Proof of Time(PoT)
A blockchain consensus technique called Proof of Time (PoT) was created to safeguard a network and validate transactions. It is an algorithm that is decentralised, scalable, verifiably secure, and eco-friendly. By establishing a more secure, effective, and equitable blockchain environment, Proof of Time is regarded as a revolutionary consensus mechanism that seeks to outperform more established techniques like Proof of Work (PoW) and Proof of Stake (PoS).
Core Principle:
PoT highlights the passage of time and a validator’s reputation on the chain as crucial elements for block production and validation, in contrast to conventional techniques that mostly rely on processing power or the quantity of cryptocurrency staked. Validators are chosen by the process according to their ranking scores and a predetermined stake.
How it Works (Two-Stage Voting Process)
Selection of Validators
PoT uses a voting process in which validators are selected according to their standing and the amount of time they have dedicated to active network validation. Higher ranks for validators are determined by their prior accuracy and experience, which encourages moral behaviour.
Fixed Stake
Unlike normal PoS systems, where nodes may need to stake significant sums, PoT is less dependent on wealth because it requires all validators to stake a same number of tokens (for example, $ANLOG tokens for the Analogue platform) in order to assure fairness. As long as it has staked the predetermined sum and earned a ranking score, every node can take part as a validator.
Verifiable Delay Function (VDF)
To select block proposers (Time Electors) and block confirmers (Time Nodes) pseudo-randomly, PoT consensus uses a VDF. A node’s chances of being chosen are increased when the fixed stake is paired with a better ranking score.
Also Read About Proof of Importance (PoI): Definition, Importance & Benefits
Node Types: There are four types of nodes in the PoT consensus mechanism:
- Nodes that send event data to the main chain are known as publishers.
- Nodes that suggest blocks for the main chain are known as time electors.
- Nodes that verify blocks to the main chain are known as time nodes.
- Nodes that take part in interoperability procedures are known as Tesseract Nodes.
Two stages
Stage of Soft Voting: This phase starts when a publication sends the network event data. A Time Elector chosen at random is in charge of:
- Gathering and confirming the signature of the event data that was submitted.
- Verifiable Delay Function (VDF) computation.
- Sending the VDF evidence and the hashed data to the Time Nodes.
Hard Voting Stage: The hard voting stage begins as soon as the Time Nodes receive the data. The validity of the proposed block is jointly decided by a committee consisting of 1,000 Time Nodes, who are likewise chosen by VDF. The block is added to the blockchain if two-thirds of the Time Nodes vote in favour of it.
Also Read About What is Delegated Proof-of-Stake DPoS in Blockchain
Advantages of Proof of Time
Efficiency and Lower Energy Consumption
PoT is more efficient than Proof of Work(PoW) since it dissuades the need for energy-intensive mining and large processing resources.
Enhanced Security
PoT encourages truthful behaviour and strengthens network security by placing a higher priority on on-chain reputation and accuracy. Attackers would have to outperform authorised users in terms of processing speed as well as time-based requirements.
Fairness
Because all validators stake an equal number of tokens, PoT seeks to be more equitable than PoS in that the likelihood of validating a node depends on the accuracy and reputation of the validator rather than the quantity of money staked. Unlike PoW, it doesn’t require costly hardware.
Scalability
Because PoT is made to be scalable, it might be able to process transactions more quickly than Proof of Work (PoW).
Disadvantages of Proof of Time
- Time to Develop Reputation: It may be difficult for a new validator to begin verifying right away because it can take a long time to develop a strong enough reputation.
- Limited Adoption: Because PoT is now a novel mechanism primarily used by Analogue Protocol, customers who choose this system have few other options.