PlugChain&NewLand AMA Review

 Today, @PCMAN-PlugChain from Plug Labs is invited as a guest to introduce Plug Labs to us.



Hello, I’m Edward Wesley, one of PlugChain’s Marketing Directors and an advisor to PlugLabs, nice to meet you all.

Team members like to call me PCMAN, I hope everyone can remember this interesting name, PCMAN.

I am very excited to be able to participate in this AMA, thank the New Land team for the invitation, and look forward to answering questions from the New Land community. We have also prepared gifts for everyone. If the community’s questions are answered wonderfully, 3 people will be rewarded with a PC worth 50 USDT. Everyone is welcome to ask questions in the free session.

Please briefly introduce plugChain！

PlugChain established PlugLabs, which is an exclusive agency that cooperates with external projects in the fields of ecology, branding, strategy, investment, and incubation.



PlugChain’s teams in more than 10 countries around the world ensure that it can provide multicultural product content and. Second, PlugChain is a very competitive team. The mainnet was launched in August 2021 and has been running stably for a year and a half. It has reached a strategic partnership with more than ten institutions, which is of great significance to ecological development!

In May 2022, PlugChain has more than 100 members, and the team is constantly improving to provide global users with a public chain with better interactive performance.

As a mainstream oracle public chain, what are the advantages of PlugChain?

PlugChain is a public chain that focuses on aggregated cross-chain oracles. How to ensure the authenticity of the data? After receiving the data demand, multiple nodes in the distributed node network will request data from multiple external data sources, and each node will send the collected data to the oracle contract on the chain for aggregation. Review the data, remove outliers, take the average data and send it to the data demander.



In order to prevent trust problems in single-node oracles, PlugChain requires multiple nodes to jointly perform oracle data processing. In case of data inconsistency caused by multiple nodes, data aggregation is a must. Commonly used aggregation algorithms include BFT consensus algorithm or threshold signature algorithm, etc. PlugChain adopts threshold signature algorithm.

Threshold signature is a cryptographic technology based on secure multi-party computation (MPC), and its characteristic is that a signature must be generated by a private key. However, this private key will not be mastered by anyone, and will be divided into many “fragments” in a certain way. These fragments can be held by many people at the same time, and then through a set of MPC protocols, it is guaranteed that these fragments do not need to be pieced together. directly generate a valid signature. Its advantage is that the signature is generated through the off-chain MPC protocol, and the result is a standard signature. Another advantage is that the threshold signature strategy is off-chain, so it is more secure, and it avoids the risk of the contract being hacked.

Compared with Chainlink, PlugChain has technical innovations. The decentralized oracle network is the core function, and the innovative cross-chain interaction design is impressive. This allows PlugChain to efficiently solve the information interaction between the networks of many independent blockchains like Cosmos, and can also provide a modular bottom layer by nesting the ecology of multiple mainstream public chains such as BSC, Solana, Cosmos, and Heco. Components capable of supporting global commercial-grade applications.

Why is PlugChain involved or doing the prophecy machine vertical?

PlugChain recognizes the value of oracles. The oracle is a bridge connecting the encrypted world and the real world. To meet the needs of blockchain smart contracts for off-chain data, these massive data are transmitted to the blockchain through oracle machines, enriching the blockchain ecology and Dapp. Of course, in addition to transmitting off-chain data to the on-chain, the oracle machine can also feed back data on the blockchain network to the real world. At present, the encryption market is still in a bear market, but DeFi has a growing demand for data on external asset prices. Not only that, but other blockchain application scenarios also have a lot of demand for oracle machines, such as NFT, GameFi, SocialFi, etc. It is not difficult to see that as time goes by, the demand for oracle machines in the encryption field will increase, so PlugChain chooses the field of oracle machines and is full of expectations for the future.



Second, PlugChain has technical highlights in the field of oracles. Like Chainlink, it also focuses on decentralized oracles, which can ensure the security and fairness of data and reduce the impact of data sources. PlugChain focuses on aggregated cross-chain oracles. On the one hand, it relies on aggregated cross-chains to provide diversified data sources to ensure fairness and transparency of data on the blockchain. On the other hand, through decentralized oracles, different blockchains The interaction of online application scenarios provides data support, and the two complement each other and achieve each other.

What is the development of PlugChain in the past 2022

1. PlugChain has reached strategic partnerships with 16 institutions in 2022.

2. The PlugChain brand was upgraded, the token PLUGCN was renamed PC; the Cosmo wallet was renamed Pando; the logo was upgraded.

3. PlugChain launched Swap — Gxswap and the stable currency PUSD

4. The Star Rise Plan was also launched in 2022,and web3 ecology and developers are welcome to join us.



Are there any new plans for PlugChain in 2023?

In 2023, PlugChain will have many activities, and will launch an NFT platform where NFT can be freely traded. The official first set of NFT will be launched to reward users and nodes. The details of NFT will be announced in the future, so we can wait and see. In 2023, high-quality talents from all over the world will be recruited to join PlugChain global ambassadors, volunteers, and IP ambassadors in various fields will be established to enrich the PlugChain talent pool.



PlugChain will hold the first hackathon in the first half of 2023, allowing Web3.0 entrepreneurs to realize their ideas and plans. The “first pot of gold” to help start-up projects develop. In short, in 2023, PlugChain will bring you more surprises.

What are the official website and media channels of PlugChain?

Website: https://plugchain.io

Twitter: https://twitter.com/Plugchainclub

Telegram: https://t.me/plugchain

Discord: https://discord.gg/9RfSSKx9EX

Youtube: https://www.youtube.com/channel/UCW4s0YFA7y1qYis1eW3Wcog

Medium: https://officialplugchain.medium.com/

Tumblr：https://plugchain.tumblr.com/

Blogger：https://plugchainoffical.blogspot.com/

Reddit：https://www.reddit.com/user/PlugChain_Offical

Quora：https://www.quora.com/profile/PlugChain

GitHub:GitHub — oracleNetworkProtocol/plugchain: https://en.onp.world/

Currently, PlugChain has established Telegram and Discord channels. Language services in 9 countries have been established on Discord for different countries. Absorb excellent ideas and suggestions from users, developers, and institutions around the world, and put them forward in product iterations such as public chain upgrades, wallets, and browsers.

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