Plug Chain
Plug Chain is a cross-chain technology that focuses on data interaction and dedicated to the safe interaction and transfer of data from the blockchain to the real world.[1] Plug Chain is concerned with the safety and effectiveness of data movement from blockchain to the real world. To further the safe transfer of data, it deals with the intercommunication among public chain intelligent contracts such as Polkadot, Heco, BSC, and many more.[1]
Plug Chain is a decentralized high-performance public chain dedicated to solving information and data interaction. The platform is known as Plug Chain, while the token is called PLUG. Plug Chain is a network built around data interaction at its core, but it equally emphasizes data security, data storage, and future applications. The cross-chain tech of Plug Chain innovatively resolves the issue of information interaction among independent blockchain networks with Cosmos.[1]
Background[edit]
Plug Chain arose from the lapses of the current data interaction between independent blockchain and blockchain to the real world. The emergence of smart contracts in the crypto space has made the space deterministic.[2] Smart contracts help users execute plans and commands, giving no room for uncertain events and factors. The problem with the effective and exact nature of smart contracts which rely on a consensus mechanism is that it has no control over external data. Smart contracts can in no way edit or control external. But this presents a problem in the interaction between blockchain and the real world concerning data. The smart contract refuses to execute and use external data, even though it is from a trusted source.[2]
The Plug Chain team thus identified that this problem necessitates the need for a machine that can effectively communicate between the real world and blockchain. Thus, the team identified what are called Blockchain Prophesy Machines. These machines can transmit external trusted data to the blockchain, writing it in such a way that the smart contract can automatically execute data according to its preset rules, in the real world scenario. This gives real-world applicability to smart contracts. These prophesy machines are also called information transmitters or prediction machines. Thus, Plug Chain is built around the use of predictor networks to improve data communication between blockchain and the real world.[2]
The team[edit]
Plug Chain is made up of a team of six young industrious men from China, namely: Joey, Xu Jin, Liu Jin Yi, Ba Huo, Jin Chao and Bowen Zhao.[3]
Basic Framework[edit]
Plug Chain is a high-performance public chain based on five main tenets. These elements are central to the network’s move to improve data interaction between blockchain and the real world. The network takes into consideration these basic frameworks when designing the Oracle Network Protocol (ONP).[3]
Integrity and Reliability[edit]
This tenet ensures that data and information are accurate, complete, and reliable. That the data shared between the blockchain and the real world has not been tampered with, intentionally or unintentionally.[3]
Availability[edit]
Plug Chain ensures that real-world data transmitted from the prediction machine to the smart contract is gotten swiftly and readily. That is, data is available when it is required by the public chain.[3]
Confidentiality[edit]
In Plug Chain, real-world data shared from the prediction machine to the smart contract is considered confidential. The data should not be leaked because it may contain sensitive information about people in the real world. One of such instances could be decentralized securities trading which has the confidential portfolio information of users.[3]
Interoperability[edit]
A major tenet on which Plug Chain is built is the access it gives multiple blockchain networks to interact with each other. So, blockchain networks such as BSC and Polkadot can communicate with each other, sharing data using Plug Chain. This makes Plug Chain a connector of blockchains.[3]
Scalability[edit]
To ensure that multiple transactions can occur on the network simultaneously.[3]
The Network[edit]
The Plug Chain network is a connector of blockchains, and the real world, making use of a reliable prediction system. Its current network is based on a decentralized predictor network tailored toward data interaction.[3]
To achieve the basic tenets of the network and to resolve the major issues that led to the development of the system. Plug Chain makes use of multiple data sources to ensure that data is complete and total. Its predictor network can derive data from URL links on the internet, search engines, sensor data, other blockchain data, data of interstellar file system IPFS, and much more. This ensures that the network has complete data required by the smart contract for execution.[3]
Apart from getting complete data, the network works to ensure that the data is reliable. Therefore, Plug Chain adopts a verifiable random number engine and encryption signature technology to ensure that the service network results are reliable.[3]
