LeoGlossary: Proof-of-Time (PoT)
A consensus algorithm for blockchain that was modeled after Delegated Proof-of-Stake (DPoS). It was developed by Analog.
Proof-of-Time uses a process where validators are ranked based upon age and past performance. Longer time in the network along with being trustworthy increase one's score.
The ledger is referred to as the Timeline and block producers aim for the right to add blocks. Similar to DPoS, people vote on who gets to valid new blocks. Staking is still an important concept, especially for those who want to become block producers. Increased stake leads to greater chances of being selected.
With PoT, there are multiple stages of voting that occur.
- Stage 1:
Time electors (validators) submit a block of transactions to be added to the Timechain. If block is accepted, it is validated and all transactions processed.
- Stage 2:
The block and verifiable delay function (VDF) proof are sent to 1,000 other time electors. If most of them agree, the block is added to the Timeline.
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