Photo by NASA on Unsplash
This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.
Smart contract platforms are often said to be some of the most exciting projects in the cryptocurrency market today. They could have the potential to truly revolutionize the economy from the everyday functioning of increasingly sophisticated smart homes — allowing your Amazon.com Inc. (NASDAQ: NASDAQ:AMZN) Alexa to reach her full potential — to democratizing financial markets, removing the need for 3rd parties that act as gatekeepers or charge hefty fees.
Ethereum (ETH) reigns as king of the smart contract market at the moment. As the 1st mover in the space, it enjoys a sizable market share and is the only coin that rivals Bitcoin (BTC) in its adoption and dominance. Several projects have sprung up that are competing to usurp Ethereum’s throne. Binance’s SmartChain, Polkadot (DOT), Cardano (ADA), and Solana (SOL) are just some of the players.
The reason for the excitement surrounding smart contracts is their profound functionality. Unlike cryptocurrencies like Bitcoin that have 2 basic uses, to hold and transfer value, the possible uses for smart contracts are seemingly bounded only by the imagination.
In rudimentary terms, a smart contract is a self-executing agreement wherein the terms of that agreement are written into the code. The contract and its outcome exists on the blockchain, a public and immutable ledger. Once the contract is executed, it is irreversible. This means that cheating the system, so to speak, is impossible. It allows for 2 parties to carry out agreements without the need for a 3rd party or a mediator. No ambiguity exists because the terms are clearly defined and human error is removed.
With a novel take on the technology, Analog (ANLOG) says it has created a smart contract platform based on event data called the Time Continuum. The continuum framework allows developers to create event-specific contracts that are a part of the Timechain, Analog’s event-specific interoperable blockchain. This reportedly allows other blockains and dApps to communicate event data with each other in a language that smart contracts can understand.
The contracts are designed to be created visually, so there is no need to have programming or development expertise. This is an important, democratizing aspect of the Analog project and one that sets it apart.
The basic functioning of a Time Continuum contract is to trigger an action when a specific event happens at a specific time. Layers of complexity can be added in order to handle different situations and actions can even be triggered based on events that have occurred even in different blockchains.
Analog gives a DeFi example where a user wishes to make use of different protocols that reside across different chains. Multichain bridges offer limited interoperability, so cross-chain transactions require a number of tedious processes such as token exchanges, which stand in the way of efficiency and convenience. This jumble of procedures also gives rise to more avenues where errors can occur, incurring further frustration.
Cutting through this nest of extraneous effort and wasted time, Analog’s Layer-0, omnichain ecosystem provides enhanced interoperability. Time data generated from DeFi transactions can be shared seamlessly across various protocols on separate chains without the need for intermediate actions by the user. Cross-chain processes are handled much more smoothly and efficiently.
This emphasis on event data, integration and cross-chain interoperability with Analog’s Timechain makes the Time Continuum an interesting new iteration of smart contracts. The current seed round is being led by Outliers Fund. Other projects that have been incubated by Outliers Fund are Harmony, XY Labs, Quantstamp, Dapper Labs and Republic.
Learn more about Analog through these channels.
✅ Website: Home — Analog
✅ Telegram: Community Channel
✅ Telegram: Announcements Channel
✅ Discord: Analog (Official) Server
✅ Reddit: r/AnalogToken
✅ Medium: @analogtime
✅ Youtube: @analogoneofficial
This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.