AMA with Plug Chain, the next-gen layer-zero blockchain

Sam. Hi everyone. Welcome back to another Cointelegraph ama. It's Giovanni here. Today we're going to talk about plugchain, a layer 0 blockchain solution with low gas fees and high performance. To talk about that we have a special guest, Mr. Joy, the co founder of Blockchain. Welcome Mr. Joy.

Hi Mr. Giovanni. Hi everybody. Glad that I can be on Cointelegraph. I mean really proud of it.

It's a pleasure to have you. So before we jumped into the ama, I want to remind our audience that this is an interactive show. So please ask any question that you have in the chat below actually on the right, and then we are going to ask those questions to Mr. Joy. Also, don't forget to like the video and subscribe to our channel if you haven't done it already. So let's get started. Mr. Joy, can you briefly introduce your project what is plugchain?

All right, so okay, plugchain is. As Mr. Giovanni mentioned just now, Plugchain is a public chain that we have two specialties on a project. We call it the Crosschange and the Oracle network protocols. Because initially we intend to have to create blockchain, not like others public chain like Ethereum or Tron that just simply supported the blockchain or crypto world. The intention of creating blockchain is to help up the real traditional industry like maybe factory, maybe manufacturing or maybe transportations, to let all this kind of real life industry to be able to enjoy blockchain technology. So that's why we created blockchain and the most important part, we have to put it together with the Oracle network protocol and cross chain functions. So I mean this is the whole original idea.

So maybe for those people that don't know about this concept. So blockchain is a layer 0 blockchain. So we know that there are like different layers. Layer 1, layer 0, layer 1, layer 2. Can you maybe briefly explain what is the function of a layer 0 blockchain solution?

All right, so to be frank, very simple. I mean I believe there is a lot of audience and viewer out there which might not be 100% understand about technology. So let me make it simple about like what is layer zero? What is layer one? Go straight like this way. Blockchain is the base layer. I mean, I mean layer 0 is the base layer. I mean the most basic fundamental blockchain. I mean you can build every single thing on top of blockchain. Just imagine this way. We were trying to talk about Ethereums, we're trying to talk about maybe for example Trons or some other public chain. You can build every defi or any single DAPPS function that you trying to build on top of it. Just for example like Ethereum you can build Dex Uniswap, you can build on top of it and you can build a lot of different things on Ethereum platform. So the whole and original ideas of blockchain is like we trying to make sure that blockchain itself is the most basic line basic chain by itself and we welcoming and currently we have like nearly 18 different ecosystem is building on us. For example we have our own decentralized exchange already that they're trying to build decentralized exchange we call swap plugin swap on top of blockchain chain and we have nft we have a lot of defines and ecosystem as well that they are using blockchain for the fundamental chain. So I mean, I mean to be simple as that for those who are not technology background maybe okay, yeah.

So like a base layer solution where you can build DAPPS and other products on top of it. So now let's dive a little bit more in deep into the project. So can you give us some information about your background? So what is your team and what motivated you to start this project in the first place?

Well, my background, I mean, I mean blockchain for like five years. I mean before, before we started the whole Cointelegraph live streaming. I just talked with Mr. Giovanni just now on the backstage. I'm saying that we are welcoming a lot of people if you are able to come to Asia. So like Malaysia, Kuala Lumpur, Sing Singapore, China maybe frankly a lot of places that I know personally which is owned by crypto fans they are able to receive bitcoins or USDT or your spending. Okay, what is it related with my background? To be honest, I started a project called vcoin years back. I started a project called fecoin years back. I invented me and my partners and the company called Fee Lab. We invested the world first point of sale system pos post machine that able to receive cryptocurrency like Ethereums, Bitcoins and usdt Tron, maybe Bitcoin cash, maybe everything. So my background years back when we when I founded Vlab my intention is to make sure cryptocurrency is not only meant for speculations or investment. It can be used somewhere else to spend. Because I understand more people joining in, more people loving cryptocurrency the higher value it will be. So cryptocurrency should be go somehow in future by that that place. So years back I started Vcoin Vlab and I'm selling more than 300,000 pieces of the point post of sales machine to a lot of different cryptocurrency companies and fans as well in the world and has been in Nasdaq, invited to Nasdaq and to CNBC and. And yes, I failed my whole company, seriously. But I gained what I learned how to make sure a cryptocurrency will gain their value. I learned a way to make sure the whole project will go success again. So this is how I saw blockchain because I did not founded blockchains in the beginning friend of mine, they intend to. They intend to develop blockchain as they wanted to help factories and manufacturing them. So I understand the the whole picture and the aims behind. So I decided to say right, so I'm trying to invest it in and I'm trying to incubate the blockchain into a bigger market because I have still a lot of people supporting me overseas and in China and in Asia and in Europe as well. So I say let's bring blockchain to the world. And yes, I did bet it right and I bet it nicely. Blockchain did start from 0.01 until now 90 times gaining. And for one month we are still there. The fans, the supportive fans is so strong. So this is my background.

