Proof of elapsed time

Proof of Elapsed Time (PoET) is a consensus mechanism applied in certain blockchain networks. It operates by leveraging a trusted execution environment to randomly select a validator node to create a new block. Validators compete to be chosen, and the one with the shortest 'elapsed time' wins the opportunity to validate. PoET aims to achieve both decentralization and energy efficiency by reducing the computational power required for consensus while ensuring a fair chance for all participants to contribute to the network's security and validation process.