One of the main contributors to this perception is proof-of-elapsed-time (PoET), a variation on the system that Bitcoin uses to ensure that computers in the network agree about which transactions really took place, which the company unveiled earlier in 2016. This high-tech tool solves the computing problem of “random leader election”, or selecting who will create the next block of transactions.
Created by developers at Intel, PoET is notably designed to be used on a certain type of computer manufactured by the tech giant, called trusted execution environments (TEE).
Some veteran technologists consider PoET a novel and radical proposal for how a blockchain network could achieve consensus. Furthermore, proponents argue that it is a more environmentally friendly algorithm than Bitcoins proof-of-work (PoW). On the other, many open-source developers are sceptical that could be widely used, since it requires trust in Intel.
Like all ideas, it will be up to the market to decide. However, for now, it seems Intels work has passed one milestone, graduating to larger discussion and consideration.
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