Proof of Luck (PoL)

PoL built upon TEE, i.e., Intel SGX enabled CPUs, strives to enhance transaction throughput and decrease the computational power rendered by PoW. In PoL, the process of mining a new block is done by accessing a ‘luck value’, which is a random number between 0 and 1 within a uniform distribution. A higher value is considered lucky and a lower value is deemed to be unlucky.

The block with a higher luck value is viewed in the main chain, and the chain that maintains the highest luck is favored in Blockchain.

There is lesser delay and the communication system is optimized due to this feature. It is resistant to double-spending attacks as well. However, the algorithm suffers from power deficiency, as the luck value is determined after several attempts. Synchronization between a node and the network is an essential issue in PoL, as nodes might get unlucky because of an unsynchronized timepiece.