The wait time mechanism is a key component of the Proof of Elapsed Time (PoET) consensus algorithm. Here's a breakdown of how it works:

_Wait time_:

1. _Randomized timer_: Each validator has a timer that starts at a random duration, typically between 1-10 minutes.

2. _Wait time expiration_: When the timer expires, the validator checks if they have the shortest wait time among all validators.

3. _Block creation_: If they have the shortest wait time, they get to create a new block and add it to the blockchain.

4. _Timer reset_: The validator resets their timer to start the process again.

The wait time mechanism ensures that:

- Validators take turns creating new blocks, preventing centralization and ensuring a decentralized network.

- The block creation process is random and unpredictable, making it harder for malicious actors to manipulate the network.

- Energy efficiency is maintained, as validators don't need to constantly perform energy-intensive computations to create new blocks.

By using a randomized wait time, PoET achieves a fair and decentralized block creation process, making it an attractive consensus algorithm for blockchain networks.