One of the main selling points of blockchain technology is the fact that transaction activity is permanently recorded on the network’s distributed ledger, making records almost impossible to tamper with and enabling validation by the entire network. This level of security and efficiency is what makes blockchain appealing for financial transactions, supply chain management, handling sensitive data, DeFi, NFTs, and more.
The Issue of Interoperability
Blockchains are secure and transparent within themselves but do not necessarily play well with each other. This creates friction when attempting to make transactions between blockchains. For example, an NFT minted on the Ethereum blockchain needs to be exchanged for Ether (ETH), and cannot be directly purchased with other cryptocurrencies such as Bitcoin, Avalanche, or Solana, even if those cryptos are also built on the Ethereum Virtual Machine. Likewise, a smart contract or dApp only works on the blockchain it was created on.
This interoperability issue creates barriers to scalability and the smooth integration of blockchain platforms, so it’s no surprise that various projects are underway working on a solution to this, called cross-chain (between blockchains), multi-chain (several blockchains), or omni-chain (theoretically, all of them) protocols. These protocols introduce a software layer through which different blockchains can communicate.
A new blockchain project called Analog aims to do this using event data. Any recorded information that includes a timestamp, as well as other details (e.g., the nature of the activity and actor identifier), is considered event data. Analog will establish a secure decentralized layer upon which multiple blockchain networks can anchor transactions, storing a validated record of event data from all participants which developers can use to build cross-chain dApps and smart contracts.
Unlike previous models, which use third-party oracles to transmit information, Analog allows participants to become their own oracles, building trust on the network via staking ANLOG tokens and accurately validating blocks in a census process called proof-of-time (PoT). Analog’s cross-chain interface is slated to roll out within the next twelve months.
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AI Optimization Disruptive Researcher – Chief Development Officer and CoFounder at AccelOne – Blockchain Certified Developer – Autonomous Cars Engineer – Industrial Engineer – McLaren Fan
My Tech journey started 38 years ago with a Yamaha CX5M Computer / Synth, and since then, I have had a nonstop career adding experiences in several industries and technologies. I am an AI researcher and Ph.D. student and the Chief Development Officer of AccelOne. I lead a team of passionate talent in software engineering services, which are delivered from LA to the US. I have a strong technical background with more than three decades of experience in complex project and team management in various areas, including product design and development in Entertainment, eCommerce, Retail, Logistics, Business Intelligence, and Financial Services. I was CTO of Axigma Technologies, managing mobile business and consumer development projects for brands, including The Marketing Store and C9W. I founded the computer training institute IEC, which provided training services in several different programming languages and design and animation tools. In 2005 I founded Routeck, a development software company devoted to special projects (such as open-source firmware programming), credit card reconciliation, and specific products for retail. I was Development Manager at Infinite Corporation, managing their iSeries and Web products, a former Senior Software Engineer at COTO, and a Senior Web Applications Engineer at HSBC.