What is Proof Of Time and How Does it Work?

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Proof-of-Time (PoT) is a consensus algorithm based on DPoS, where the value of time is supposed to be protected and validated, and it is also the main treasure and wealth. Time is arranged in the form of tokens, and the only way to mint such a token is to spend time.

For example, an investor who wants to invest his time gives some unit of time (presumably days) in exchange for the system’s cryptocurrency. And after a while, he will be able to return on the given days, following the conditions set in the system.

Such an algorithm can also be used in transport companies. For example, if the train is delayed by 30 minutes, all passengers will be issued a certificate for a free half-hour of the next trip. By compensating, the company confirms the importance of time, not money.

Proof-of-Time does not require the user to have high-performance equipment or advanced cryptocurrency relations from the user. However, the specificity of the PoT algorithm also limits the scope of its application.

PoT allows a causality system and assures that what came before and what came after cannot be changed. The time data from participants or nodes is confirmed first and then hashed. The temporal data effectively serves as the foundation for a blockchain network that employs the PoT consensus process. 

Since the beginning of the blockchain industry, there have been several consensus processes. Proof-of-Work (PoW) and Proof-of-Stake (PoS) are two examples (PoS). The former requires a significant amount of computer power, while the latter is dependent on the amount of stake, such as the total number of coins