What is Plugin?
PLUGIN - a Secure, Scalable Decentralized Oracle Platform built on XDC Network Ecosystem, provides cost effective solutions to any smart contract which runs on XDC Network Ecosystem. Plugin enables the smart contract to connect with the real-time world and the data that it receives from the data feed provider is trustable by maintaining a high degree of security. Off-chain computation takes care of receiving feed from multiple providers and aggregates the same.
PLUGIN for Customers
Majority of PLUGIN users relying on smart contracts make use of data feeds. These are reports on the current value of key pieces of data according to authoritative off-chain sources. For example, price feeds are feeds reporting the prices of assets—crypto-currencies, commodities, forex, indexes, equities, etc. — according to exchanges or data-aggregation services. Such feeds will help secure billions of dollars in on-chain value through their use in DeFi systems such as Aave and Synthetix. Other examples of PLUGIN data feeds include weather data for crop insurance, Weather Forecast, Inflation data, Aviation, NFT, among a number of others.
PLUGIN is part of XDC Network EcoSystem, and this network is driven through a pool of oracle node operators & data feed providers. With an effective & robust carrot and stick model, the node operators are rewarded with PLI tokens for ensuring 24/7 network availability with high data integrity. Unlike the centralized oracle services where the data reliability is on one data source, PLUGIN being decentralized ensures no single point of failure by aggregating the values from different data sources through oracle nodes with least transaction cost at a highly affordable oracle (PLI) fee.