Proof-of-time

Proof-of-time (PoT) is a blockchain consensus mechanism. This principle of operation is based on selecting validators in proportion to their ranking scores and a fixed stake. The algorithm assigns to each validator a score based on its historical experience and other validators’ experience with the node. PoT is developed by Victor Young, founder of Analog.
Concept of work
Proof-of-time (PoT) is a consensus protocol that uses a “self-selection voting mechanism” based on a verifiable delay function (VDF) to choose validators and focuses on how long the validator has been accurate and active within the network. The PoT mechanism is performed in two stages, namely soft and hard voting.
Soft voting
In the first stage of soft voting, the selected time elector (validator) proposes a block to be included in the timechain or ledger. Only one elector is selected through a randomized process via a VDF process, that uses the node's ranking score and fixed stake as parameters.
Through the VDF process, during each round of consensus, the time elector determines whether it has been elected as a block proposer or not. If it is selected, it proceeds to propose the block consisting of event data. This process involves verifying the publisher signatures, and generating VDF proofs. The last part of the first stage is broadcasting the hashed transaction. This process occurs together with the VDF proof to the rest of the time nodes in the network.
Hard voting
The next is the hard voting phase: a committee of 1000 time nodes elected via VDF determines whether a transaction is valid. If more than two-thirds of the 1,000-time nodes (667 time nodes) attest to the transactions, the block gets appended to the timechain.
PoW systems indirectly do not allow a significant number of users to check the network, because they need to invest resources and computing costs for mining blocks. At the same time, in PoT systems, all nodes have sufficient chances to be selected to verify the time data.<ref name=":0" />

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