PLUG was built to be a genuinely horizontal, general purpose technology layer that has the ability to interact with other existing technology layers. When using PLUG, you do not have to be a blockchain expert. You don’t have to worry about building the blockchain from scratch. PLUG’s belief is that the true value proposition that blockchain will bring is the movement of some organizational trust and management of identity from a manual, operationally-driven process to an automated, protocol-driven process. Plug will create a truly global, scalable and evolving blockchain layer of the internet by connecting smaller and diverse blockchain networks together.
What is PLUG?
PLUG is a consensus platform that allows different types of blockchains to talk to each other despite using different languages. PLUG considers that blockchains are a way of reaching distributed history through a consensus mechanism. Others believe that through blockchain, the removal of trust can be achieved. However, PLUG believes that trust should not be removed but should be managed properly with blockchain technology in a system which may have potentially untrusted participants.
To truly benefit from a rich ecosystem of blockchain-based service, different use cases should be able to work with and build upon each other. To make this possible, PLUG takes the approach called “PLUG Crosschains”, which allows separate blockchains to interact directly; directly exposing the ability to affect multiple blockchains in one, atomic transition.This will allow for the most flexibility, control, and security for those looking to build permissioned blockchains for business-driven blockchain services.
Blockchain technology is a distributed, cryptographic, identity-driven database that can seamlessly integrate with existing infrastructure, services and applications. The blockchain technology itself is a useful way of recording signed statements and agreements that can never be revoked, can be verified by all authorized participants, and is a way to manage the lifecycle of those agreements. Statements are signed with a machine-readable, cryptographic identity. This could be used as a foundation to bring real-world identity into a format that is more usable in the digital world. (Real-world identity will be paired to a cryptographic identity that blockchain understands.)
When sourcing information, instead of relying on the traditional scans and documents that must be updated by the user, PLUG is building a method to ‘tokenize’ verified data to be used, reused and transferred across many different systems and networks. By doing so, it will protect the privacy of the user by not sharing more data than necessary and will also raise the standard of proof of identity because users will be replying on a direct explicit assertion of identity.
The primary reasons there is so much friction, a lack of access and a prevalence of fraud in many of the existing systems that are used for managing trust and relationships is that we don’t use software systems that model the decentralized world we all live in today.
PoW and PoS
Many projects are working with the Proof of Work (PoW) consensus algorithm. PoW allows arbitrary and anonymous validators to contribute to the network without requiring an explicit onboarding process. However, when working with PoW, there is great expense for computational power, loss of control over your network, loss of flexibility of use cases, and loss of scalability. One of the weakness of PoW is the lack of finality. PoW mining explicitly allows anyone with more than 50% of the hashing power to arbitrarily rewrite history. This means that it simply relies on game theory assumptions to avoid incentivizing bad actors. These assumptions may hold under most single-chain, single-token use cases, but there is very little research on how it will hold up in a multi-chain, multi-asset system. If the information or events to be rolled back arbitrarily in the future could not be relied on, then it would not be trustworthy enough to act upon.
However, PLUG uses PoS which uses commodity hardware (not specialised hardware that’s hard to get or expensive), uses much less electricity and it doesn’t force mining power to be concentrated in places with cheap energy. The proof process is not time consuming so more transactions can take place in shorter times (= solves the problem of scalability). In the consensus which Pl^g uses, true finality is reached immediately after each block. The consensus algorithm is very flexible in modeling real-world relationships and allowing any use case to choose exactly how centralized or decentralized their use case requires their blockhchain network to be.
PLUG is written in python which is a common language developers can understand. What PLUG does is, it sits between the infrastructure providers (Google Compute, Microsoft Azure, AWS) and applications services to allow organizations to use cryptography and distribute consensus to manage identity, enforce business logic and create tamper-proof data. PLUG Framework offers a library that allows an individual or organization to build blockchain-based applications or services without needing to implement the underlying blockchain technologies themselves and is incredibly flexible, modular, and extensible in a way that it can deal with any given module in the system for use in new or existing products. As PLUG has built an agnostic framework that allows for the plugging in of many different types of core integrations and therefore managed to make integrations virtually seamless, it allows users to concentrate on the domain and technical expertise (rather than wasting precious time fighting their tools and existing systems).
CTIA has supported PLUG by translating their Whitepaper, Website and other marketing materials as well.
We look forward to seeing the new opportunities as well as possibilities that will be brought through PLUG.
Official website: https://plugblockchain.com/