There are a number of challenges for the development of blockchains in their current state. Data sources are limited, economic models have not been verified, prediction scenarios are restricted by the performance of the blockchain, and the interactions between the information itself are not communicated effectively.
Plug Chain is a high-performance public chain that aims to solve these challenges and critically improve intercommunication between public chain contracts using cross-chain technology.
Cointelegraph talked to a founder of PlugLink Funds, Joey Huang, or as he prefers to be called, Mr. Joey, about the Plug Chain objectives, solutions it can provide, and how the future of cross-chain technology can help individuals and industry.
According to Joey, the reason behind creating Plug Chain is to help real-world industries to be able to enjoy blockchain technology.
"Layer 0 blockchain is the base layer, the most basic, fundamental blockchain. The whole original idea of Plug Chain is that we are trying to make sure it is the most basic chain."
Speaking about the development of the project, Joey explains that he invented the world's first point of sale system that is able to accept cryptocurrency. “When I founded VeLab, my intention was to make sure that cryptocurrency wasn't only used for speculation. We sold 300k pieces of the machine.”
Key features of Plug Chain
According to Joey, in its current capacity, the idea that "Blockchain will be the future for all industries is a myth. If there is no oracle network protocol for traditional business, they will not have all their data on blockchain.”
The platform aims to solve this issue and connect those interactions between different data points.
“We hope that in the future all these factories can use Plug Chain to record their data, and we will help them put it into the blockchain so that the consumer and user can easily access the data," the founder shares.
One of Plug Chain’s key features is the combination of oracles and cross-chain technology. This is a service Joey hopes will make it easier for every country to facilitate digital payments in a seamless manner.
"One day, all this legal stable currency will be built on blockchain. Plug Chain hopes to service them."
"Every single digital currency is a chain, and we will cross it together as a plug chain. To ensure that the value is equally transacted, you need oracle network protocol. With this, we’ll become the VISA or Mastercard in the digital currency world."
Describing the current use cases for cross-chain technology, the founder elaborates, "Once a cross-chain platform DEX can connect, any single transaction or exchange can be easily done with the cross-chain technology." To simplify it, “Plug Chain allows your data to be connected to my data and my data to be connected with yours.”
When asked what makes Plug Chain different from other blockchains offering cross-chain functionality, Joey takes a humble approach to the blockchain ecosystem.
“When the market has over 100 blockchains, it is impossible to compare. It's hard for me because I want all cryptocurrencies to do well.”
However, when describing the difference between Plug Chain and Polkadot (DOT), Joey notes that “Polkadot relies on recorded chains and parachains. Once the parachain is finished, that's it. Our platform uses Cosmos (ATOM) for transferring assets across the chain.”
The company is keeping busy developing projects with a Chinese history metaverse game and aiming to have over 50 ecosystems being built on top of their chain by the middle of the year.
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