What is the Proof of Elapsed Time protocol?

Proof of Elapsed Time is a proof of time protocol that prevents the overuse of resources and increased power consumption. The protocol was invented by Intel in 2016. According to the protocol, all network nodes must wait for an arbitrary amount of time. The first node that times out finds a new block. Each node generates a timeout randomly and goes to sleep mode. The participant with the shortest waiting time “wakes up” first. It is that node that includes a new block in the chain, transferring all the necessary data to the peer-to-peer network.