Cool, thanks for giving us that background. So now you said that you wanted to bring the blockchain to the real world. You talked about different types of industries, you talked about manufacturing and so on. So can you now explain better what is the actual real world use cases that blockchain is trying to bring into reality?

Right. Cool. I mean, due to. Okay, let me make it much more straight and simple because for years back I have been participating in blockchain and I heard a lot of myth or I heard a lot of story that blockchain will be the future for all industry. But yet I would say that is a myth. Why? Because let me give an example. A lot of blockchain technology communities or companies or cryptocurrency company, they always say that they will help up like for example agriculture. Just imagine if you buy a milk from a supermarket, from cold storage and from the bottle of the milk with a barcode, you will trace every single action, every single temperature, every single people who get involved with the milk. And everybody heard of that. I mean the power, the salt, I mean how can we twist every single action by using blockchain three to four years ago. Yet until now nobody really Solved the whole problem. So I say it's a myth. Why do I say it this way? Just imagine you own a farm, you have a thousand cows and you produce milk a lot. And what you are trying to do is to produce every single milk, every single bottle. And you need to like okay, this cow come up, this liter of milk, I'll record it in blockchain Once I deliver to another guy at a temperature of like 26 degrees Celsius. 3pm I need to record it on the blockchain. And which delivering man get the bottle of milk, I need to record it on the block. And how's the track goes? Where is the gps? I need to record it on the blockchain. Seriously, the farmer, the delivery man, they won't do it for you because the world needs something like chainlink which is we call the Oracle network system. Because the farmer regularly they only know how to produce milk. They will record it into their laptop or maybe in their phone and let the rest be done by the Oracle network protocol. If there is no Oracle network protocol traditional business, they will not have all their data in blockchain and the whole world they won't understand the real data recorded on the blockchain. So that's why plugchain. Yeah, it's time for us because we are in Asia and a lot of people might agree with me that China is one of biggest mega factory country in the world. Vietnam, Thailand, Indonesia, we have a lot of factory. So that's why we say blockchain are originated from Asia. And of course in future we really hope that all these factory manufacturing transportations can use blockchain to record every single thing and will help them to put it into the blockchain world. So the consumer, so the user will easily source, I mean the data.

Okay, sounds cool. So you mentioned Oracles, right? As the point of a connection between the blockchain world and the outside world. So they are those mechanisms that allow to retrieve real world data and bring it into the blockchain. So as far as I understand the blockchain's key feature, one of blockchain's key feature is actually the combination of Oracles and cross chain technology. Can you tell us more about these two components and how they interact with each other?

Okay, let me give an example this way. I have a childish idea. I'm always telling my own communities and my own fans. I don't call it really childish because I really hope that one day the dream will come true. How to combine between cross chain and Oracle network system. Oracle Network protocols. Just imagine this way, five, seven years ago, the world doesn't recognize Bitcoin. And yet 20, 21 tons of country, dozens of countries are developing their own cryptocurrency. I mean legal currency like for example China, they have their own cryptocurrency stablecoin called dcep digital currency electronic payments of China, which is representing renminbi China Yuan in US government. They also announced that they will have their own US dollar stablecoin in future. And you can see Saudi Arabia, Dubai and all these countries, they have their own cryptocurrency as well. So I believe more or less in future all these cryptocurrency built by the national government will be built on blockchain. So one day, one day all this legal cryptocurrency out, I call it legal stable coin, there will be their own chained. So blockchain we hope that we will to service them. Just imagine this way, a tourist from China stepped down to America to step down to this, right? And what he have is digital currency electronic payment, which is the China yuan. And while he trying to spend for McDonald's in America, he can simply pay, okay, he can simply pay DCEP, which is digital currency of China to McDonald's. And McDonald's will simply receive digital currency of US dollar simply as that. Simple as that. And how do we do the transaction? Because blockchain dedicated, we can service and help up a lot of different country. We can help because every single digital currency of the country is a chain and we'll cross it together as a blockchain. Secondly, how to make sure that the value equally transacted? You need Oracle narrow protocol just as short as we trying to become the Visa and MasterCard of the currency world. Of the digital currency world.

