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Blockchain technology — often synonymous with Distributed Ledger Technology (DLT), traces the roots of each digital resource and is irreversibly transparent as a result of decentralization and cryptographic hashing.
To understand the basics of blockchain technology, one can attribute it to how Google Doc. work. For instance, when a document is shared among networks, the document is distributed and not merely replicated or transferred.
In this case, a decentralized distribution chain has been created, enabling everyone simultaneous access. Chances of availability grant to all as changes get modified to the document, that is recorded in real-time. This mechanism facilitates thorough transparency.
As the name suggests, blockchain technology is a distinctive form of database that stores information and data in blocks that are merged through cryptography. It does this by liking new data to a fresh block. When the block is full of data, it is chained onto the previous block to create a chronological system.
With its vast use cases, a variety of data can be stored on a blockchain, with the most popular use being the ledger for transactions.
Plugin’s blockchain is decentralized that gives complete access to a single individual or group. It does this by ensuring that all users collectively harness the sense of monitoring. Moreover, decentralized blockchains are unchangeable which paves the way for Plugin (PLI) to make transactions permanently to be recorded and viewable by all.
Transaction Process of PLI
Basics of a Decentralized Oracle
A Decentralized oracle network is a conglomerate of individual blockchain oracles that facilitate data to a blockchain. On one hand, it is commonly known as a decentered oracle. Each singular oracle in the decentralized oracle network handles data from an off-chain source and transfers it to an on-chain source.
The data is then collected to determine the system’s measure of truth for that data point. Decentralized oracles are a solution for the oracle issue. Also, Plugin provides intuitive support for the platform to select an independent network of nodes to connect the real world’s data to the blockchain thereby, allowing smart contracts to maximize their potential.
Plugin further recognizes the concept of reliable decentralized infrastructure by blockchain. However, in matters of blockchain oracles when the nodes are compromised, depreciated, or deleted, Plugin’s network goes on to leverage the decentralized network.
Using a single blockchain poses a risk, to mitigate this, Plugin welcomes a classic new environment revolving around data. Blockchain oracles bridge the gap between the future and smart contracts thereby providing a whole new level of blockchain-based experience for users.
Oracles facilitate a smooth flow for blockchains. With the likes of its function, decentralized networks can be equated to the likes of a computer or cellular devices that lack an internet connection. Blockchain technology would cease to function with such type of isolation. Decentralized oracles prove to be a solution to such issues by offering reliable connections between on-chain and off-chain systems.
What is Plugin?
Plugin is a Decentralized Oracle Platform that provides feasible solutions to smart contracts operating on Xinfin ecosystem.
Additionally, the Plugin fosters a smooth connection between the smart contract and the real-time world. Only reliable data is received from the data feed provider to ensure high-end security. Off-chain computation monitors receive a feed from multiple providers, aggregating the same.
Furthermore, Plugin gathers and consolidates data from myriad external sources to make sure that the correct value is shared with its users at all times. This constitutes the most vital aspect for any highly trusted decentralized oracle provider by its users.
To avoid any breach of trust and offer a blockchain peer-to-peer system, decentralized oracle providers are dependent on the community to identify the data sources and validators while overseeing the rewarding and penalizing structure. Plugin applies the carrot and stick method for rewarding the best and penalizing the vulnerable actors.
Rise of Plugin in the Arena of Crypto Space
Plugin’s distinguished superior level of scalability and security makes an indelible mark in the crypto space. Furthermore, Plugin’s feasible gas rate, along with rapid transactions at 2,000 TPS, sets it lightyears ahead of existing platforms in the field of blockchain applications that use its data feeds.
A key benefit of using Plugin apart from the provision of feasible data feed, but also its highly diversified nature catering to the needs of the customers and XinFin community. A combination of such attributes makes Plugin an economically scalable and a highly trusted decentralized oracle provider. Decentralized applications bear limitless potential, and oracles are their essential enablers of standardizing institutions.
Basis of Oracle Functions
Oracles always bear a distinct list of exclusive features for establishing a connection between on-chain and off-chain systems. In certain scenarios, there is a requirement for oracles between blockchain networks and amongst them, the most crucial types are listed below:
Listen. This function enables oracles to overlook blockchain networks and look out for incoming user requests for off-chain data.
Extract. This is the means through which oracles gather data from external sources.
Broadcast. Through this feature, one can sign and share transactions on a blockchain for being able to deliver data to a smart contract.
For an oracle’s functioning, it must serve both on-chain and off-chain systems side by side. While one listens, strikes connections, broadcasts data, and extracts data from networks, the other processes requests to collect data and send blockchain data to off-chain systems.
Companies Seeking Agnostic Blockchain
Blockchain agnostic facilitates different business solutions to be executed and carried out from various underlying blockchain technologies. As current applications cater to only specific industries, use cases, and blockchain technologies; it renders them inflexible in an evolving nascent ecosystem.
Integration forms a vital aspect in allowing hindrance-free communication between different blockchain technologies. While interoperability amongst different blockchain networks is yet to come to fruition. An agnostic blockchain solution paves the correct route for companies’ limitless usage and swift interaction amongst a plethora of ledger technologies.
Opting for an agnostic blockchain equips the company with the pursuit of choosing the finest blockchain technology. Despite one bearing the professional reach to thrive working with separate underlying ledger technologies. It may limit the use case, perhaps even increasing the window to inefficiencies.
Welcoming API’s Into Decentralized Web3
Several occasions call for a blockchain-based smart contract consisting of data updates only fulfilled by a web API request. For instance, when the smart contract needs to examine the latest price of a given stock ticker or access on-chain activities incidentally on the weather at a certain period. The universality of APIs paves the way for countless useful features available for the task at hand.
However, integrating them into Web3 applications is an uphill task. The API3 Alliance has made a significant impact in introducing an industry-standard solution to welcome APIs to Web3 applications. API3 offers a modest-vendor standard gateway to apply over existing APIs that help attract decentralized apps. The vendor-neutral API Alliance is an abode of several APIs spanning across industries and gaining momentum.
The onset of the Web3 concept is attracting an increasing proportion of decentralized, blockchain-based applications to fulfillment. Such applications, however, cannot function in a limited world. To grasp the maximum vastness of digital possibilities, we need to witness the incorporation of off-chain computations with alternative communication software libraries. In due course of time, this will require integrations with web APIs, which have grown to form a vital method of cloud-based communication.