Since the start of the blockchain industry, it has seen many consensus mechanisms. These include proof of work which often requires significant computing power, and proof of stake which is based on the stake amount, such as coins, that a participant holds. Then there’s the Proof-of-Time (PoT) consensus mechanism, which is something never seen before in the crypto world.
Not to be confused with proof of time elapsed (PoET), PoT enables a system of causation, ensuring that what came before and what came after is impossible to change. Incoming time data from participants, or nodes, is first validated before being hashed. Essentially, temporal data forms the building blocks of a blockchain network using a PoT consensus mechanism.
This consensus mechanism is unique to Analog, a blockchain startup that uses it to develop its unique network based on temporal data. Analog aims to eliminate the noise of disinformation that is typically inherent in historical recordings and instead present an accurate and factual account of temporal data on its network.
While the use cases for various blockchains are generally limited to finance, Analog aims to provide a wide variety of real-world use cases to the common user, spanning industries such as education, healthcare, construction, logistics, etc.
What is analog?
Supported by the Analog Foundation and benefiting from investors such as X Fund, Black Label Media (a Hollywood studio behind films such as La La Land and Sicario), Ekesius Capital, Wieckowski Investments and Educated Ventures, Analog is a PoT network based on time stamps data management and use. It is supported by the analog time chain, to which node time data is submitted.
This allows Analog to complete its mission of creating the world’s first blockchain-based Timegraph, which is a time-based data resource that could be used to trick users into making a call to action within a predefined amount of time. This involves smart contracts embedded in dApps that interact with the Timegraph.
Analog Timegraph API
A timegraph is a chain-aggregated database of real-time information submitted by nodes and functions as an immutable, uncensored version of history. It has a flexible nature as it is searchable and filterable, thus having the potential for a variety of use cases.
The Analog Timegraph API can be simply described as the backend interface of the Timegraph. It is an interface that helps to interact with complex data on the Timegraph. Analog’s Timegraph API uses a zero-knowledge, recursive, and secure proof-of-knowledge protocol (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge or zk-SNARK) that allows the transfer of temporal data between strings and bidirectionally between applications without compromising the underlying temporal data itself.
How does analog work?
Time nodes, which are made up of individuals, organizations, software, and IoT devices, display time data on the Timegraph. In return, they also extract and receive temporal data. This time the data sometimes has to go through various oracles to be authenticated.
Analog basically works as a hub for time nodes to submit time data. It normalizes the data and uses a demo program to translate it. The data is then encrypted (SHA-256) and transmitted to a validator before entering the time chain and interacting with other nodes authorized to extract this time data.
Unlike centralized systems like Facebook and Google, time data is never stored in a database, as Analog simply makes it easy to authenticate and transfer time data to other dApps – triggering their smart contracts and in turn , actions in their applications. With the zk-SNARK proof protocol, only relevant temporal data is used at the relevant points, ensuring user privacy and sensitive information is never exposed.
Take this example of how analog works. A building contractor tasked with doing renovations to the pool deck of an apartment building needs to create reminders for himself in order to get the job done in a timely manner.
He tells his assistant to bring up the work at the next Homeowners Association (HOA) meeting. HOA validates this time data request before entering it into the building management software system (dApp), which is linked to Analog through the use of oracles. This software has a smart contract installed which will send the time data to the Timechain. It is configured to continually remind the building contractor until they have completed the renovation task (thus ending the call to action). Once the HOA confirms that the job is done, they will receive their incentive, which is an ANLOG token reward.
Neither the entrepreneur nor the HOA have real access to the time data, as their interaction is limited to the end user options of what is presented in the user interface of the dApp. Likewise, in another example, a delivery driver looking to deliver a package sent by Mary Jane to John Doe might see in his Analog-supported delivery management application whether he should attempt the delivery, because John Doe can not be home to receive it. .
The app would be able to determine, via John Doe’s time data submission, if he’s at home or on the go – possibly on engagement until 3 p.m. or on vacation until the weekend. . The delivery driver won’t know what John Doe is doing, because all he would see are the “deliver” or “do not deliver” options on the app.
One use case of how the Timegraph could be applied is the Surfside condo collapse in June 2021. Investigations into the tragedy have revealed that poor maintenance was a major contributing factor to the building’s structural failure.
Analog’s Timegraph API could have been used to incentivize the maintenance team to perform critical maintenance and submit temporal data as evidence while notifying affected parties such as residents and local authorities of the condition of works (which indicate the structural health of the building).
The analog network
The analog network is the combination of participating community members and technical mechanisms that power both Analog and the Timegraph. The ecosystem consists of temporal nodes, oracles, smart contracts, Apps, DEXs, end users and staking mechanisms, all revolving around temporal data protected by the zero zk proof of knowledge protocol. -SNARK.
Analog has developed a mobile application that allows the community to easily submit useful time data in the Timechain. Users will be able to create updates, or “analogues”, using the app that are visible to stakeholders and searches. For example, entering “Christmas Party” in the app’s search box would display relevant analogs in real time based on the researcher’s location and other unique factors.
The app also extracts relevant time data from connected third-party apps, such as calendars, upcoming local events, and monthly billing information, to help users take time-based preventative action without accessing multiple other apps. , thus saving a lot of time. Users can select which external apps and information they want to sync with Analog, giving them a tailor-made solution to easily track singular and recurring details of their daily life.
The Analog team has also created a wallet that allows users to store ANLOG with support for more tokens soon. Analog is also planning to create a DEX that will give users the ability to provide cash, wagers and trading tokens to earn ANLOG rewards. The DEX will be built in a reliable manner, which means that users’ funds and personal data are preserved.
Some of the main features of Analog are:
- Proof of Time Consensus: The Proof of Time consensus on Analog allows anyone in the network to be a part of it by becoming a node and participating in the validation of time data. The process for selecting validators involves variables such as time relevance, weighted value, and reputation.
- Unknowingly Proof Protocol: Analog uses the zk-SNARK proof protocol which enables the transfer of temporal data between strings and bidirectionally between applications without compromising the underlying temporal data itself, ensuring that sensitive data does not are never revealed.
- Community-driven: Analog has a consensus mechanism and governance system that gives members of its community the opportunity to voice their opinions and be part of the system.
- Developer Friendly: Analog has a developer friendly ecosystem that allows them to easily write smart contracts and dApps in any programming language of their choice, as long as it is WebAssembly compliant.
ANLOG is the native token on the analog network. It is a BEP-20 and ERC-20 compatible token. It has a total supply of 13.8 billion which would be further distributed, with a 51% share going to node operators.
A 20% share would go to Analog’s core team and its Zug-based foundation, while an 18% share would be reserved for public sales.
A 10% share would go to stake rewards while the last 1% would go to advisors and strategic partners.
The ANLOG token will soon be available on Uniswap and Pancakeswap and on CEX lists shortly thereafter. It will be used to entice users to the analog network. Token holders will also have the opportunity to wager their tokens and be rewarded over time with their APY and perks.
After the launch of the main Timechain network, stakeholders will also have the opportunity to participate in the governance of the project. The platform will also have a 1-1 trade for the initial ANLOG ERC-20 and BEP-20 tokens for native ANLOG tokens that are created from the Timechain.
Analog’s goal of developing the first Timegraph network of its kind is part of its vision to create a world where time data communicates with other time data to make life easier for everyone, without sacrificing privacy.
From education, healthcare, gaming, retail, construction to government, environment, supply chain and finance; Analog’s network offers versatility in solving problems in many industries.
For more information on Analog, check out their official site.
Disclaimer: This is a paid publication and should not be construed as news / advice.