Okay, that's fascinating. Yeah. So imagine a world where every single country has its own digital currency, central bank, digital currency. You want to play the role of the connection between all of them to facilitate a global network of transactions. That's pretty cool. But we also know that we are not super close to this future where every country has its own digital currency. We saw China, that is at the forefront. But most of other countries are still lagging behind a bit. So how is this cross chain technology useful in the present time? So how is that applicable to the current situation in the crypto ecosystem?

All right, So I give two different kind of example. The first example is like what Mr. Giovanni has mentioned. How do we play the role in the cryptocurrency world? I mean cross chain, you can easily flood up different example like for example polkadot dot. I mean I'm a fan of polkadot. That's why I'll be investing on plugchain as well. So I'm a huge fan of polkadot because there is a lot of example. I mean just imagine this way, if you trying to have your transaction uniswap. I mean the, the world number one, Dex. Right. So what, what you can do is only using ERC20USDT for the transaction. So other than that, I'm sorry, you cannot play along with the uniswap. So once just imagine this way a cross chain platform Dex that able to connect trons, that able to connect omni bitcoins that able to connect ERC20. Any single transaction or exchange can be easily done using the cross chain performance. So this is one of the example for the crypto world. So in the other way around, let's try to give some example for the traditional world as well. Maybe like for example, if I'm not mistaken, Mr. Giovanni, I heard that you are from Europe. Italy maybe? Let's say you're gonna send me some Pisa, right? And all the data will be recorded on your own blockchain. And I'll be receiving on my transportations, on my shipments. And I have my own blockchain system. If you run your own, I run my own. The data will link up together. And that's why you need to have a blockchain because your data will be connected to my data and my data can be connected to your data. That's why we have to. I mean that's why we believe, and we strongly believe that cross chain will be one of the most biggest fascinating specialty for blockchain world in future.

Yeah. The capacity to connect multiple chain is definitely something that a lot of people are trying to achieve in these times because so many different blockchains are popping up everywhere. So definitely this capacity of connecting different blockchains is a useful feature. Now before we move on, I would like to remind our audience to not hesitate to write questions in the chat. And we're gonna ask Mr. Joy about them. We see that there are already a few, so maybe let's pick one from the audience now. So someone is asking, what is the difference? What is the difference between your project blockchain and vechain? I'm not familiar with VeChain, Mr. Joy. Are you? Not really, no.

Not really.

Then I guess that we skip that one. So now they are asking also a question regarding the supply. I guess they mean the supply of the underlying token Right. Because you have an underlying token that is being, as far as I understand, is also listed on CoinMarketCap CoinGecko. So can you tell us something about the supplier of the token and something about the tokenomics of the token?

All right, cool. No problems. So, okay, originally, I mean the whole total supply of blockchain, we designed it as 100 billions but 85% of the supply is post mining. I mean you need to become our node in order to have the supply equivalently sharing to everybody. If you become one of the validator node and 85% of the 100 billions will comes out for the following 20 years. So the initial, the initial supply is actually 15% which is roughly 15 billion. I mean, of course it's quite high, 50 billions but yet we intend to run the whole project for the next six to 12 months on traditional business. And if those who understand and participate in point, we call that POS proof of stakes. If you are not holding a majority of the token, if you are not holding majority of the tokens in a POS system, you will be easily get attacked by other people who own some of the plug, some of the plug as big as you. I mean you will lose control of the data, you will lose control of the stability and the health of the whole public chain. So in the beginning we did have a huge chunk of the total supply. And yet I think you can try to follow our Twitter. A lot of people is asking yes, why you hold a lot of blockchain in the beginning. But they forget to follow on the news. Because we have nearly 80 different foundations that we are holding nearly 90% of the plug chain token placn. And we promise and we tell the whole world and we share the address and we show that to the whole world. All these do whatever what we want for at least 10 years. So this is how we trying to show the whole world once we need to make sure blockchain run healthily, stably and smoothly. But yet you need to have a certain amount of blockchain in your hand. And of course if you go to the exchange market, people did afraid. What if one day I supported your token and you sell your token. So that's why we promised to the whole world 9% of the token with the address, with address showing to the whole market. We have the poster, we have the articles showing the whole world. 90% of the blockchain will not sell to the market. You can check on the address in our explorer straight away. 90% will keep for at least 10 years.

