XinFin Based Plugin- The Next Gen Reliable Oracle Service Provider
- The XinFin Decentralized Oracle Platform Plugin provides low-cost smart contract solutions.
- The Plugin also improves scalability and security for blockchain applications
Blockchain technology may alter enterprises using smart contract-related blockchain frameworks like XinFin. Many oracles exist to bridge the gap between blockchain applications and external data, but not all of them succeed. The XinFin Decentralized Oracle Platform Plugin provides low-cost smart contract solutions.
GoPlugin.co collects data from other sources, consolidates it, and makes it available to its customers at all times. This is the most challenging component for any decentralized oracle service with strong user confidence. It is based on PLI. Also, the PLI token uses XinFin’s XRC 20 standard to reduce GAS expenses. It also enables transaction time and allows multiple Dapps to contact Data Oracle globally.
The precise value is obtained by combining data from several oracle nodes. This does not mean the system is decentralized. A decentralized oracle relies on the community to pick data sources and validators and reward and penalize.
500 Million Total Token Supply
500 Million is the total token supply. Since PLUGIN is the industry-standard oracle service provider, many PLUGIN are required to satisfy all those contract demands. Because the Proof of Burn mechanism depletes the quantity of tokens, a steady flow of new PLUGIN is needed.
The Plugin (PLI) token is now approved on Globiance. La Rosa said the exchange now has a PLI token for the “XDC Rapid Listing Initiative.” The Bitrue listing raised the PLI token’s value by over 67%. Until then, the crypto community anticipates a price rise for the PLI token, similar to the previous Bitrue launch.
#Xinfin We're listing $PLI @GoPlugin today after they successfully passed the #BTRVote Thanks to your support ! Deposits are open NOW, and pairs with $USDT open at 11:00 UTC today. https://t.co/W9oRxDa5xi pic.twitter.com/4t3v98Pjmc
— Bitrue (@BitrueOfficial) October 15, 2021
Users who want to use the PLUGIN Ecosystem’s data stream must swap XDC for PLUGIN tokens or use FIAT money on exchanges. The user must pay the contract using the XinPay wallet before requesting data or value from the data feed.
The Plugin also improves scalability and security for blockchain applications that utilize its data streams. The key advantage of using Plugin is the inexpensive cost of the data feeds compared to other Oracle suppliers. The data streams are also tailored to the demands of the XinFin community. So Plugin may be used as a decentralized, scalable, and reliable oracle. Moreover, Dapps have endless potential, and oracles are required to standardize their institutions.
To prevent security issues with a blockchain-based peer-to-peer system, the community must choose data sources, validators, and reward/punishment systems. The Plugin rewards the best performers and penalizes the poorest.
XDC Network nodes can operate decentralized web3 APIs 24×7 without centralized failure. Increasing the use-cases of blockchains. It is an Agnostic Blockchain Platform. The APIs will be independent of the blockchain platform. Any blockchain, DLT, or non-DLT platform should work.
Users may also sell their Data Feeds and existing APIs straight to smart contracts. To establish data oracles for decentralized apps, blockchain developers may leverage the XDC Network.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
