Owing to the surge in blockchain revolutionary technology, which is disrupting virtually all spheres of human endeavors, including notably pertinent areas such as data and information. Apparently, this brings to fore the applicability of blockchain in resolving issues with a vital attention to communication as expatiated upon by Plugchain.
Plugchain is a high-performance public chain committed to solving the interaction of information and data. It not only realizes the safe, smooth, and efficient communication for blockchain with the real world, but also realize communication with POLKADOT, BSC, HECO and other public chain smart contracts through cross-chain technology.
Oracle Network Protocol’s decentralized oracle service (short for ONP) based on Plugchain focuses on the following elements when designing actual applications: integrity, confidentiality, reliability, availability and scalability, interoperability.
Technically, Plugchain’s design comprises four sections which are proxy system, supervision system, verification registration of the nodes outside the chain system and payment system.
While there are many public chain projects, Security and scalability are practical reasons behind the strength and confidence of a project as formidable in operation as Plugchain.
Plugchain had its’ testnet on the 23rd of June 2021. Following, intercommunication between reality and virtual, Plugchain is on the verge of making giant strides in this time and age of innovative disruptions from remote reality to job and data integration.
The biggest core innovation of the regional blockchain lies in the tool that connects smart contracts with external systems and promotes contract plays an important role.
Precisely, it is because of the consensus mechanism of blockchain, the smart contract can’t do I/O (Input/Output), so it can’t.
According to Tyler Winkelvoss and Rower, “We have elected to put our money and faith in a mathematical framework that is free of politics and human error”. However, the data itself is complex and diverse, claiming to reconstruct. Trust on external data may somewhat not be fully trusted.
Decentralized solution to the trust problem, which does not need to trust and that the interior of blockchain is a deterministic environment, which does not rely on third-party institutions for value transfer.
PLUGCHAIN APPLICATION SCENARIO
Smart contract are written in Boolean logic and is highly deterministic, so the efficacy of the mechanism in entirety is well established in the whole process with automatic operation. Plugchain can make a very positive change in the credibility, privacy and Defi aspects which ensures a trust free final execution pending on the quality of the data input.
A look into the application areas of Plugchain can be seen below;
- DeFi field
According to Babs Rangaiah, “as it relates to media, we expect blockchain to be able to provide a single source of truth to any given media”.
Operation cost of data sources, makes the whole defi ecology more protocol attentive, coordinate user interaction and decentralize the back-end exchanges and reserve assets. The DeFi model, the financial system recreates traditional financial instruments, including loans, derivatives, amongst others.
- Stable currency
According to Ikuya Takasima, “Stablecoins is an asset that typically features price stability. The advantage of them is that they give the user total control over their holdings. On the other hand, the US dollar is a great example of a fiat stablecoin, as it offers low volatility and so provides a reliable unit of money to invest in both the short term and the long term. However, the US dollar doesn’t give the user any form of control, as it is monitored by the Federal Reserve Bank and is dependent on the banking network in the US for commercial use”.
Crypto asset stable currencies try to ink external world’s stable currency and the anchored assets when there is an out of chain information exchange demand for the crypto asset stable.
- Debit and credit platform
Decentralized Peer-to-peer ending platform allows anonymous users to mortgage margin and triggers the liquidation procedure.
- Insurance application
Crypto asset stable currency is based on cryptocurrency mortgage. Instead monitor the margin ratio of encrypted collateral, issue a warning when their prices to fiat currencies by maintaining a higher ratio of collateral to collateralized assets, and its collateral is Ethereum and other chain assets.
Plugchain can provide real-time data such as the exchange rate of the assets. Consumption decentralized insurance application platform, including aviation currency.
Many blockchain project parties are building an efficient, transparent and low stable currencies. For example, DAI and bit USD. DAI is issued through over encrypted assets on the blockchain to borrow French currency or encrypted Plugchain provides price data when the loan is generated, and can delay insurance, crop insurance, etc. Users pay the premium with ether, buy insurance, and get automatic compensation according to the insurance agreement cannot be managed uniformly, and cannot be field separately according to compensation decisions, and arrange future automatic claims.
Medium-sized real estate easing enterprises are difficult to operate because; a large number of incoming and outgoing mails cannot be effectively. Plugchain can introduce external data sources and events for such in the leasing industry, in fact, the most difficult thing is to control the whole customers, contacts or even projects, contracts and service requests.
Plugchain can guarantee the authenticity of the leasing data and link the sorted and analyzed, and the historical information of inquiry and quotation return.
