Glossário

Proof-of-Time (PoT)

Proof-of-Time (PoT) is a decentralized, scalable, verifiably secure, and environmentally-friendly consensus algorithm.

What Is Proof-of-Time (PoT)?

Proof-of-Time (PoT) is a decentralized consensus algorithm that works by selecting validators in proportion to their ranking scores and fixed stake. A ranking score is a numerical weighting measure that the algorithm assigns to each validator based on its historical experience (the accuracy with which the node validates event data) and other validators’ experience with the validator. 
On the other hand, a fixed stake is a staking mechanism where all the validators stake an equal amount of tokens—the platform’s native asset—to participate in the consensus process. Unlike typical proof-of-stake (PoS), where nodes must stake large amounts of tokens to be considered for consensus, the PoT mechanism is fair. Any node can participate as a validator provided it has staked a fixed amount of tokens and accumulated a ranking score. 

PoT consensus relies on the verifiable delay function (VDF) to pick block proposers (time electors) and block confirmers (time nodes) pseudorandomly. As long as a node has accumulated a high ranking score and has staked an equal amount of tokens, it has a higher chance of being pseudo-randomly selected to propose or confirm blocks.

The Proof-of-Time Process

The entire Proof-of-Time consensus mechanism is a two-step process and consists of four categories of nodes.

Nodes:
  • Publishers- nodes that submit event data to the main chain
  • Time Electors - nodes that propose blocks on the main chain
  • Time Nodes - nodes that confirm blocks to the main chain
  • Tesseract Nodes - nodes that participate in the interoperability processes

Process:

  • Soft Voting - This stage begins when the broadcaster submits event data to the network. A randomly selected time elector is then responsible for collating the submitted event data, verifying its signature, and computing VDF. Once accomplished, the time elector relays the hashed event data and the VDF proof to the remainder of the time nodes.
  • Hard Voting - As soon as the time nodes receive the data, it triggers the hard voting phase. In this phase, a committee of 1,000 time nodes (all of whom are selected via VDF) jointly determines if the submitted transaction is valid. If the majority of the time nodes vote to accept the proposed block, it gets appended to the main chain.

Author Bio

Victor Young is a computer scientist, DeFi protocol architect, and serial entrepreneur with decades of experience guiding early-stage startups across both Web 2.0 and Web 3.0 to success. He is highly skilled across several different programming languages and commands extensive knowledge in entrepreneurship, venture capital, business development, strategic partnerships, and startups. Victor is behind several successful startups like Enet Inc., Flinja, Take 44, and the most-recent Analog Protocol. Additionally, Victor is also a serial investor with investments across some of the most popular brands like Vastrm, Verificient Technologies, NextGen Venture Partners, Genome Compiler Corp., BOXC, Pingpad, Drive Motors, DocSend, Penrose Studios, and XFund, among others.
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