies that every computer owner across the globe can participate in the PoET community. Moreover, the efficient power consumption of this standard is likely to enhance the public's interest further.

The Intel website has a detailed technical explanation of the working mechanism of the PoET protocol, including its applicability in real-life situations. As mentioned earlier, PoET is a component of the Hyperledger Sawtooth, a blockchain platform that offers the base for the development of distributed ledger projects. Nevertheless, certain individuals perceive Hyperledger as a centralized platform because Intel entirely operates it. To this end, plans are underway to modify the platform to align with requirements of decentralization.

Intel is a prominent brand in the computing world, as it is a crucial supplier of electronic microchips to established corporates such as HP, Dell, Lenovo, and many others. The development of the innovative PoET concept is a brilliant move, albeit being somewhat unexpected.

Its outstanding features, power efficiency, and compatibility will require most computers, are likely to contribute significantly to the mass adoption of this consensus algorithm. Besides these advantages, the PoET protocol regulates and quickens the consensus process to ensure continuous profits, a factor that guarantees the continuity of the project.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

Digital Assets Beat Traditional Assets by a Wide Margin & Ethereum Outperforms Bitcoin

In 2020 to date, Bitcoin has seen a positive performance of 80% and Ethereum 217%. With these gains, digital currencies are leading this year, with...

Filecoin Miners Will Receive 25% Of The FIL Rewards Immediately After A Successful Network Upgrade

Filecoin (FIL) miners set to receive 25% of their rewards instantly for miners that successfully activated the FIP-004 protocol at block number #170,000. Given...

PayPal Exploring Acquiring Crypto Companies, Already in Talks with Bitcoin Custodian BitGo

PayPal is now exploring acquisitions of crypto companies, including bitcoin custodian BitGo, reported Bloomberg. This week, Paypal announcing support, buy, sell, and hold for cryptos...

Bitcoin Is Having A “Sell-Side Liquidity Crisis,” As BTC Buyers Outweigh the Sellers

After an explosive start of the week that took us to a 13-months high of $13,300, Bitcoin is taking a breather just under $13,000. Interestingly,...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today