• A Decentralized Oracle Plugin Provides a Solution for XinFin’s Smart Contracts

  • Blockchain technology is associated with not only bitcoin, but it also has the potential to transform businesses through smart contract-related blockchain frameworks such as XinFin.

    There are numerous oracles available that play an important role in bridging the gap between blockchain applications and external data; however, not all of them are successful. The Decentralized Oracle Platform Plugin provides low-cost solutions for any smart contract on the XinFin platform.

    GoPlugin.co collects information from various external sources, consolidates it, and ensures that the exact value is provided to its users at all times. Furthermore, this is the most difficult part for any decentralized oracle provider who is highly trusted by all of its users. Furthermore, the Plugin ecosystem is built on ‘PLI.’ Furthermore, the PLI token was built on XinFin’s XRC 20 standard in order to reduce GAS fees. It also speeds up transaction times and allows many DApps to reach Data Oracle to a large number of people all over the world.

    The information gathered from various Oracle nodes is consolidated to arrive at the precise value. This does not imply that the system is entirely decentralized. Decentralized oracle providers must rely on the community to select data sources and validators, as well as the mechanism for rewarding and penalizing, in order to avoid vulnerabilities and provide a blockchain peer-to-peer system.

    Furthermore, the Plugin improves the scalability and security of any blockchain app that uses its data feeds. The main advantage of using Plugin is that the platform provides data feeds at a very low cost when compared to other Oracle providers. Furthermore, the data feeds are varied based on the needs of the clients and the XinFin community. As a result, Plugin can be used as a decentralized oracle provider that is cost-effective, scalable, and highly trusted. Furthermore, the potential of DApps is limitless, and oracles are required to improve the standardisation of their institutions.

    What's your reaction?