Plugchain can build an international trade financial service platform for; Business personnel spend a lot of time processing documents and opportunities.
Public chain intelligent contracts such as POLKADOT, BSC and HECO through smooth and efficient intercommunication between blockchain and real-world independent blockchain networks with Cosmos, but also provide modular underlying components through nesting BSC and HECO ecological scenes, information, and data, but also to realize the intercommunication among stakeholders.
Plugchain’s Oracle Network Protocol (ONP), portrays that the content possesses an intelligent contract availability, in which data is retrieved by the prediction machine, practical application thus, aiming at the salient silent points in current data.
Not been intentionally or unintentionally destroyed or tampered with, and can with each other and share information without restriction.
Integrity in this scenario, is no different from the lexicon definition or meaning of integrity which means that the information is compete, accurate and reliable.
Multiple data sources, multiple interaction amidst others are some viable means of completing Plugchain. The following elements are considered; integrity, decentralized derivatives trading and users in entirety.
Pertinent concepts that constitute a blockchain such as Confidentiality, reliability, Availability, Scalability, and interoperability are requisites to propelling Plugchain and no doubt, not absent.
Prediction machines, reputation system, trusted execution environment interoperability means that different blockchain networks can communicate (trusted hardware), authenticity proof and other schemes.
Among them, for multiple data sources, the Plugchain predictor network can obtain the following data sources:
- URL link of internet;
- Data of interstellar file system PFS;
- Data of other blockchain
- Search engine;
- Sensor data, etc.
Aiming at confidentiality, the Plugchain predictor node uses public predictor, and only decrypts it when querying the information source.
Key components necessary to encrypt the query request, and restricts the information flow of the
- For reliability, Plugchain adopts verifiable random number engine and
- In view of availability, Plugchain’s prediction machine network is decentralized, which eliminates the tedious data audit of centralized, reliable data acquisition or complex computation under the chain, which has chains as if there were no boundaries.
- For interoperability, Plugchain adopts asynchronous fragmentation technology, and all fragmented block structures are similar to consensus
In addition, in order to finally support global commercial applications, Plugchain needs to simplify the operation used by enterprises and reduce expansion, governance model and specific business requirements, and better and has better flexible support for different business blockchain. Thereby meeting the specific business requirements and governance requirements protocols, so that data can be seamlessly exchanged between different block can be quickly formulated and customized for different business scenarios,
Plugchain can have better series connection and division in performance and effectively solve the real-time performance and anti-audit of information. In view of scalability, Plugchain uses multiple nodes to compete of various industries, and combining with various functional components, flexible support.
Security and scalability, as well as scientific on-chain, off-chain and inter are the reason why Plugchain has the confidence and strength to stand the agent system that calls the user contract; Second, the supervision system.
To ensure the authenticity of records and service quality in the chain; Third, Chain (cross-chain) designs, and it also has technological innovations that predictor network is under the chain, and the modules to realize this function
The computing of Plugchain is chain related and designed to include sections such as;
- Verify the registration system that the node outside the chain join
- Fragmentation, status channel and lightning network which can well be improved upon.
Independent blockchain network through the predictor network, and practical business chains, to meet different business requirements adopts the setting of Plugchain hub to connect technical resources, COMOS and independent data interaction, and the underlying functional components of POLKADOT to achieve scalability.
Specifically, Plugchain can realize the data interaction with each business requirements, existing blockchain functional components. Plugchain prophetic machine network opens a door for cross-chain interaction between executions, which combines the high efficiency of each blockchain network thought of as a city.
The function of Plugchain Hub is specific to the blockchain smoothly in the fragmented blockchain, because the block structure and automatic market maker, Ethereum Bridge, ratio special currency bridge and Plugchain Hub solves the problem of cross-chain data and contract
Interaction, which can face more and more interactive demands and fragmentation technology. Moreover, interoperability can be realized
The goal of Plugchain SDK is to create a modular Blockchain or use existing modules. With the development of Plugchain.
Security: Function constrains the security boundary between modules, specific blockchain without writing every function of the application from Plugchain SDK also comes with a set of useful developer tools.
Holistically, Plugchain is doing great as the company’s research and development (R and D) team is making headway towards promoting the application of Oracle Network Protocol project sequel to the cross chains, high scalability, and multiple chains, it obviously explores a nexus of data mode under the chain providing solutions for data storage and data collaboration.
In conclusion, Plugchain can empower entity enterprises and improve their core competiveness based on the combination of existing cutting-edge technology powered by blockchain.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.