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Analog full-chain protocol raised 16 million USD and will launch Testnet.
Analog: The full-chain interoperability protocol has attracted attention
Recently, a blockchain interoperability protocol called Analog has received widespread attention due to securing $16 million in funding. Several well-known investment institutions participated in this round of financing, including some famous venture capital firms and important figures in the cryptocurrency space.
Analog briefly attracted industry attention at the end of 2023, mainly due to its announcement of a testnet registration activity and the launch of some tasks on social media platforms. These actions caught the eye of some cryptocurrency enthusiasts and followers of new projects.
With the development and increasing popularity of other full-chain protocols in the market, the full-chain protocol track is expected to receive more attention and development opportunities in 2024.
The team has a solid background
The Analog team members have rich experience in the cryptocurrency industry. Founder Victor Young not only leads the development of the Analog protocol but also has investment experience in various fields, including Web3, shipping, logistics, and payments. He has in-depth research in cryptography, security, and distributed systems.
The other team members also have impressive backgrounds. Business head Eric Wang has worked in several well-known blockchain projects and is currently also a partner at a venture capital firm. Product manager Avneet Singh has served as a product manager in a well-known blockchain project, while another product manager, Sanchal Ranjan, has experience in a renowned startup incubator.
In addition, some members of the Analog team have previously worked in the development organization of a well-known blockchain ecosystem, adding valuable industry experience to the team.
Four Core Concepts
The Analog protocol is built on the foundation of Proof of Time (PoT) and introduces four core concepts:
Timechain: A Layer0 network based on time-proof consensus, providing a unified solution for cross-chain communication.
Proof-of-Time: A decentralized consensus algorithm that allows any node to participate in the proposal and confirmation of blocks.
Analog Watch: A full-stack indexing and querying protocol built on Timechain, aimed at solving data accessibility issues in Web3.
GMP (General Message Passing): A composable interoperability platform that allows smart contracts on different chains to pass arbitrary messages.
These concepts together form the technical foundation of Analog, aiming to achieve seamless communication and value transfer across chains.
Token Economy and Future Development
In the tokenomics design of Analog, the proportion of airdrops and staking rewards is relatively high, which may attract more users to participate. According to the published information, the maximum supply of tokens is 90,579,700, of which 38% is allocated for community distribution, including ecosystem funds, staking rewards, or airdrops.
The project plans to launch the testnet in the first quarter of 2024, with the mainnet following soon after. Currently, users can participate in the early experience by registering for the testnet and have the chance to receive potential airdrop opportunities.
With the development of Analog and the introduction of more features, this full-chain interoperability protocol is expected to play an important role in cross-chain communication and value transfer.