Really pleased to be part of this class prof @alphafx as i have been well educated on what consensus algorithm is and with what i have learned and a little research of my own i composed my homework post.

Well i would be talking about proof of elaspse time(PoET) in my post. But first i would like to briefly explain what i understand by consensus algorithm.

Consensus Algorithm

Well in a blockchain it's core part or aspect i think is surely it consensus algorithm. The consensus algorithm of any blockchain determines how secure and efficiennt that blockchain is.

The consensus algorithm actually brings together or ties all the network peers of a block together to reach an agreement on the present state of the distributed ledger.

Every blockchain has it's consensus algorithm, which could be proof of work, proof of burn, proof of capacity, delegated proof of stake, proof of stake, proof of elaspse time and so on and so forth. But i will be looking into proof of elaspse time (PoET)

Proof Of Elaspse Time(PoET)

Well proof of elaspse time(Poet) was actually designed as a fair consensus model, focused on efficiency and revolves around the concept of distributed leader elections across the largest possible amount of network participants.

Proof of elaspse time consensus was designed to achieve this goals using new and secure cpu which are widely available in consumer processors. PoET based coins ensure the safety and randomness of the leader election process without requring the amount of electricity or computational power that a process such as proof of work requires.

Unlike some other consensus algorithm proof of elaspse time(PoET) offers a great potential due to the fact there is opportunity for more people to act as validators

Well i could just simply or should i say in simple terms outline all there is to know about Proof of elaspse time (PoET)

• Proof of elaspse time is used by private blochchain network.

• Each node is assigned a waiting period by the network to mine- The one with the shortest waiting period wins first

• Proof of elapse time comes from intel and it relies on a special cpu instruction set called Intel Software Guard Extensions (SGX)

• Nodes interested in joining their network must download the trusted PoET code and run SGX in a Trusted Execution Environment (TEE)

Difference B/W PoET and POW

PoW	PoET
Requires enormous electrical and computational power	While efficient does not require as much computational power
Due to the computational energy needed to run this consensus algorithm it makes it expensive	the fees for running this consensus algorithm is very cheap because it does not consume much computational power as PoW
It can be very time consuming because of the work to be put in to create new blocks	It's actually less time consuming compared to Pow
Because of it's expense and strict nature it's miners are not as much as other consensus algorithm because of it's high consumption of electrical power since not everyone can afford the expenses involved	Offers opportunity to wider people to act as validators

Conclusion

Proof of elaspse time(PoET) in terms of workflow is somehow similar to proof of work(PoW) but the only thing is it does not consume as much computational power as Pow and yet it is also much efficient.

Unlike proof of work(Pow) and proof of stake(PoS) as well PoET offers enormous potential because it provides ability for wider or more people to act as validators and the cost of running it's consensus is small compared to the other popular census Algorithm.

N/B:image used was a screenshot taken by me