Okay, thanks for guiding us through the tokenomics of the project. Now I would like to discuss a little bit more the feature that you were mentioning before regarding like cross chain capabilities. So this is not of course the first time that I come across a project that is focused on cross chain technology and interoperability between different chains. So can you, can you maybe tell us what is your competitive advantage compared to other projects that are focusing on the same cross chain technology features?

Seriously trying to be honest because yes, especially this year, especially 2021, like 10 different public chains showing to the whole world, nine of them are running on crosschain. So when the market only have a few and it's really easy for you to compare. But seriously, currently when the market have like nearly 100 different cross chains, public chain, it's really quite hard for us to compare. But no matter how hard to compare, it really only, it only means one thing. Cross chain is one of the mainstream, mainstream specialty in the market. So at least it proved that we are on the right track. I'll say it this way because it's really hard for me because as I mentioned previously, like my past record, my past story, I'm running a post machine that helping all different cryptocurrency to develop their circulations. So I wouldn't say this blockchain is not really good. Mine is better. How can we make sure the cryptocurrency will become acceptable to the rest of the people who think that we are scamming? I mean like Donald Trump maybe like Joe Biden maybe. And those people who they run real currency maybe how to make sure that they love us, we love ourselves first. I mean, I love you, Mr. Jovan. If you have a coin, I will support you. You'll support me. And one day we are big enough and they will think they will join in.

Okay, now I can see there is more and more involvement from the audience. That's awesome to see so many people asking questions. I see one recurring question is the difference between your project and Polkadot. I remember that you mentioned Polkadot earlier in the stre. So maybe you want to make sure that people understand the difference between the two projects.

Okay, so Polkadot, I mean very simple. Let's say if we really need to have something different about the chain, I mean Polkadot relies on, we call that chains and Parachain, I mean they have a lot of different small sockets for marketing guys like me, a cryptocurrency investor like me to understand Polkadot is actually, they actually built between chains and Parachain for the cross chain once the socket, once the parachain is finished. I mean that's all for Polkadot. I mean either in future they maybe have better public chain they try to connect it in. But yeah, no more place, that's all. So blockchain, we actually use Cosmos for the fundamental. So we call that we use the IBC crushing protocol to transfer asset across the chain. The names already different but the logic is the same. So a short what can much more different compared to Polkadot is if one day we have 1000 different public chain in the market and I believe blockchain will be one of the cross chain public chain to support to link up all this asset, all this cryptocurrency. Yet Polkadot, I think for my current understanding it's only able to link up a limited amount because it relies on what we call one chain and one socket or what we call the parachaint.

Okay, that was pretty clear. So for the people that maybe just joined this stream, I think it would be nice if you could mention a few killing killer features of your project, like two or three so that you give like bullet points in terms of like killer features that your project can offer for people that maybe has just joined the stream and want to know what are the strongest points in your project.

Okay, so again the killer feature of course for us that we will mention is the cross chain function crushing function. First thing, because as long as you're trying to build an ecosystem on top of blockchain, as long as you're trying to build anything, you trying to create your own tokens, you're trying to have your own coins, you're trying to have your own defines. As long as you build it on blockchain, you will have the cross chain function as well. So secondly, for the next following one, two years, we will be optimizing our Oracle network protocol as well. So once you decided to have your own ecosystem on top of blockchain beside crosschain, you will have Oracle network protocol function as well. Imagine this way, if you're trying to run let's say for example a digital, I mean a decentralized exchange, a Dex, right? So if you run trying to run a Dex, you might have to link up if you want it. So you might need to link up with different informations from, from the currency world or from the digital. You need to link up with some exchange to, to get their pricing, you might to link up to get a market making system and all these things you need to link with the Oracle network protocols so this is our second killer feature and the third thing for the 90% of the market to be easy understanding is what we call that quite tps. As for now. As far our TPS goes up to 30,000 transaction percent transaction per second. I mean it's quite fast. If you're trying to transact between doing your do your transaction between chain to chain, I mean it's a blink of eye. I mean in a fraction of second you receive your digital currency, whether it's plugged or you build your own cryptocurrency unplugged, you can receive it in a fraction of second. I mean this is the third killing, I mean our killing, I mean our specialty as well. And maybe if I want to talk about the fourth one is the transaction fee is fairly low. A lot of people and for me myself, I'm an Ethereum supporter as well, I mean at least few times a year when they train to use the Ethereum so that the transaction fee sometimes is. But of course means a lot of people using Ethereums the higher transaction fee will be so but what we trying to build up for blockchain is we have the lowest transaction fee ever we can create so our ecosystem in the beginning they can develop healthily and nicely.