Its various predictor nodes also use public keys to encrypt a query request. This helps to restrict the information flow of the predictor, so that data does not leak to external sources. The encrypted query can only be decrypted when querying the information source. So, Plug Chain transmits real-life data to smart contracts and ensure their confidentiality using encryption. Plug Chain relies on multiple nodes to complete data acquisition and complex computation in the chain. The use of multiple nodes reduces the overhead and traffic on the network, promoting the scalability of the network. Plug chain uses Heterogeneous sharding technology + TLS Notary proof technique. This structure can easily achieve high transactions per second.[3]
Plug Chain uses asynchronous fragmentation technology, and all fragmented block structures are similar to consensus protocols, so that data can be seamlessly exchanged between different blockchains as if there were no boundaries. Thus, there is a seamless exchange of data between blockchains on the Plug Chain network.[3]
It operates a decentralized predictor network, which makes data readily available when required as the bureaucracy of centralization is eliminated. Frequent and time-taking checks of centralized networks are avoided on Plug Chain’s predictor network.[3]
Application[edit]
The Plug Chain team have recognized the need to simplify real-life scenario to make them usable on decentralized smart contracts. Therefore, to ensure commercial applications usage, Plug Chain offers customizable functional modules. These modules offered by Plug Chain are the difference between global commercial application support and otherwise.[4]
Plug Chain's modules are easily created and customized for various business scenarios, with higher flexible support for various blockchains. Thereby meeting the specific business requirements and governance requirements of various industries, and combining with various functional components, Plug Chain can have better series connection and division in performance expansion, governance model and specific business requirements, and better flexible support.[4]
According to their team, Plug Chain applies to various fields, including insurance, decentralized finance (DeFi), financial trading platforms, blockchain finance lease, financial derivative trading, and so on. Plug Chain aims to bridge the gap between blockchain and the real world, thus, it has wide applicability.[4]
Plug Chain Application Fields[edit]
Because smart contracts are built-in Boolean algebra and are extremely predictable, the mechanism's efficacy is firmly proven throughout the entire operation with automated functioning. Plug ChainTM may make a significant difference in terms of credibility, privacy, and security, ensuring a trustworthy final implementation based on the data input's quality.[5]
The following are some of the Plug ChainTM application fields:
Decentralized Finance[edit]
The operational costs of data sources make the entire decentralized finance ecosystem more protocol-compliant, coordinating user engagement, and decentralizing reserve assets and back-end trades. The financial system under the decentralized finance framework recreates classic financial products such as loans and derivatives.[5]
Stable Currency[edit]
Stablecoins are assets that generally show some price stability. They give the user complete control of their assets. The American dollar is a good example of a fiat stablecoin since it has minimal volatility. Hence, it offers a good money unit to invest in the long and short term. The American dollar, on the other hand, gives the user no autonomy because it is regulated by the Federal Reserve Bank and is reliant on the American financial system for commercial purposes.[5]
When there's beyond-the-chain information sharing the need for cryptocurrency assets and stable currencies, they attempt to print outside the world's stable currency and rooted resources.[5]
Credit and Debit Platform[edit]
Faceless individuals can mortgage margin on a distributed P2P lending platform, which starts the liquidation process.[5]
Plug Chain Token and markets[edit]
Plug Chain Token ($PLUGCN) is the native token of the Plug Chain platform. It has a total supply of 100 billion CN tokens and is listed on major exchanges like LBank and XT.com. The trading data is tracked on top crypto aggregators like CoinMarketCap, Coin Gecko and others.[5]
See also[edit]
References[edit]
- ↑ 1.0 1.1 1.2 "PLUG Chain's First Step on Global Adoption"". ca.finance.yahoo.com. 18 October 2021. Retrieved 3 March 2022.
- ↑ 2.0 2.1 2.2 Lisa Gibbons,"Alpha Hadge to Fund $10 Million to Drive Plug Chain Global Eco-Technology Development". finance.yahoo.com/. 16 November 2021. Retrieved 3 March 2022.
- ↑ 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 3.11 3.12 Lisa Gibbons,"Q&A with Plug Chain founder on helping real traditional industries enjoy blockchain technology". cointelegraph.com. 8 February 2022. Retrieved 3 March 2022.
- ↑ 4.0 4.1 4.2 "A Nexus of Plugchain Blockchain". finance.yahoo.com/. 1 July 2021. Retrieved 3 March 2022.
- ↑ 5.0 5.1 5.2 5.3 5.4 5.5 Lisa Gibbons,"Plug Chain Medium". officialplugchain.medium.com. Retrieved 3 March 2022.
