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What is “Proof of Time” (PoT)? - Episode 313 - by cryptohunt.it
What is “Proof of Time” (PoT)?
Welcome to the Cryptohunt Jam, where we spend one minute a day explaining crypto. In plain English - so that you can form your own opinions to be safer out there in the wild crypto space.
Today, we're introducing you to the concept of "proof-of-time", or PoT in short.
Proof-of-time is a way to prove that a certain amount of time has passed, kind of like how you can prove that you're old enough to ride a roller coaster by showing your ID.
It is used in some blockchains as a way to prevent cheating.
Here's how it works: Imagine you and someone random are playing a game of chess, and you want to make sure that neither of you cheats. To do this, you could use proof-of-time.
To begin, each of you would show how many hours of chess you have each played at your respective local chess clubs leading up to now. The more time played, the better - because at the club, cheating will be detected quickly and your clock reset if you are found out.
In essence, in proof-of-time, you prove your trustworthiness by creating a reputation for yourself.
When computers crunch numbers to see who sent whom how much crypto, they need to be able to trust each other. Otherwise someone could just make up money they never had. Proof-of-time helps create that trust without producing unnecessary extra work.
Proof-of-time is still not used in many blockchains, as intriguing as the concept may be. It's main competitor is proof of stake, where a financial penalty gets imposed instead - and that is so popular that even Ethereum switched to it.
Will it ever take off? Only time will tell... see what we did there?
This podcast is produced by Cryptohunt.it, the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, design is done by Carmen Rincon, and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.
Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.
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By cryptohunt
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What is “Proof of Time” (PoT)?
Welcome to the Cryptohunt Jam, where we spend one minute a day explaining crypto. In plain English - so that you can form your own opinions to be safer out there in the wild crypto space.
Today, we're introducing you to the concept of "proof-of-time", or PoT in short.
Proof-of-time is a way to prove that a certain amount of time has passed, kind of like how you can prove that you're old enough to ride a roller coaster by showing your ID.
It is used in some blockchains as a way to prevent cheating.
Here's how it works: Imagine you and someone random are playing a game of chess, and you want to make sure that neither of you cheats. To do this, you could use proof-of-time.
To begin, each of you would show how many hours of chess you have each played at your respective local chess clubs leading up to now. The more time played, the better - because at the club, cheating will be detected quickly and your clock reset if you are found out.
In essence, in proof-of-time, you prove your trustworthiness by creating a reputation for yourself.
When computers crunch numbers to see who sent whom how much crypto, they need to be able to trust each other. Otherwise someone could just make up money they never had. Proof-of-time helps create that trust without producing unnecessary extra work.
Proof-of-time is still not used in many blockchains, as intriguing as the concept may be. It's main competitor is proof of stake, where a financial penalty gets imposed instead - and that is so popular that even Ethereum switched to it.
Will it ever take off? Only time will tell... see what we did there?
This podcast is produced by Cryptohunt.it, the easiest place to learn crypto. Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, design is done by Carmen Rincon, and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.
Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.