php editor Baicao reported: Analog, a new project of crypto veterans, recently raised US$16 million, which is eye-catching. The project has attracted much attention, and there are expectations of airdrops, triggering heated discussions in the market. The Analog team is committed to creating innovative encryption products and services. This financing will further promote the development of the project and bring more possibilities to the encryption field. For cryptocurrency enthusiasts and investors, Analog’s momentum is highly anticipated and deserves close attention.
Original author: Meteor, ChainCatcher
Original editor: Marco, ChainCatcher
Recently, the full-chain interoperability protocol Analog has entered the public eye with the disclosure of US$16 million in financing. Investment institutions include Tribe Capital, NGC Ventures, Wintermute, GSR, NEAR, Orange DAO, and Mike Novogratz’s alternative asset management company Samara Asset Group, Balaji Srinivasan and others.
At the end of 2023, Analog caused some excitement in the industry. They issued a notice on the open testnet registration event on the X platform, and also launched a testnet on Galxe. This social task has attracted the attention of many new project KOLs and followers.
"Zero projects, airdrop expectations, luxurious investment lineup", coupled with the recent popularity of token issuance and currency issuance of full-chain protocols such as LayerZero, Zetachain, Wormhole and Axelar in the market, the 2024 full-chain protocol competition Tao will also gain more attention and room for growth.
Behind the favor of many investment institutions is that Analog’s team members have experience in multiple key projects in the encryption industry.
Founder Victor Young is an important person in leading and developing the Analog protocol. He is also a general partner of X Fund.
The white paper states that Young invests in promising start-up companies in the fields of Web3, shipping, logistics, payment, market, and mobile and Internet devices. Its areas of involvement include cryptography, security, distributed systems, global Chain framework and privacy. In addition, Young is also an investor in multiple institutions and has many years of experience in blockchain development.
Analog’s business Eric Wang has worked in Injective Labs and Polkadot Ecological Development Organization. He is still a part-time venture partner at ROK Capital and serves as a consultant at Equilibrium.
ROK Capital is a large-scale blockchain incubator in South Korea. It has previously cooperated with the Solana Foundation to launch a US$20 million ecological fund, aiming to develop the Solana blockchain ecosystem and incubate more local Solana ecological projects in South Korea. .
Analog’s product Avneet Singh once served as a product manager at Chainlink; another product manager, Sanchal Ranjan, was once an entrepreneur supported by the well-known venture capital company Y Combinator.
Some team members of Analog have worked for Parity Technologies, the Polkadot ecological development organization.
Analog is a full-chain interoperability protocol based on Proof of Time (PoT). It is built on Timechain. The Analog network also uses Zero-Knowledge Proof (ZKP) to enhance safety. The Analog protocol proposes four core concepts: Timechain, Proof-of-Time, Analog Watch and GMP.
Timechain is a Layer0 network powered by Proof of Time (PoT) consensus. The design of the protocol provides a unified solution for seamless cross-chain communication, meeting the requirements of platform and dApp developers. Allowing users and dApp developers to extract maximum value from all connected blockchain ecosystems.
For example, platform builders can easily link their sovereignty to all other ecologies. Likewise, dApp developers only need a simple application programming interface (API) to communicate and obtain liquidity across the entire blockchain ecosystem. Allowing cross-chain transactions to flow seamlessly between different networks, enabling users to integrate decentralized liquidity while accessing dApps on other chains.
Timechain acts as the accountability layer for published collections or views. Anyone can use the hashes stored on Timechain to prove that the deployment or queried data is authentic and tamper-proof.
According to Analog’s plan, Timechain will be replaced by the PoT protocol in the future.
PoT is a completely decentralized consensus algorithm where any node (user) can join and propose/confirm blocks without being hindered by hardware or funds.
PoT works by selecting validators based on ranking scores and fixed pledges. Unlike the typical Proof of Stake (PoS) mechanism where validators need to pledge a large number of tokens to reach consensus, PoT’s fixed pledge allows Any node can participate as a validator, as long as it pledges a fixed amount of ANLOG and obtains ranking according to the time node. The ranking score is a numerical weighting measure that the algorithm assigns to other validators based on the history of each block validator (the accuracy of the node verification data) and the validator's assignment to other validators.
Analog Watch is a full-stack indexing and query protocol built on Timechain, which includes the open source Watch SDK and hosting service (Watch UI), solving data accessibility in Web3 through a decentralized and encrypted solution This solution indexes the data in the listed smart contracts. Typically, most smart contracts only allow users to retrieve data using the relevant unique identifier. The unique identifier must be known in advance to query specific details about the smart contract, but with the Watch SDK, users can now summarize most of them with just a few lines of code. Web3 data accessibility and enable more advanced features including:
- Create and manage keys.
- Deploy and query collections.
- Deployment and query views.
Analog GMP is a composable interoperability platform of the Analog ecosystem, built on its ecological Timechain, aiming to expand cross-chain dApps in the multi-chain ecosystem, allowing smart contracts on different chains to be run on the platform To deliver any message (implement GMP), you can use Analog GMP cross-chain messages or tokens, so that messages and tokens can flow freely and safely on the chain. Developers can use Analog GMP to build dApps suitable for multi-chain/full chains.
Analog GMP avoids inherent cross-chain interoperability risks, and its security comes from the permissionless Nominated Proof of Stake (NPoS)-backed Timechain, which has no single point of failure. Other Analog GMP features include the Threshold Signature Scheme (TSS), which allows Timechian to act as a single entity to verify and sign cross-chain messages as well as custom application-level security controls.
According to its token economy announced by Analog, airdrop or staking rewards account for a relatively high proportion. In addition, Analog plans to officially launch the test network in Q1 2024, and will also launch its main network soon. At present, the testnet is also the main way for users to win airdrops.
Analog’s maximum token supply is 90.5797 million, of which:
Team and consultants: approximately 17.21 million, accounting for 19%, 4-year vesting period ;
Treasury: about 13.22 million, accounting for 14%, unlocked immediately after going online;
Private sale: about 24.27 million, accounting for 26%, 2-year vesting period;
Community distribution: Community distribution Including ecological funds, pledge rewards or airdrops flowing to the Analog community, approximately 34.42 million, accounting for 38%, will be unlocked immediately;
Public sale: approximately 1.44 million, accounting for 1.6%, will be unlocked immediately.
Recently, Analog has opened the testnet registration window again. Users can currently register for the testnet via email to obtain early experience qualifications. After registration, follow the prompts to complete the current social tasks on its official website and obtain points.
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