Proof of Elapsed Time [PoET]

PoET is a consensus algorithm that prevents high resource utilization and keeps the process more efficient by following a fair lottery system. For example, each participating node in the network is required to wait for a randomly chosen time period, and the first one to complete the designated waiting time wins the new block. Each node in the blockchain network generates a random wait time and goes to sleep for that specified duration. The one with the shortest wait time commits a new block to the blockchain, broadcasting the necessary information to the whole peer network. The same process then repeats for the discovery of the next block.