Proof of Elapsed Time (PoET)

Proof of Elapsed Time is a consensus algorithm used in blockchain networks to achieve distributed consensus. It works by assigning a random wait time to each node. During this time, nodes wait before they can propose a new block. The node with the shortest wait time is granted the right to add a block to the blockchain. This method ensures fairness and energy efficiency by eliminating the need for resource-intensive computations like those in Proof of Work. PoET is often associated with Intel's Software Guard Extensions, which help ensure the randomness and security of the wait time.