You have probably heard that the next step in blockchain evolution is omnichain. This term is described as offering unlimited scalability and full interoperability, without compromising privacy and security. Admittedly, web3 and DeFi are still in their infancy, but their potential growth may be limited by bottlenecks plaguing the entire blockchain industry. Ideally, interoperability should be seamless without the need for bridges, sidechains, or oracles. This is where Analog Currency comes in. The omnichain capabilities of this network solve the triple problems of blockchain.
What is analog currency?
Analogue is the world’s first zero-layer blockchain designed with a Proof-of-Time consensus mechanism. In fact, it is a decentralized omnichain protocol that ensures seamless on-chain interoperability without the need for bridges, oracles, or sidechains. In this case, omnichain means that the analog is compatible with all existing blockchains. As a zero-layer blockchain, Analog can accommodate other existing blockchains and allow entire blockchains to be built on top of it. Analog with Omnichain Timegraph will complement decentralized applications in existing and new blockchains.
This makes it an ideal blockchain agnostic. Using the Cross Event Data Transfer Protocol (XCEDT), Analog collects event data from all dApps and makes them actionable. Analog is aimed at all Web 3 participants, decentralized application developers, blockchain engineers, and daily users in DeFi and Metaverse. Analog solves blockchain’s triple problems of scalability, security, and privacy. In fact, it solves the problem of liquidity sharing and creates a thriving DeFi ecosystem.
History and founders of analog currency
Admittedly, so far several blockchains have tried to solve the triple blockchain problems, but ended up sacrificing one aspect for the other. For example, decentralization to achieve interoperability. But analog currency is not like this. This network was recently launched and does not have much history. By entering the main site of the network (analog.one), you can see the names of the members of its development team.
Founders of analog currency
Analog currency development team
These members include Victor Young, network engineer, Sanchal Ranjan, product developer, and Vansa Chatikavanij, strategy consultant.
What are the unique features of analog currency?
The beauty of analog is its simplicity. But in order for us to fully understand how it works, let’s look at its most important feature, Proof-of-Time (PoT) consensus. Analog uses a proof-of-time (PoT) consensus mechanism. PoT is a secure, environmentally friendly and highly scalable consensus algorithm used to validate event data on the analog blockchain. Event data means any measurable data. Specifically, two questions are designed around event data. First, is there evidence that an event actually occurred? Secondly, how sure can we be that the said event really happened?
To guarantee a decentralized ecosystem with valid event data, PoT uses ranking score, trust index, fixed staking, weighted lottery, ranking score, trust index and verifiable random function (VDF). These aspects address the major shortcomings of Proof-of-Work (PoW) blockchains and the interoperability bottlenecks of PoS blockchains.
Examining the analog currency roadmap
The analog currency began its journey in the third quarter of 2021 and is currently moving at a promising pace, seeing key milestones along the way. It has gained strong support from the blockchain and crypto community, and its potential has been recognized by major industrialists such as Binance, which included the project in its MVB IV program in the first quarter of 2022. This program helps in the development of start-up companies.
From which exchanges should we buy analog currency?
ANALOG token is the native digital currency of the analog network. This token has passed its public ICO stage on October 23, 2021. Anyone can buy ANALOG tokens on the ANALOG website using Ethereum (ETH) or Binance Coin (BNB).
Below is a brief guide on how to buy ANALOG.
First, register on a centralized exchange (CEX), such as Binance or FTX.
Top up your account with your desired fiat currency such as USD, GBP or EUR.
Exchange fiat funds for ETH or BNB, using an option like “market buy” or “convert”.
After completing the previous steps, set up a wallet.
After that, transfer your digital funds (either ETH or BNB depending on your choice in step 3) to your browser wallet.
Finally, go to the token sale portal of the Analog website (ANALOG Token Sale) and buy the desired amount of ANALOG tokens.