Analog: The World’s First Layer-0 Omnichain Powered by Proof-of-Time Consensus

  • April 26, 2022
  • 71 Views

Analog was born as a creative solution to a problem Victor Young, a computer science graduate from University of Waterloo, identified while developing algorithmic trading bots in Decentralized Finance.

Young is already an experienced developer of startups in their early stages (web 2.0 and web 3.0) that successfully became thriving companies.

While developing algo-trading bots for DeFi, Victor identified the key importance of validated event data within the whole metaverse and DeFi protocols. He saw the opportunity and co-created Analog with a remarkable team of engineers.

Analog’s revolutionary approach in efficient signal trading is securing validated event data utilizing time-driven smart contracts responsible for triggering automatic actions within these algo-trading platforms.

Analog Redefines the Future of Omnichain

Omnichain interoperability or Web3 without the need of wrapped assets or interchain bridges, Analog’s team of engineers understand Omnichain Interoperability as a priority for a healthy Web3 development.

Victor Young and his team also identified the need for deeper levels of interoperability within the whole blockchain ecosystem.

Analog introduces its Proof-of-Time (PoT) consensus to the blockchain post-2020 ecosystem.

Utilizing PoT consensus allows a new level of interoperability without sacrificing any of the key features related to decentralization, security or scalability. With Analog users don’t necessarily need to bridge and pool assets on a super chain anymore.

Analog’s Proof-of-Time consensus allows brokers to monitor activity and to automate transactions on multiple chains.

This new PoT consensus then allows multi-chain trading following the centralized order book obtaining data from Analog. It is as simple as triggering automatic transfers between two chains like for example between Serum (Solana) and Uniswap (Ethereum).

Proof-of-Time – Decentralized Consensus

When compared to the known Proof-of-Work (PoW) or Proof-of-Stake (PoS), the novel Proof-of-Time (PoT) consensus permits all nodes to have a fair chance of being selected to validate time data, and be part of the consensus process of the Timechain.

PoW consensus networks are widely criticized for utilizing massive amounts of energy when mining, and PoS consensus networks are subject to the limitation of staking enough coins to operate.

Analog Unlocks Endless Possibilities in DeFi with Omnichain Interoperability

Analog allows solving the typical obstacles in DeFi –like slippage, fractured or even lack of liquidity on a DEX –by unlocking liquidity through its Layer-0 Timechain, and across all blockchains.

Faster cross chain transactions thanks to Validated Event Data is Analog’s novel approach to Layer-0 interoperability. Also Analog’s Timechain generates ‘Event Proofs’ when assets get transferred. Analog’s Timechain permits a high speed asset transfer triggered by cross-chain event data.

Analog Allows a Decentralized Event Data Marketplace to grow.

From the business-model standpoint, Analog creates the event data marketplace for subscribers and publishers to meet.

The event validated data is a service hired by subscribers through payment, to be utilized as input for their time-dependent Dapps and traditional Apps and their smart contracts.

Supporting Omnichain Interoperability

More than thirty corporate or individual investors are backing Analog.

Some of these backers include:

Binance exchange
The YCombinator Alumni-backed OrangeDAO
Master Ventures
The Web 3 supporter and FedEx CEO & Founder Fred Smith
Web3.ja, which is Joi Ito’s first investment (Analog) out of his newly raised $100M Crypto Fund
Both Sahil Bloom and Shaan Puri, restless advocates of the Timechain development and Omnichain Interoperability

Analog is Well Funded

To date, Analog raised $500,000 USD during the Pre-seed round, then raised $244,000 USD along with the first public ICO, and finally collected $3,350,000 USD in the actual Seed Round.

Analog is Making Connections

Analog has already made numerous connections in the blockchain space.

Some of these collaborators include:

OmiseGO/OMG
Wintermute
Metabit Trading
Exponent
Cornflux

Who are Analog’s Clients?

All platform users, builders, and DApp developers within the web3 ecosystem are Analog’s natural customers.

Even though Analog initially targeted the DeFi plaza, it is redirecting its services to other blockchain niches and even the metaverse.

Overall, general crypto aficionados, blockchain platform developers and Dapps builders are the natural core audience for Analog. Also non-techy project owners interested in making their first steps in crypto can benefit from Analog’s services.

To further reach and enlarge their target audience, Analog utilizes mainly Telegram, Discord and Twitter social network apps.

Analog’s effort developing its online social community goes in line with educating users on crypto matters beyond the mainstream play-to-earn gaming, using DeFi apps or trading NFTs.

Analog brings to the scene a more fair Proof of Time (PoT) consensus, based on immutable event data shared across multiple chains. A creative new way of validating a decentralized framework.

Analog’s users are individuals holding and sharing information about virtual events, like online contests, giveaways, etc to engage the community in keeping everyone alert and updated.

But most importantly Analog provides its users the opportunity to engage and enjoy!

Analog For Privacy-Minded DeFi

Analog’s team of engineers know that to achieve mass adoption it is key to develop Interoperability over privacy-preserving blockchains. For this reason, Analog’s Timechain allows privacy within its omnichain platform.

$ANLOG – Analog’s Token

In September 2021 the $ANLOG token was offered on the company’s first ICO that lasted until early November 2021, obtaining $244,000 USD in investment funds.

ANALOG’s Milestones

By Q1 2022 Analog is finalizing its seed round enrolling and involving strategic supporters and investors, raising aproximately $3,350,000 USD.

Analog is also negotiating the inclusion of their native token $ANLOG in the listings of several centralized and decentralized exchanges (CEXs and DEXs)

Analog, despite its short history (launched in Q1 2021) has received much attention and support from the crypto and blockchain community.

Analog even received a special recognition from the renowned industry heavyweight BNB Chain, as part of Binance’s MVB IV Incubation program in Q1 2022.

Analog’s Roadmap

According to the company, the project is on track to deliver impressive growth.

Here is what the company said about its future milestones:

Q2 2022: Proof-of-Time Consensus Mechanism

Analog’s Testnet Goes Live
Initial integration with Ethereum
Launch of Wallet version 1.0
Launch of Timechain Explorer version 1.0
Launch of Event Data Marketplace version 1.0

Q3 2022: Testnet Iteration

Integration with inter-blockchain communication (IBC) protocol

Q4 2022: Timechain Goes Live

Integration of tesseract’s module with threshold signature scheme (TSS)
Launch of Analog’s Super DApp
Integration with more chains
Application integrations

How Does Analog Work?

Analog describes its platform in these words:

The main characteristic about Analog platform is its proof-of-time (PoT) consensus, but also sticks out for its threshold cryptography, its ZKPs (or zero knowledge proofs) and finally its smart contracts that enable omni-chain interoperability.

All new nodes can join the network as tesseract nodes (a specific time node that collects event data from different chains) and can participate in cross-chain transactions of event data via the SDK platform owned by Analog. Tesseract nodes collect event data on multiple chains and validates it on the Analog network via RPC endpoints.

In order to relay event data onto the Analog network, a threshold signature is required from a supermajority of tesseract nodes.Once the event data is transmitted to the Analog’s network, the transmitted event is subject to Proof of Time consensus, needed to validate and confirm the transactions over Analog’s Timechain.

Analog’s Timechain can be seen as a universal ledger that records all validated time data certifying the validity of what happened in the past. Therefore those DApps within the chain will receive the validated event that will trigger actions defined within their smart contracts.

The post Analog: The World’s First Layer-0 Omnichain Powered by Proof-of-Time Consensus appeared first on Blockonomi.

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