What Is PLUGchain (PLUGCN)?
The PLUGchain ecosystem endeavors to create a high-performance public chain solely designed to resolve information and data interaction problems. The platform follows a mission of developing a safe, smooth, and efficient intercommunication between blockchain and real-world data. PLUGchain also wants to bridge the communication gap among public chain contracts with the help of cross-chain technology. Cross-chain technology allows transactions between two different blockchains.
The PLUGchain platform has a decentralized predictor network at its core, based on a cross-chain interaction design. The platform takes help from this cross-chain design with the aim to solve the information interaction issue between various blockchain networks. The main focus of the PLUGchain ecosystem is to create a safe and efficient data interaction platform with features like data security, data storage, and future applications.
According to the whitepaper, the existing data interaction system has a few pain points, such as integrity, confidentiality, reliability, availability, scalability, and interoperability. PLUGchain aims to solve these current interaction system issues through multiple data sources, multiple prediction machines, reputation systems, trusted hardware, and authenticity proof.
As the platform website states, PLUGchain comes with different core advantages, as in the following:
Multi-chain and Cross-chain: PLUGchain allows interaction with individual blockchain networks along with connection to business blockchains.
Highly Expandable: Users get to experience high performance with reduced on-chain cost.
10,000 TPS Processing Capabilities: The platform aims to have reached 10,000 TPS (Transactions per Second) with a high concurrency.
Fast and Reliable: PLUGchain utilizes proof of stake (PoS) mechanism to provide low latency, strong consistency, and an anti-fork environment.
Reliable Data Security: The use of TLS Notary and threshold signature technology allows PLUGchain to launch secure privacy protection solutions for conventional financial institutions and blockchain.TLS Notary is a data verification tool to provide cryptology proof in the PLUGchain network. This cryptology proof proves that the data provided to the intelligent contract is the same as data supplied by the PLUGchain predictor blockchain. Threshold signature technology, on the other hand, refers to a distributed multi-party signature protocol to make the PLUGchain network secure.
The PLUGchain platform’s token is PLUGCN. The distribution includes allocating 88% to DAO (Decentralized Autonomous Organization), 7% to the angel fund, and the remaining 5% for the creation team. DAO refers to a community-driven entity without any central authority.
History of PLUGchain (PLUGCN)
Joey Huang is the founder of PLUGchain, and the platform was launched in August 2021. According to the whitepaper, the total supply of the platform token is 1000 billion.