Focus on the New Public Chain: PlugChain’s way to open the data “engine”!

The public chain is one of the most critical infrastructures of Web3. Different types of public chains are essentially different decentralized ledgers, which classify and manage different types of decentralized huge amounts of information.

Why has only Ethereum dominated in recent years?

The accumulation of technology and the prosperous ecology have made Ethereum a giant in the public chain. But this does not mean that Ethereum will monopolize all markets. Mainstream public chains such as BSC, Solana, Cosmos, Cardano, Polkadot, Aptos, PlugChain, and Polygon also occupy a place in their respective segments, forming a multi-chain pattern of “one super and many strong”.

Therefore, “defeating the public chain of Ethereum can dominate the blockchain” is a false proposition to some extent. In the future, no one can replace Ethereum, and no one can dominate the blockchain. Because the essence of blockchain is decentralization.

In the first stage of blockchain development, the public chain is the most important infrastructure, application and product! Therefore, everyone is vigorously developing and catching up with each other; but now, the blockchain has entered the second stage. The infrastructure has been gradually improved and can provide services. DApp and various application scenarios are the main development content at this stage.

At present, an ideal application can be applied to various scenarios, respond to different access and generate various types of data, and PlugChain is the technical means to meet such conditions. To this end, PlugChain technically proposes two solutions, oracle machine and cross-chain. The former solves the “data source problem” — the data source of the blockchain, and the cross-chain function revitalizes the “data circulation” — how to quickly interact with data between different blockchains.

1. Oracle: Where does the data come from?

Here, you need to understand the oracle. In the computer field, an oracle is an abstract computer, also known as an oracle. The oracle machine has all the functions of the Turing machine, and has an additional ability: it can directly obtain the answers to certain questions without calculation. This process is called Oracle. In other words, the oracle machine can solve problems that the Turing machine cannot solve, such as obtaining answers to questions from the outside world.

For example, if there is a DApp for weather forecast and early warning, the weather forecast can be queried through smart contracts on the chain. However, the weather forecast data is not generated on the chain itself, but requires a smart contract to initiate a data request to the weather service website. At this time, the oracle machine works, and the smart contract can initiate a request to the oracle machine, and the oracle machine executes the call of the weather service website, and returns consistent response data to the smart contract for processing by the smart contract.

Although there are many centralized oracle machines, the data security and correctness are not satisfactory. The centralized oracle machine must monopolize the “right to speak of data”. Once the node is modified independently or artificially, the loss caused will be immeasurable. Therefore, the decentralized oracle machine has become a breakthrough, and the current relatively mature projects are Chainlink and PlugChain.

Compared with Chainlink, PlugChain is considered a junior. There are many articles introducing Chainlink. Here is a separate introduction to PlugChain.

In order to establish a decentralized data network in PlugChain, each oracle is a node in the network, and its architecture is divided into on-chain components and off-chain components. The on-chain components are responsible for interacting with users, collecting and responding to requests, while the off-chain components are data networks for processing data acquisition and transmission. In this architecture, PlugChain is a distributed data network, which can avoid single point of failure! Because of the increased requirements for distributed data consistency, its performance and difficulty have become new problems.

Therefore, PlugChain builds a fully decentralized oracle network, the network nodes are compatible with Ethereum, Bitcoin and Hyperledger, and supports modularity: every part of the system supports upgrades. When DON establishes synchronization with the blockchain, it can minimize trust and ensure that operations will be executed in strict accordance with predefined logic, and the difficulty of data transmission will be solved.

At the same time, with the DON reward and punishment system, the oracle nodes with good behavior will be encouraged, and their performance and reputation will be made public. On the contrary, nodes with malicious behavior will be punished, reducing the risk of nodes and improving the accuracy of data transmission under the chain . Since DON can transmit data, hundreds of different PlugChain Price Feeds have been generated to provide financial market data for smart contracts, thereby promoting the ecological development of Web3.0.

In addition, PlugChain uses a decentralized oracle network (DON) to perform off-chain calculations for smart contracts, and simultaneously connects to the blockchain to minimize trust. Therefore, DON can perform computing tasks, guarantee scalability and privacy, realize the same rich functions as Web2. , uptime and transparency.

This is why PlugChain adheres to DON, which solves the root cause of where the “data” comes from, and ensures the accuracy and fairness of data transmission.

2. Cross-chain: Where does the data flow to?

Inter-Blockchain refers to the direct circulation of value across the barriers between chains and chains through technology. Blockchain is a kind of distributed ledger: a blockchain is an independent ledger, and two different chains are two different independent ledgers. The two ledgers are not related, and there is essentially no way to transfer value between ledgers. . But for specific issues such as: the value stored on one blockchain can become the value on another chain, which creates the circulation of value.

Existing cross-chain technology solutions include Notary schemes, Sidechains/relays, Hash-locking, Distributed private key control, etc. At present, the most famous cross-chain projects Cosmos and Polkadot both adopt a multi-chain multi-layer architecture based on the relay chain. It can be seen that side chain & relay chain technology will be the main force of future cross-chain technology.

Based on this, PlugChain based on Cosmos inherits many cross-chain advantages of Cosmos. PlugChain also launched its own PlugChain Hub (similar to Cosmos Hub). All parachains are connected to PlugChain Hub through its cross-chain protocol, allowing Hub to assist in the verification and asset transfer of cross-chain transactions. Therefore, cross-chain transactions can be safely routed and forwarded between multiple Hubs, similar to the TCP/IP protocol.

In addition, PlugChain adheres to the viewpoint of “compatibility”, integrates Ripple’s InterLedger protocol and Polkadot’s relay chain/side chain concept, supports multi-chain heterogeneous multi-chain cross-chain platforms, and enables multiple blockchains to be trustless Interacting with each other, it innovates cross-chain intercommunication under state and asset sharding.

Therefore, when it is only necessary to conduct asset transactions across chains, the shard nodes that undertake this function in the PlugChain network can independently enable the lnterledger protocol (using cryptographic algorithms to create fund custody for the accounting system and connectors), When all participants agree that a consensus is reached on the amount of funds, they can be traded with each other. Only the accounting system participating in the transaction can track the transaction, and the privacy can also be guaranteed, which improves the security of cross-chain asset transfer.

It can be seen that PlugChain achieves high business coupling between different blockchains through cross-chain technology, horizontally connects businesses between heterogeneous blockchains with complex processes, and technically solves the problem of “data interaction”.

Conclusion: with the improvement of the public chain infrastructure, perhaps in the future, we will find that Ethereum does not necessarily need it, and different public chains meet different functional applications. Therefore, multi-chain parallelism must be the general trend, and cross-chain infrastructure is obviously more conducive to the establishment of a multi-chain pattern. For PlugChain, which focuses on “cross-chain” and “oracle machine”, it perfectly solves the two problems of “data source” and “where does data flow” from the perspective of technology, and its future value will definitely increase.