This is My task for @alphafx assignment.

Consensus is a technique for reaching an agreement. To achieve consensus in the blockchain, various algorithms have been developed.
In this task, I'll concentrate on Proof of elapsed time.

What is the concept of Proof of Elapsed Time?

Proof of Elapsed Time is a blockchain consensus mechanism algorithm which is used on validated blockchain networks to determine who gets to mine or who gets to win blocks.
Validated blockchain networks require all potential participants to identify themselves before being allowed to participate through a strategic fair lottery system in which every node has an equal chance of winning with the use of randomly generated elapsed time.
The Proof of Elapsed Time (PoET) algorithm enhances and improves transparency which happen to be one of his strengths.

Image credit to pexels

Features of Proof of Elapsed Time

1. Proof of Elapsed Time was created to decide block winners and mining rights in blockchain networks that have been authorized.

2. Proof of elapsed time is intended to establish a fair consensus model that prioritizes efficiency.

3. PoET was designed in a trustworthy manner to ensure that network participants' waiting times were chosen at random and that the winning participant actually successfully completed the waiting time.

4. Every participant in the network will be fairly assigned a random waiting period. The participant to commit the next block to the blockchain will be the winner: the first participant to finish waiting period

5. The proof of elapsed time mechanism aim at sharing gains between as many network users as possible in a strategic fair manner.

History to proof of elapsed time

Five years ago (2016), Intel Chipmaker (INTC) brought the idea of the proof of elapsed time. This algorithm is like a copy of Proof of Work, but consumes less energy. To finalize blocks, they devised a protocol for selecting the next leader at random, and upon the completion of this idea, PoET came to existence

With other groups such as the Linux Project and IBM, also, The Hyperledger Sawtooth, which is built on a blockchain architecture attempting to build technologies for a private blockchain that is highly scalable. They all contributed to the creation of the proof of elapsed time consensus method.

Understanding the workflow of proof of elapsed time algorithm.

The algorithm allows each network node to wait for a random amount of time on a counter, with the first node to complete the waiting time being the winner for the new block. Each node on the network will have to go to sleep for a predetermined amount of time, and the first node to wake up, adds a new block to the blockchain.

The system monitors and will not allow manipulation of participants nodes chosing a shorter waiting period in order to win, but instead, a completely random time. The system monitors that the winner has truly waited for the waiting period. These are basic things that will be considered by the proof of elapsed time consensus process

Benefits proof of elapsed time.

1. proof of elapsed time consensus mechanism algorithm enhances the transparency of the network consensus.

2. It is extremely energy efficient.

3. Does not necessitate a lot of expensive hardware.

Disadvantages of proof of elapsed time

1. Users must wait for confirmation that their transaction has been recorded.

2. Totally reliant on Intel's technology.

Conclusion

These are basic things to know and note about proof of elapsed time consensus algorithm, the meaning, features, how it came to existence and its pros and cons. But in summary, proof of elapsed time highly believe in a fairly strategised system