2

According to Microsoft

Coco achieved approximately 1,700 transactions per second using a private version of the ethereum blockchain, compared to about 13 transactions per second without the framework

and follow,

blockchain was being processed in a trusted environment, allowing for a "simplified consensus mechanism," in this case, RAFT.

If my understanding is correct, a new block is simply generated by a designated machine equipped with TEE as an added security to prevent malicious actor from tempering with the consensus mechanism, so proof of work can be replaced by something lighter. Am I right to say?

3

You are somewhat right.

Coco is mainly focusing on improving the performance/privacy of consortium blockchain (e.g. Hyperledger, Corda) while POW is for public blockchain (e.g. BTC, ETH). The consensus protocol (e.g. PBFT) in consortium blockchain is often vulnerable to Sybil attack if the protocol is applied in a public scenario. Thus, POW is still necessary to mitigate the attack.

The TEE environment can indeed reduce the cost of verification since the correctness of computation can be ensured. This can benefit both public or consortium blockchain.

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