Proof of elapsed time along with crypto world example

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Greetings to you all!
Proof of elapsed time along with real crypto world example is my today's topic to share.

Proof of elapsed time is defined as a concept which refers to proof of time concept so it is basically mechanism which is used in different particular net packs and blockchain for giving more fairness transparency and security to the system. When I talk about in simple words then main motif behind proof of time concept is in the prevention of malicious actors that want to control order of transactions and blocks in particular blockchain so this concept is very helpful for the maintenance of integrating and consistency of the network in processing different transactions in fair way.

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For understanding working of roof of time concept you need to know different examples which is let say that it is proof of stake consensus algorithm about which I am talking so in that validators are chosen for the creation of new blocks depending up on the number of tokens which they stake and which they are holding so if there would be more coins in their holdings then there would be more chance for that validators to get selected.

With stake roof of time is also responsible for introducing some other factors also which include duration of the time from which coins have been stacked. So due to this if someone is staking coins of tokens from long period then there would be more probability and more chances of his selection.

By including time as factor proof of time mechanism is very helpful for protecting it from different malicious attacks like long range attach so in this way it gives surety to validators to have real long term interest for the success and betterment of network and discourage them from attempting anything which is illegal attempt and any act for manipulation of blockchain.

Proof of elapsed time could also be used in those with the currencies that work on consensus and proof of space and time.Proof of space and time consensus algorithm allows users and participants shows that they have particular amount of storage in a particular time so in this way by the implementation of this mechanism it gives fairness in creation of blocks and give encouragement to participants so that they may contribute the resources whatever they have for the betterment of network.

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Here is an example of it from the real world crypto space.

Tezos is a particular cryptocurrency which is popular and it is working on proof of elapsed time consensus mechanism and it is a blockchain and participants are called bakers that are chosen for validation of transactions and for creation of new blocks depending upon their stake which they are holding.Tezos is a blockchain which introduce time based factor called baking right. Consensus mechanism make sure that bakers have long time commitment for the protection and safety of this platform and discourage from anytime which is related to manipulation of the system just for short term benefits so in this way it is a great way to protect blockchain and to promote transparency and encourage active participation of members.

That was all about proof of elapsed time that how it is helpful and what is the main purpose and what is behind it and what differentiate it from other consensus mechanism as well as what is the real crypto world example we can relate with it.

Have a blessed day