Proof of Elapsed Time (PoET) Consensus Algorithm
In recent times, leading microchip manufacturer, Intel has been working on its proprietary consensus protocol, known as Proof of Elapsed Time (PoET). The new standard is an integral component of the Hyperledger Sawtooth blockchain framework and is used to provide enclave in Intel’s Software Guard Extensions (SGX).
The primary goal of the PoET protocol is to maximize the utilization of resource while facilitating the efficient consumption of energy resources. Moreover, this standard leverages a fair lottery system to ensure the continued efficiency of the entire process. While PoET is substantially promising, consumer reception is difficult to ascertain as of now.
PoET: An Exciting Concept
Currently, consensus algorithms are developed on a regular basis. This makes it exciting to check on the new releases regularly. As of now, the market is dominated by two protocols, namely Proof-of-Stake and Proof-of-Work. These two standards are an integral component of the world’s top two virtual currencies, Ethereum and Bitcoin, respectively. Nonetheless, this duopoly is likely to subside in the near future, if the increasing number of new consensus methods is anything to go by.
Irrefutably, PoET is among the standout protocols that are competing with Proof-of-Work (PoW) and Proof-of-Stake (PoS). The concept of PoET was inaugurated two years ago by Intel, a renowned electronic microchip manufacturer. Back then, most people questioned the development of the protocol, since the company had no precedent of creating such products. However, its integration into the more massive Hyperledger Sawtooth project justified its establishment.
How It Works
Similar to the Proof-of-Work model used by Bitcoin, PoET aims to achieve a fair consensus. The difference between these two is that PoET uses energy resources efficiently as compared to its alternative. This is accomplished by replacing Bitcoin’s cryptographic puzzle with an algorithm that tones down or hibernates the mining hardware, thus consuming less power.
Fundamentally, the PoET protocol is based on the appointment of distributing leaders amongst the members of the ecosystem. The cost of regulating the election process must be proportional to its potential returns. Therefore, individuals who desire to contribute to this project are required to invest a substantial amount of money, as well as time. Furthermore, the legitimacy of every election must be validated by each member of the community.
Surprisingly, PoET will leverage the new, cutting-edge software that is compatible with all categories of computer processors, including typical low-end devices. Theoretically, this implies that every computer owner across the globe can participate in the PoET community. Moreover, the efficient power consumption of this standard is likely to enhance the public’s interest further.
The Intel website has a detailed technical explanation of the working mechanism of the PoET protocol, including its applicability in real-life situations. As mentioned earlier, PoET is a component of the Hyperledger Sawtooth, a blockchain platform that offers the base for the development of distributed ledger projects. Nevertheless, certain individuals perceive Hyperledger as a centralized platform because Intel entirely operates it. To this end, plans are underway to modify the platform to align with requirements of decentralization.
Intel is a prominent brand in the computing world, as it is a crucial supplier of electronic microchips to established corporates such as HP, Dell, Lenovo, and many others. The development of the innovative PoET concept is a brilliant move, albeit being somewhat unexpected.
Its outstanding features, power efficiency, and compatibility will require most computers, are likely to contribute significantly to the mass adoption of this consensus algorithm. Besides these advantages, the PoET protocol regulates and quickens the consensus process to ensure continuous profits, a factor that guarantees the continuity of the project.
The Blockchain Insurance Industry Initiative (B3i) has announced a platform switch away from Hyperledger Fabric’s blockchain to Corda, an open source distributed ledger product created by New York-headquartered technology firm R3.
The decision comes following a report by B3i Services AG that reviewed open source blockchain technologies against the B3i enterprise platform strategy.
The report focused on critical success factors of data privacy, scalability, interoperability and developer productivity. It was concluded that the Corda platform offers the best blockchain solution available.
B3i referenced Corda’s strong reputation, technologies and standards in prompting the switch and expects a full integration of Corda nodes in the professional and compliant IT environments used by its clients.
Markus Tradt, Chief Technology Officer (CTO) at B3i, commented, “The Corda platform offers the optimal solution in the market to deliver the B3i roadmap and our industry-wide insurance blockchain ecosystem. We are very excited to continue our work with the Corda team.”
CTO at R3, Richard Gendal Brown, added, “We are delighted that B3i has selected Corda as its preferred platform and our engineering team is looking forward to working closely with the excellent team at B3i to bring their innovative solutions to market.”
The switch had been rumoured in technology circles for some time and sees B3i coming into line with other financial market giants that have elected to develop their systems on top of R3’s Corda distributed ledger platform.
However, the R3 platform Corda is not technically considered to be a traditional blockchain platform by many technologists, although it is considered a distributed ledger, although this is splitting hairs and semantics, as operationally many of the technological concepts in use remain the same. R3 explained the difference in this article.
Previously, B3i had been developing its products using the Hyperledger Fabric blockchain platform.