MH Ventures, a boutique full service venture capital firm in the blockchain, cryptocurrency & web3 space, has announced its participation in the seed round funding for a layer-0 omnichain network, Analog.
The funding raised will go towards the development and growth of the Analog network, which aims to provide scalable solutions for decentralised applications.
Victor Young, Chief Architect, commented, "The Web3 ecosystem is growing annually at 41.6% (CAGR) and we at Analog are building the entire network fabric underlying the fully connected omni chain ecosystem for future developers of web3 to support this growth. We are thrilled to partner with MH Ventures as one of our early believers and investors."
The Analog layer-0 omnichain network utilises a unique consensus algorithm called Proof-of-Time, making it the first project to offer this innovative solution. This groundbreaking technology promises to revolutionise distributed ledger technology.
The of Proof-of-Time protocol rewards validators who have performed well in the past and hold a fixedstake in the network. This helps ensure a more secure and efficient network by selecting validators who have proven themselves and have a strong incentive to continue performing well.
A PoT mechanism involves two steps: soft voting and hard voting. In the first step of the PoT mechanism, validators or "time electors" suggest blocks for inclusion on Timechain, Analog's event-driven ledger. This process is called soft voting. As a time node, anyone can submit block proposals to the network. However, only one validator, known as the time elector, is selected through a verifiable delay function. This ensures fair and efficient decision-making on the network.
In order for a transaction to be validated on the blockchain, it must go through a process called "hard voting." This involves a committee of one thousand time nodes, selected through a verifiable delay function (VDF), checking the proposed block for any issues such as double spending and VDF proofs. The block can only be deemed valid if it is accepted by the majority of these time nodes.
Kamran, Co-founder & partner at MH Ventures, said "Analog is the world's first real layer-0 blockchain, employing the proof-of-time (PoT) consensus process. Analog's goal is to develop a timegraph in order to release the power of event data. Analog's omnichain network enables decentralised apps to easily interact using certified event data. This implies that you may swap from SOL on Solana to AVAX on Avalanche in a single transaction on the source chain, for example."
MH Ventures has teamed up with some of the most well-known names in the crypto and blockchain industries, including Lend, magpie, Web3PORT, Sonic Wallet, SmartToken Labs, Decaf, Tatsumeeko, WINCAST, etc. They are passionate about investing in and supporting disruptive technologies and the people behind them. Their mission is to identify and invest in the best projects that have the potential to change the world for the better.
Analog uses the proof-of-time mechanism to validate events on its network, allowing dApps to easily communicate and exchange data seamlessly. This unique approach creates a truly decentralized network that can be used for a variety of applications. Additionally, Analog's omnichain structure allows it to interact with multiple networks, further increasing its versatility and potential use cases. Analog offers a novel solution for dApp communication and data exchange in the ever-evolving world of blockchain technology.
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