'Proof-of-Time: Next Frontier in Consensus Mechanism with Analog ' blockchain tatum_io
The network uses PoT consensus and threshold cryptography to achieve complete decentralization and security.The author's an independent contributor, and while HackerNoon has reviewed the story for quality, the claims hereon belong to the author. #DYORIshan Pandey: Hi Victor, welcome to our series “Behind the Startup.” Please tell us about yourself and the story behindI’m a CS graduate and serial investor with decades of experience in guiding early-stage startups into successful companies.
Ishan Pandey: Please tell us a little bit about Analog? Further, what is proof of time and how does it work? We believe that the most significant challenge that current cross-chain bridges face has to do with centralization and associated insecurities that we see with PoA- and PoS-based consensus mechanisms. In our view, a truly decentralized consensus mechanism—backed up by sufficient security guarantees—is the single most essential attribute of any interoperability process.
However, despite the benefits associated with DeFi, we’re still stuck in the “early majority” phase due to the lack of an interoperable framework. We have already seen multiple Blockchain platforms and layer two scaling solutions joining the space. At this pace, the current web3 and DeFi space are in danger of balkanization, where interoperability is sacrificed as organizations race to demonstrate their own Blockchain’s superior features and use cases.
Ishan Pandey: What are your views on Elon Musk buying Twitter? According to you, what impact would it have on crypto Twitter and free speech?As Elon Musk rightly pointed out, free speech is the cornerstone of any functioning democracy, and Twitter is a crucial platform to facilitate that. Therefore, it’s a welcome move that Elon alluded to because he intends to “democratize” Twitter.
Besides fixing these platforms with validated event data, we noted that the Blockchain sector is in dire need of interoperation. The problem with many current platforms is they sacrifice at least one of the key properties of security, decentralization, and scalability. Together with interoperation, these problems led us to create a new consensus mechanism called proof-of-time which now serves as the current solution for the sector post-2020.
We have also incorporated threshold cryptography with very high thresholds where a group of tesseracts partially signs the fetched transaction. For example, over 90% of the tesseracts must partially sign a transaction for it to be validated on Analog’s network through PoT.