What should a potentially valuable and promising public blockchain look like?

PlugChain
3 min readAug 16, 2023

A public blockchain, as a decentralized infrastructure, can provide secure, transparent, and tamper-proof transaction records, as well as functionalities like smart contracts. As a result, it holds a certain investment value. So, what kind of ecosystem should a potentially promising public blockchain possess? Today, we will briefly analyze this.

In the current world of blockchain, a potentially valuable public blockchain should have the following ecosystem:

Decentralized Applications (DApps): The public blockchain needs to support the development and operation of decentralized applications. These applications can be deployed on the public blockchain through methods like smart contracts, providing users with various functionalities and services such as decentralized exchanges, decentralized identity verification, decentralized social media, and more.

Wallets: The public blockchain should support various types of wallets, including hardware wallets, software wallets, and mobile wallets. These wallets can be used for storing, sending, and receiving cryptocurrencies and other digital assets.

Developer Tools: A public blockchain needs to offer a range of developer tools, enabling developers to more easily build decentralized applications, including smart contract programming languages, development toolkits, APIs, and SDKs.

Community: A public blockchain needs to have a large and active community that can provide various support and assistance for the blockchain’s development, including participation in development, testing, and promotion.

Decentralized Governance: A public blockchain needs to implement a decentralized governance mechanism, allowing the community and users to participate in and decide on the blockchain’s development and decisions, including adopting decentralized governance mechanisms such as DAOs.

Blockchain Explorer: As a tool that allows users to view and search blockchain data, it parses and displays data such as transactions, blocks, addresses, smart contracts, and tracks asset flows on the blockchain. Therefore, for a public blockchain, having a reliable, efficient, and user-friendly blockchain explorer is crucial for enhancing user experience, increasing transparency, and building credibility.

Oracle: Oracles are a vital component. If a decentralized finance application (DeFi) needs real-time market data to calculate prices or make decisions, an oracle can provide the required data for that application. If a public blockchain cannot provide oracle functionality, many applications may not be feasible on the blockchain. Oracles can be considered a necessary function within a public blockchain, especially in scenarios that require external data or event support.

When we analyze these elements, we can’t help but think of PlugChain. On one hand, PlugLabs continuously expands the external boundaries of the ecosystem by integrating decentralized DApps. On the other hand, PlugChain has established an internal ecosystem comprising the PlugChain SDK, wallet (Pando), blockchain explorer (PLUG Browser), NFT ecosystem platform (Very5), oracle (ONP), and more.

Of course, the narrative about the story of the public blockchain doesn’t end here for PlugChain. With the surge of interest in generative AI concepts, the PlugChain team demonstrated foresight by deploying AI onto the blockchain last year, providing strong support for the intelligence and user-friendly interaction of the blockchain ecosystem.

In conclusion, the development of public blockchain technology revolves around scalability. Bitcoin represents blockchain 1.0, lacking scalability; Ethereum embodies blockchain 2.0, introducing scalability; various chains focused on higher performance stand for blockchain 3.0, pursuing even greater scalability. Undoubtedly, PlugChain emerges as a pioneer in the blockchain 3.0 race!

PlugChain takes the aggregated cross-chain oracle protocol as the core, integrates the advantages of high performance, high expansion, low gas!

Website: https://plugchain.io
Twitter: https://twitter.com/Plugchainclub @Plugchainclub
Telegram: https://t.me/plugchain
Discord: https://discord.gg/GdpPzUt89E
Youtube: https://www.youtube.com/channel/UCW4s0YFA7y1qYis1eW3Wcog
Medium: https://officialplugchain.medium.com/
NFT Market:https://very5.com/

GitHub:https://github.com/oracleNetworkProtocol/plugchain
Official Email:officialplugchain@gmail.com

#PlugChain #Pando #Very5 #Gxswap #Oracle #prc20 #web3

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PlugChain

PlugChain takes the aggregated cross-chain oracle protocol as the core, integrates the advantages of high performance, high expansion, low gas!