LBank&PlugChain 09.07 AMA
PlugChain:Hi everyone, I’m Edward Wesley and I’m one of PlugChain’s Head of Marketing. The members of the team like to call me PCMAN, so I hope everyone can remember this interesting name, PCMAN.
PlugChain is a Web3 public chain with high concurrency, low gas fee, and easy scalability as its core advantages. By building an aggregated cross-chain oracle protocol, it is committed to the application of high-performance information and data interaction.
I am very happy to participate in this AMA event, I also thank the LBank team for the invitation, and look forward to answering the questions raised by the LBank community about PlugChain!
Q: Please introduce the PlugChain team and the core business of PlugChain.
Our teams are located in more than ten countries to ensure we can provide multicultural product content and customer support. At the same time, our team has strong competitiveness. It has made achievements in academics, technology and business. In May 2022, the PlugChain team has more than 100 people.
PlugChain mainly focuses on the two core businesses of cross-chain and decentralized oracles. As a Web3 public chain with high concurrency, low gas fee, and easy scalability as its core advantages, PlugChain can provide three types of services: data transmission, data calculation, and data cross-chain. Favored provider of aggregated cross-chain oracle solutions.
Q: According to the investor’s point of view: I am a cryptocurrency investor, I only care about the prospects of the cryptocurrency I choose, why should I choose your token over other tokens? What are the advantages of your token?
The token price reflects the future growth trend of the community and will become higher if the expected user base growth is stronger. When the platform technology is expected to improve, it will attract more users and developers to join the community, and the appreciation of the token price is expected to make them make the decision to join the community and hold the token.
In fact, the biggest advantage of our token is our public chain itself. Strictly speaking, the price of the token is the market’s evaluation of the public chain. The price of many public chain tokens was not high in the early days, even mainstream public chain tokens such as ETH, ATOM, DOT, SOL, etc. are no exception. But why their prices can soar is nothing more than the outbreak of technology and ecology, especially the ecological level.
Because our token is in the early stage of the development of the public chain, the price of PC has great room to rise. Second, our public chain has its own core advantages. Whether it is cross-chain technology or the oracle network, we are in a leading position in the industry. The service efficiency of 100 public chains and the core advantages of decentralized oracles lay our foundation. status. Similarly, in ecological construction, we are working with more than 20 global high-quality projects to obtain cooperation intentions, which will be incorporated into the global ecology of our PlugChain public chain, which plays a very important role in the ecological construction of PlugChain.
Q: Community support is one of the factors of a project’s success. Most projects have plans to interact with users. Do you have any special plans to attract and expand your community and improve the user experience?
Currently, PlugChain has established Telegram and Discord channels for users. We have established 9 languages on Discord to provide users in different countries. We will gradually recruit users from all over the world to become PlugChain ambassadors, and the number of the first batch of open ambassadors will be limited. You will enjoy the latest PlugChain information and unique rights, help the PlugChain community to develop in a new stage, and accelerate the global expansion of PlugChain. PlugLabs will be hosting Prague Nights, Women Power, Artists League, Hackathons, White Hacks. We will also absorb valuable suggestions from users, developers, and institutions, and implement them in each iteration of public chain upgrades, wallets, and browsers.
Q: I learned about the upgrade of your mainnet on August 30, 2022. What changes has this upgrade brought to the PlugChain ecosystem? Can you list some of the reasons that motivated you and your team to launch the PlugChain project? What are the application scenarios?
Answer: The main points of this mainnet upgrade are as follows: First, we adjusted the proposal fundraising time to 2 days and the voting time to 5 days; secondly, in order to cooperate with the all-round upgrade of the official brand, the ecological token PLUGCN Officially renamed to PC, and updated dump cosmos-sdk v0.45+ ethermint; v0.18+endermint v0.34+ ibc-go v3+. Also, we removed NFTmodule and added authz module. On August 29th, we released the V1.7.0 node update version to cope with this mainnet upgrade.
Join mainnet | Plug Chain Documents
TIP Requirements: install plugchaind or download the corresponding version of the binary file You need to install…
We launched PlugChain for two reasons. First of all, we recognize that the public chain is a track, as the infrastructure of the bit world, both prospects and value potential are huge, just like the early Internet technology. Secondly, the core business of our public chain is to focus on cross-chain + decentralized oracles. Undoubtedly, with the development of blockchain in the future, multi-chain collaboration must be a trend, and cross-chain will naturally become a battleground for public chains. At the same time, we start from the decentralized oracle network, amplify the data source of the oracle through cross-chain aggregation, and the oracle opens up the interaction channel between the real world and the blockchain world, making the collaboration between blockchains more efficient and convenient. . The two are complementary.
Like other mainstream public chains, PlugChain can carry a variety of ecosystems. The public chains include decentralized trading platforms, decentralized payments, decentralized lending, decentralized OTC, NFT, DAO, GameFi, SocialFi, stablecoins, etc. In the future, we will explore ecological cooperation with external high-quality projects, and strive to promote the comprehensive development of the PlugChain public chain ecosystem.
Q: Income is an important factor in the survival and maintenance of all projects. So, how does your project plan generate profit and revenue? According to the roadmap, what is your next priority? Do you have enough funding and a strong community to achieve your goals?
The biggest use of our public chain is to realize the transformation of business application web2.0 enterprises to web3.0, and to help the innovation and reshaping of traditional business models. We will introduce ecological investment, the gas fee generated by the interaction of the project development, and the economic closed loop that combines the protocol layer and the application layer. For example, our platform creates a diversified ecology such as DEX, NFT, GameFi, SocialFi, and DeFi, which can provide the platform with hematopoietic functions.
At present, our top priority is to implement the IBC cross-chain protocol and decentralized oracle service to support more public chains to join our cross-chain ecosystem. At the same time, we will open the autonomy of PLUGDAO and introduce more developers to continuously enrich the ecological construction of the public chain. At present, our project has abundant cash, and the community level is also developing upwards. As of now, there are more than 250k global community users.
Interestingly, one project clarified doubts about its token economics. I wonder, what is the total supply of $PC tokens? Will PlugChain allocate its $PC supply to the market and development through DAO? That is, do users have the right to participate in DAOs, participate in voting designs or other innovative products in the ecosystem?
On September 6th, according to the blockchain browser, the total supply of PCs is about 4.844 billion, the total pledge of PCs is about 4.301 billion, and the circulation is about 542 million, which is 3.3%. PlugChain will launch PLUGDAO, a community-driven initiative to enhance PlugChain’s influence and further solidify PlugChain’s leadership in the oracle and cross-chain fields.
PLUGDAO is the name of PlugChain’s decentralized autonomous organization, and users have the right to participate in the development and governance of DAO. By integrating our ecosystem, including all those who are building the protocol, along with the entire business and support community, we will co-create PlugChainVerse.
PLUGDAO is managed by the Contribution Proof scoring system. The scoring system consists of four parts: task completion, activity participation, ecological referral and vePlug value. Members can get PC rewards by completing tasks published by PLUGDAO. PlugChain will also allocate a corresponding amount of PCs for marketing and development according to PLUGDAO.
Since many parts of PLUGDAO have not been fully disclosed, please stay tuned.