Decentralized Oracle Plugin Offers Solution for XinFin’s Smart Contract
Blockchain technology indicates not only bitcoin but in reality, it has the capacity to change businesses with smart contract-related blockchain frameworks like XinFin.
There are many oracles present which play a major role in connecting the gap between blockchain application and external data, however, not all of them succeed. Decentralized oracle platform Plugin offers cost-effective solutions for any smart contract on XinFin platform.
GoPlugin.co gathers information from various external sources, consolidates and makes sure the exact value is offered to its users at any point of time. Moreover, this is the hardest part for any decentralized oracle provider which is trusted highly by all its users. More so, the Plugin ecosystem is based on ‘PLI’. In addition, the PLI token was created on XinFin’s XRC 20 standard in order to decrease GAS fees. It also enables transaction time and offers feasibility to many DApps to reach Data Oracle to many people worldwide.
The data gathered from various oracle nodes are consolidated to reach the exact value. This does not indicate that the system is completely decentralized. In order to avoid vulnerabilities and offer a blockchain peer-to-peer system, decentralized oracle providers must rely on the community to select the data sources and validators, in addition to the mechanism of rewarding and penalizing.
Furthermore, the Plugin enhances a high level of scalability and security for any type of blockchain apps that uses its data feeds. The main benefit of utilizing Plugin is that the data feeds are provided by the platform at a very low price as compared with other oracle providers. Also, the data feeds are diversified as per the needs of the clients and the XinFin community. Therefore, Plugin can be used as a decentralized oracle provider which is economical, scalable, and highly trusted. Moreover, the DApps potential is limitless, and oracles are necessary to enhance the standardisation of their institutions.