Blockchain-based platform reinvents omnichain interoperability through validated event data

Blockchain systems are enhanced by the security and efficiency offered by distributed ledger technology. Transactions and events are invariably encrypted into subsequent blocks that enable perpetual validation thereafter. These are also inherently protected against tampering due to the distributed nature of the networks.

So far, there have been several different ways in which new systems take advantage of these benefits. For example, supply chains will naturally benefit from these features, given their clear transaction scheme and due to their interconnected complexity.

Blockchain technology even enables new disruptive forms of exchange in the form of cryptocurrencies, which further disrupt decentralized finance (DeFi) and non-fungible tokens (NFT). Nevertheless, no projects so far intend to use blockchain technology for something far more basic: dealing with event data.

Analog’s ambition is to do just that, unchangingly record event data on the chain, and according to the company, the mission is to utilize validated event data for cross-chain communication and asset transfers.

The analogue network is the first realistic attempt to help the world initiate omnichain interoperability through validated event data. It establishes a radically decentralized, secure and untrustworthy team where several networks such as Bitcoin and Ethereum can anchor their transactions. The most important thing is that Analog Timegraph creates a validated registration and pipeline of event data that developers of decentralized applications can use to run the next generation of applications. In addition to dApp developers, Analog allows users to interact with all dApps across the entire Blockchain ecosystem directly from their wallet.

Unlike other blockchain Application Programming Interface (API) models that involve the use of third-party oracles, Analogs Timegraph API allows data providers to become their own oracles on Timechain. This creates a whole new marketplace for event data that is set to drive the next generation of dApps.

Stay relevant in the long run

NFTs tend to fall in value over time, and history shows that a small percentage of them remain relevant, forbidding sellers to sell them at a profit. An NFT swap marketplace can allow users to easily swap new assets at a high price so they can make money in the process. For example, an NFT marketplace may make it easier for users to trade NFTs for other NFTs or NFTs for cryptocurrencies, such as ETH or BTC.

However, due to the strained nature of the block chains, these processes can only occur on the native chains that characterized the NFTs. NFTs on Ethereum, for example, cannot be exchanged seamlessly for BNB on Binance Smart Chain (BSC) or Avalanche.

With Analog’s cross-chain event data transfer (XCEDT) protocol, users can easily switch NFT between different chains via a universal wallet. For example, NFTs on Ethereum can be exchanged with BSC or Avalanche. Ethereum-based NFTs can even serve as security in DeFi applications on any chain.

In reality, the way Analog channels normalized event data from different nodes on the network through it. Anyone or anything can be a node, provided they have bet a fixed number of ANLOG tokens and have accumulated a trust index score. These nodes are then incentivized to suggest and confirm blocks to the Analog time chain.

In the same way, any node can become a tester act and participate in the interoperability process. You can think of tesseracts as special publishers that retrieve and forward event data across multiple chains. Like publishers, tesseracts also receive direct payments from subscribers, and their confidence indices increase each time they publish event data.

Event data can enter the time chain through oracles and is then cross-validated and then hashed by Analog’s consensus mechanism called proof-of-time (PoT). Instead of reporting work performed or effort made, PoT validates event data based on the node’s ranking score – determined by its validation accuracy and time spent on the network – and a fixed effort. Therefore, provided that the node has accumulated a high ranking score and bet the same number of tokens, it can easily participate in the consensus process, as opposed to PoW or PoS protocols which have high barriers to entry.

Future plans

Over the past year, Analog published its Timepaper, which outlines the project from concept to utility cases, created the algorithm behind PoT, and will soon launch the test network.

Over the next 12 months, Analog intends to roll out a cross-chain interface that demonstrates the power of validated event data in cross-chain communication, Timechain’s PoT-based genesis block and zk-STARKs-based transactions on Mainnet.