Introducing Plugin – Secure, Scalable Blockchain-Agnostic Decentralized Oracle
Plugin: Decentralized Oracle Network https://www.goplugin.co/
Centralized Oracles Computing acts as a single entity, which provides critical data from an external source to a smart contract, operating with a set of security features. Due to its architecture, such oracles are controlled by a single source which predominantly works as the sole source of information for smart contracts. Since it works similarly to the traditional financial system where a single entity is responsible for everything, it suffers major limitations, or we can say it has a single point of failure.
These oracles have a simple architecture with lesser investment in terms of infrastructure and maintenance. Although they provide protection against game theory attacks, these are still prone to vulnerabilities to being corrupted and attacked. Blockchain Oracle Problems result from the inability of oracles to verify the integrity of their data. Additionally, the likelihood of malfunction and deliberate tampering varies by type. On the other hand, if the information is trusted and verified, the oracle may fail to function properly on the smart contract due to a malfunction or deliberate tampering. From a game-theoretic perspective, it can be demonstrated that the higher the value of the smart contract, the greater the incentive to compromise the system. PlugIn Intro Video on Youtube https://youtu.be/Caz6Nv9Jc84
Looking at all above problems, Suvik Group of Companies, established in UAE, decided to start decentralized data Oracle Network called “PLUGIN”. As per Mr. Vinod Khurana, CEO of Suvik Group, some of the distinct features of Plugin are that it this is fully decentralized oracle platform; it provides cost-effective solutions for any smart contract on XinFin ecosystem.
Plugin collects data from different external sources, consolidates, and makes sure the correct value is provided to its users at any point of time. This is the most crucial part for any decentralized oracle provider that is highly trusted by all its users. Data collected from different oracle nodes is consolidated to arrive at the correct value. In order for this kind of system to avoid vulnerabilities and provide a blockchain peer-to-peer system, any decentralized oracle provider must rely on the community to choose the data sources and validators and also on the rewarding & penalizing mechanism. Plugin uses an approach of carrot and stick for rewarding the best and penalizing the vulnerable actors.
High level of security and scalability sets Plugin apart from others in the crypto space. Another feature, which makes it superior to other platform is that the low cost of gas; in addition to the speed of transactions at 2,000 TPS, which is far ahead of existing platforms of any kind of blockchain applications which uses its data feeds. The main advantage of using Plugin is that the data feeds are being provided by the platform at a very low cost compared to any other oracle providers as also the data feeds are highly diversified according to the needs of the customers and the XinFin community.
As a result, Plugin can be considered as a decentralized oracle provider which is economical, scalable, and highly trusted. The potential of decentralized applications is limitless, and oracles are an essential part for enabling them to standardize our institutions.
In addition to development of the decentralized Oracle Network Plugin; Plugin has been able to integrate with XDC SmartLock, an opensource platform that allows users to lock XDC away in a smart contract until a triggering event is received from an oracle data feed. Plugin aims to provide bespoke services to our customers intending to avail our assistance in the following areas:
o Weather forecasting Nodes
o Inflation data Nodes
o Secure sharing of medical data
o Real-time IoT operating systems
At present, Plugin, with ticker “PLI” is listed on Bitrue, Liquid, HitBTC and Globiance exchanges; with two world’s most-referenced Price Tracking Platforms, CoinMarketCap & CoinGecko.
One can join Plugin Development Community at Discord. They can also follow Plugin on Twitter & Telegram channels and its FB page https://www.facebook.com/PluginPLI
Release ID: 89059566