Proof-of-elapsed time is a relatively  new  concept.  Coins  are  distributed based on the proof that the user was doing some specific action for a rather long period of real time. Proof of time algorithm was invented by Intel and it is mainly associated with their hardware platform that provides very fast consensus model. It generates random numbers (wait time) on miner’s nodes and then chooses the node with the lowest number. So,it works like a lottery but with more complex algorithm designed to provide more optimizations. Intel promises that this algorithm cannot be broken by  external  actions  and  provides  honest  consensus  model.