Discord AMA by PlugChain in association with Encentive

 

Discord AMA by PlugChain in association with Encentive

Encentive：

Hello @everyone good day Welcome to another One of our great AMA session

Today we have @PCMAN—PlugChain  from Plug Labs as our Guest and he'll be here to enlighten us about Plug Labs

 

PCMAN-PlugChain：

Hi everyone, I'm Edward Wesley, one of PlugChain's Head of Marketing. Team members like to call me PCMAN, 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 be part of this AMA, thank the Encentive team for the invitation, and look forward to answering questions from the Encentive community!

 

 

Encentive：

It's nice to have you here @PCMAN—PlugChain

Can you briefly introduce PlugChain and your team?

 

PCMAN-PlugChain：

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. Simply put, PlugChain is a new public chain focusing on aggregated cross-chain decentralized oracles.

 

Teams in more than 10 countries around the world ensure we can provide multicultural product content and support. Secondly, we are a very competitive team. The main network of the public chain was launched in August last year and has been running stably for a year. We have reached strategic partnerships with many institutions, which play a significant role in promoting the ecological development of the public chain. In May 2022, the PlugChain team has more than 100 members. In general, the PlugChain team is constantly improving and providing global users with a public chain with better interactive performance.

 

 

Encentive：

So @PCMAN—PlugChain ,As a new public chain, what is the core business of PlugChain?

PCMAN-PlugChain：

PlugChain focuses on the two core businesses of cross-chain and decentralized oracles. Because PlugChain is naturally open source and permissionless, the scale of the decentralized oracle network can be expanded infinitely at any time. Moreover, PlugChain DON has a very high level of customization and can be compatible with any type of data, calculation or security configuration. As early as 2021, PlugChain will access many top L1 blockchains and L2 scaling solutions, including Arbitrum, Avalanche, BNB Chain, Ethereum, Fantom, Harmony, Heco, Moonriver, Optimism, Polygon, Starkware and xDai. This also enables us to have 100+ public chain service efficiency. Therefore, PlugChain can provide three types of diversified services of data transmission, data calculation, and data cross-chain, and is the most popular aggregated cross-chain oracle in mainstream smart contract applications.

 

 

Our public chain has core advantages. Whether it is cross-chain technology or oracle network, it is in a leading position. The service efficiency of 100 public chains and the core advantages of decentralized oracles have established our position as a new public chain. Similarly, in ecological construction, we are in the process of obtaining cooperation intentions with more than 20 global high-quality projects, which will be incorporated into our PlugChain ecology and play a pivotal role in ecological construction.

 

 

Encentive：

Interesting!!!

So,  PlugChain and Encentive have reached a strategic cooperation. How does this help and influence both parties?

Really curious about this

 

PCMAN-PlugChain：

PlugChain is a public chain track focusing on the underlying infrastructure of the blockchain. On the one hand, the high-performance cross-chain function of PlugChain breaks through the interaction barriers between independent blockchains and improves the collaboration between chains; on the other hand It relies on the aggregated decentralized oracle network protocol to connect the real world and the information transmission bridge of the block world, making the data of the block world more real-time and accurate. And Encentive as Web3 OS. It is to encourage the host network, application and business layer to support one-click deployment of Web3 applications. This cooperation between the two parties will deepen the in-depth cooperation in the protocol layer, data layer and application layer of the blockchain, thereby promoting the ecological development of the entire blockchain industry. In addition, Encentive has also created the world's first Fiat-DeFi payment system, and is open to third-party integration of cross-chain bridges, derivatives, etc., and in-depth cooperation with PlugChain has significantly expanded the ecological boundary between the two parties. The Encentive payment system will also Expanding the application scenarios of ecological token PCs, accelerating the circulation of PCs, is conducive to the development of PlugChain. The high-performance cross-chain and aggregated decentralized oracle protocol provided by PlugChain accelerates Encentive's ecological interaction and application implementation.

In the future, PlugChain will bring more convenience to our eco-projects when it is officially connected to Encentive

 

Also, Encentive's fiat system makes it easier for more users to use, which I think is bringing a lot of value to PlugChain users.

 

Encentive：

It is reported that PlugChain has started a new round of brand upgrade since August this year. What are the contents of this upgrade?

 

PCMAN-PlugChain：

In this brand upgrade, not only the visual of our official website and the brand logo have been renewed, the ecological token PLUGCN has been renamed to PC, the official wallet Cosmo Wallet has also been officially renamed Pando, and the official cross-chain bridge CosmoSwap has been renamed GxSwap. The functions are further improved and Dapp operation Performance is smoother.

