Plugin, what are the benefits of this oracle? Discover all the advantages of this decentralized, agnostic and scalable blockchain-enabled oracle.
Plugin, decentralized Oracle Platform, provides cost effective solutions to any smart contract which runs on XinFin EcoSystem. PLUGIN is a fork of Chainlink open-source technology that is collectively developed by a large community of
developers, researchers, and users who share the goal of building PLUGIN into a public good for the benefit of the XinFin blockchain ecosystem.
Plugin, its advantages:
Decentralized Oracle Networks eliminate any single point of failure in a smart contract by utilizing multiple data inputs. This enables end-to-end reliability and allows high-value smart contracts in low trust environments to become viable, Decentralized Oracle Networks are designed to enhance and extend the capabilities of smart contracts on a target blockchain or main chain through functions that are not available natively.
They do so by providing the three basic resources found in computing systems: networking, storage, and computation. A DON aims to offer these resources with strong confidentiality, integrity, and availability properties, as well as accountability.
DONs are formed by committees of oracle nodes that cooperate to fulfill a specific job or choose to establish a long-lived relationship in order to provide persistent services to clients. DONs are designed in a blockchain-agnostic way.
Monetize Your Data Feeds And Existing APIs By Selling Them Directly To Smart Contracts
They promise to serve as a powerful and flexible tool for application developers to create off-chain support for their smart contracts on any supported main chain.
PLUGIN is currently committed to DeFi Application which includes:
a. Stable currencies, also known as “Stablecoins”
b. Decentralized Insurance
c. Decentralized Prediction markets
d. Decentralized Synthetic assets
e. Decentralized exchanges and Derivatives Trading Market
f. Decentralized Identity
PLUGIN Decentralised Oracle Network comes with:
a. Highest Level of Security
b. Decentralize Architecture to Prevent Single Point Failure
c. Censorship resistance
d. Prevent Bad action from Performing malicious activities
e. Developer Friendly Interface for Ease of Deployment & Operation
Core Focus of PLUGIN Platform
Our core focus is to provide the cost effective solutions to the node operators and end users who will require the reliable data onto their blockchain through decentralized oracle service.
500 Million tokens are our total supply.
Dapp’s produce so many data requests that it is effectively a limitless amount — and when PLUGIN is the industry-standard oracle service provider; we’ll need lots of PLUGIN to fulfill all those contract requests. Additionally, the Proof of Burn mechanic functions to eliminate tokens from the supply, so there needs to be a constant allowance of new PLUGIN being created.
On the platform, The PLUGIN token would serve as a part of the payment system, the user requesting data would have to make payments in PLUGIN as fee to the client contract and the farmer hosting node would also receive payments in PLUGIN.