Photo by Aron Visuals on Unsplash
Time is the fundamental way we organize our lives. The sequence in which events occur, one leading to the next, shapes our world. We organize our days according to when things are happening and evolve in our life accordingly.
Likewise, time is absolutely fundamental to the operations of most businesses, from the more traditional to the cutting edge of crypto. Logistics companies, smart contract platforms, stock markets, airlines, construction, healthcare and more all revolve around precise timing.
So far, all of these industries, and the individual companies that make them up, have all used their own systems to track time. Computer systems designed to track corporate data over time use disparate formats. This presents huge challenges when 2 entities want to share their data with each other or 2 proprietary systems try to communicate with each other. They speak different languages.
Enter Analog (ANLOG).
Analog is a time proof network that created a time-based blockchain, or Timechain. The Timechain is designed to be an immutable, public, indexable and searchable record of time and events. This creates a standardized time record that allows businesses and organizations to communicate critical time information while continuing to use their internal systems. Think of it as a city’s infrastructure – the plumbing, roads, and electricity, that keep businesses running and interacting.
Network users act as nodes, submitting time data. This data is validated and added to the blockchain by other nearby nodes. The validation nodes are selected based on their relevance to the event and their value and reputation determined by an algorithm. When nodes participate in the network, they are rewarded with Analog’s ANLOG token. This encourages participation and drives the functioning of the network.
Critically, Analog is based on what is called a zero-proof trigger, distinctly different from the protocol used by Bitcoin (BTC) or Dogecoin (DOGE). This means that the identity and private data of users are protected. When an entity shares its data, it occurs cryptographically using a protocol called zero knowledge non-interactive short argument of knowledge (zk-SNARK) which allows data to be exchanged and communicated without another user does not have access to this data.
Analog says a great example of a real-world application for their solution is delivering an important package to someone’s front door. Let’s say this person has an electronic portal. Traditionally, the person receiving the package had to wait all day to open the door and receive the package from FedEx (NYSE: FDX) or UPS (NYSE: UPS). Thanks to Analog’s network, delivery could be precisely scheduled and communicated to the gate so that it unlocks when the driver arrives. The package can be delivered while the person is shopping. It is safe behind the gate, the driver does not need to know any private information such as the gate access code and is not delayed in his next delivery by having to wait for the owner.
Analog is the first of its kind – a time-based blockchain. Only time will tell to what extent this time chain can be used and how it could change the industry.