It represents the continuous improvement of the PlugChain ecosystem. In the future, we will not only improve the internal ecology, but also introduce more high-quality external ecology into our public chain, so that more users can enjoy the web3.0 ecology.

 

  

 

Encentive：

This is very great I must Commend

Smoother performance means better user experience

I love the sound of it

So @PCMAN—PlugChain

Why did your team launch PlugChain and choose the field of public chain?

 

 

PCMAN-PlugChain: There are two main reasons why we launched PlugChain. First of all, we recognize that the field of public chain, as the infrastructure of the bit world, has great prospects and value potential, 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 cleverly start from the decentralized oracle network, and 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 block world, making the cooperation between blockchains more efficient. Efficient and convenient. It can be said that the two complement each other. Like other mainstream public chains, PlugChain can carry a variety of ecosystems, among which the public chain will cover decentralized trading platforms, decentralized payments, decentralized lending, decentralized OTC, NFT, DAO, GameFi, SocialFi , stablecoins, etc. In the future, we will also actively explore ecological cooperation with external high-quality projects, and strive to promote the comprehensive development of the PlugChain ecosystem.

 

 

Free question:

Encentive: What is the validator node of PlugChain?

PCMAN-PlugChain：: PlugChain is developed based on Tendermint, a PoS mechanism based on Byzantine Fault Tolerance, which relies on a set of validators to secure the network. Validators must run a network of full nodes and participate in voting among nodes to maintain the normal operation of the network. Validators generate new blocks in the blockchain network and receive block revenue, and validators must also vote on community governance proposals. The voting weight of the validator depends on the stake he deposits (the number of PCs mortgaged by the validator accounts for the number of PCs mortgaged in the entire network). In layman's terms, as long as you hold a PC, you can become a node of the PC network, participate in the maintenance and governance of the entire network, and obtain block rewards and service fee rewards for maintaining the network. Here, a PC can be understood as a dedicated mining machine in the PoW network, the number of PCs can be understood as computing power, a verifier can be understood as a mining pool, and users who hold a PC can be understood as miners.

 

 

Encentive: What are the benefits of becoming a validator node? What benefits will ordinary users have?

PCMAN-PlugChain: Each validator node can obtain the following types of benefits: a, commission

b, block reward c, transaction fee reward The total income in the network will be distributed according to the verifier's equity ratio. Let's take two verifiers A and B as an example. A's equity ratio is 80%, and B's equity ratio is 20%, if the total mortgage income in the network is 1000 PC, then A's mortgage income is 800 PC, and B's mortgage income is 200 PC.

 

Ordinary users who choose to pledge PC to the validator node will generate income according to the node's APY.

Validator nodes are rewarded for proposing and proving blocks, and the reward is tied to the total amount of PCs invested in the network.

After the user pledges, they can "transfer the pledge", and the pledged PC to the verification node can be redeemed at any time, but it takes 21 days to redeem the pledge.

 

 

Encentive:: I saw that Twitter was promoting the 1st anniversary of the PLUGCHAIN mainnet. What have you done in the last year?

PCMAN-PlugChain：: Facing new opportunities and challenges, PlugChain, as a Web3.0 infrastructure builder and a carrier of high-performance information and data interaction scenarios, will continue to move towards higher goals.

Looking back on the past year, progress has been made in technical research and development, project teams, ecological cooperation and other fields, and it has attracted excellent users, developers and partners. PlugChain has created a "high concurrency, easy expansion, low gas" Web3.0 public chain, which occupies a place in "cross-chain" + "decentralized Oracle", and has become a public chain favored by many high-quality projects.

 

 

On the first anniversary, take this opportunity to expand the word-of-mouth effect through high-quality content upgrades, digital operations and new strategic upgrades. PlugChain will carry out a comprehensive brand upgrade to meet the next journey with a younger, more professional and better image!

 

Encentive: What is the current basic situation of your community?

PCMAN-PlugChain：: At present, the block height of PlugChain has exceeded 6,000,000, and there are more than 500,00 active addresses on the chain. This year we are working hard to build the infrastructure, and I believe these numbers will be even stronger in the future.

 

PlugChain has established Telegram and Discord channels for users. We have established 9 national language channels 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 first batch of ambassadors will be limited. They 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 Plug Nights, Women Power, Artists League, Hackathons, White Hacks. We will also absorb valuable suggestions from users, developers, and institutions, and apply them to product iterations such as public chain upgrades, wallets, and browsers.