Steemit Crypto Academy S2Week5//Concensus Alogaritm is (PoET)//Homework submitted to @alphafx

You lecture was quite interesting @alphafx. Thanks

I will be Focusing on the Proof of Elasped time (PoET) Concensus alogaritm bearing in mind that Concensus alogaritm forms an essential part of the blockchain as it helps to main a unity among systems.

What is PoET
PoET concencuse alogarithm is that which was designed and developed to resolve issues discovered with proof of Work concencuse alogarithm, we can say it is a better alternative to the Proof of Work. It operates on a fair lottery system and there removes the need for high rated resources coupled with high level requirement to ensure the system is more efficient. PoET implores a randomly generated Elasped time to determine block winners as well as mining rewards for miners and more. It acts somewhat like a timer.

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PoET is developed by the Intel corporation (the world largest processor creation and design company) to be a permissionless blockchain network and allow each participant to wait for an Elasped time before being able to declare block winners. The PoET concept was invented in 2016 to ensure computing mining problem are solved easily.

A very essential component in the PoET Concencus alogaritm is the SGX (Intel's hyped software guard extensions) programming reference manual which functions as a Trusted Execution Environment (TEE), which allows for selection of trusted codes to be executed independently on the application wherein it runs.

Operation on PoET concencuse alogarithm
Having been described as an efficient alternative to POW as it removes the need for masives equipment but replaces it with a random timing system. PoET concencuse alogarithm can be broken into these phases:
Code download and Verification: The nodes generates the PoET code and verification begins. At this stage, SGX is very functional in ensuring and attesting to every node or participant, if the network of nodes accepts the attestation by SGX, the participant is then allowed to join in the elapsed time and then deletion begins, if the network rejects then the participant is removed.

The new nodes is generated now has a timer allocated to time, each participant them wait for their Elasped time which must expire in other to randomly select a block leader which inturn sends a message to the network, once the message is authorized and authenticated, a new block is formed and the system starts all over again. The PoET is highly efficient and has the capability to scrutinize each and every node in the system. This can also be called the Hash generation stage.

Advantages of Using PoET
a) PoET is highly efficient when compared to the Proof of Work (POW)
b) it is highly recommended for permissionless networks
c) Reduces energy confusion considerably compared to other Concencus alogaritms.
d) System is considered to be secured since it is permissionless.
e) It is cost effective

Disadvantages of PoET
a) SGX is manufactured by Intel and may not be very much reliable
b) Security might be bridged.
c) Adoption is also another drawback in this system.

PoET use cases
The most profound use case of PoET is the HyperLedger

Conclusion
PoET is an efficient alternative to the Proof of Elasped time with very key features, though with few uses case.

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For more study:
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