What Is Proof-of-Time (PoT)?
Proof-of-Time (PoT) is a decentralized consensus algorithm that selects validators based on their ranking scores and fixed stake.
Validators are assigned numerical weighting scores based on their historical experience and experience with other validators.
In this algorithm, all validators stake equal tokens to participate in consensus.
Equitable Participation
Unlike traditional proof-of-stake (PoS), where large token stakes are required for consideration, PoT ensures fairness by allowing any node to participate as long as it has staked a fixed amount of tokens and accumulated a ranking score.
PoT relies on the verifiable delay function (VDF) to pseudo-randomly select block proposers (time electors) and block confirmers (time nodes).
Validators with higher ranking scores and equal token stakes are more likely to be selected for proposing or confirming blocks.
The Proof-of-Time Process
The Proof-of-Time consensus mechanism consists of four categories of 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 interoperability processes
The process involves two stages:
- Soft Voting: The broadcaster submits event data to the network. A randomly selected time elector collates the data, verifies its signature and computes the VDF. The hashed event data and VDF proof are relayed to the other time nodes.
- Hard Voting: Time nodes receive the data triggering the hard voting phase. A committee of 1,000-time nodes, selected through VDF, collectively determines the validity of the submitted transaction. If the majority votes to accept the proposed block, it is appended to the main chain.