Yeah, low transaction fees and speed I think are one of two of the key, most important features for every successful blockchain nowadays. And a lot of them are competing on those parameters specifically. Now I want to pick another question from the audience because of course lately is a lot of hype around the metaverse around gaming NFTs. Is there, is it something related to those that you are working on at the moment? Is blockchain involved with NFT gaming and the Metaverse?

I owe you1 Mr. Giovanni. You really ask a good question. I mean, yeah, so yeah for itself, I mean represent because to represent plug by itself Blockchain did not run and develop the Metaverse or NFT by ourselves. But we already have an ecosystem in China develop their own metaverse gaming using blockchain based. And I mean it's really nice for those fans out there if you're trying to play some metaverse gaming but not just simply keeping a cat or a dog or a crab or something like that about a real history. I mean a lot of people who understand Asia or maybe understand China, there is a huge history background in China from the Qing Dynasty to the Ming dynasty for all the emperor you can find. Yes, we have an ecosystem, we have a company, we have nurse in China already running and developing China history. Metaverse Gaming and they're gonna launch maybe after two, three months to the market. And it's built on blockchain. I mean this is one of it. And we have also another one NFT in Singapore running on Blockchain as well. We have two currently, one Metaverse Gaming and one NFT in Singapore. And both of them, I mean community build up, I mean they run by themselves, they have their own communities, they everything on blockchain.

Okay, sounds exciting. So maybe we can continue talking about the future projects, the future development of blockchain. So in order to, for our audience to understand what has been achieved so far and what still needs to be achieved in the, in the timeline of your project. So maybe you can highlight the main goals that you achieved this year and what you are hoping to achieve for 2022 in terms of development projects that you want to implement and so forth.

Well, I'm a marketing guy. Okay, firstly I'm a marketing guy, so forget about the technology part because I supposed to invite my architect or my partners for, for the whole blockchain technology to explain about the future development of blockchain. Regarding on the technology, I'm the marketing guy, I incubate blockchain. So answer in the marketing way for this year at least first of the, at least first goal we already achieved we listed in L Bank, okay? L Bank, L Bank, which is the world top 30 exchange. We start our price at 0.01 and we hold it nicely at today at 0.09. I mean we started at 0.001 and we hold it at 0.09 or 0.0708 like 70, 80 times gaining for our communities. And I have, and we are still there for the past two to three weeks. I mean I have no idea. But I say, I would say that it's quite fascinating. We stable our price. We let and make sure all the community earn and gain their profit. I mean this is our goal. Because seriously Mr. Giovanni and a lot of people asking me what is your future? What are you trying to do? Some people can give you dozens of ideas and how they're trying to develop. But all these things, if your community is not earning money, all these things is bullshit. If your price shutting down. So the first goal we achieve, so the second things that we're going to achieve this year beside our bank, we're gonna list in xt.com and hotbit.com by end of this month or probably beginning of next month. And we are approaching by top exchanges, I mean top 10 exchanges in the world which is quite famous and interviewings, the telemeetings and it's all been done. So very soon probably next month we will announce once they have their memo out showing to the market. So our second goal is to make sure that we're going to list beside LBank, beside Hotbit and NXT already announced at least we can list one of the top exchanges in the world that which is famous enough top 10 exchanges in the world. So we already approached by them and probably going to announce in the next one two weeks probably. So this is our aim and goals for this year. So the goals for next year we aim before 2020, June or July we will have at least 50 to 80 different ecosystem built on top of blockchain. Like I mentioned just now, we have NFT Metaverse and we have decentralized exchange and yet we have stablecoin as well. But it's not developed by blockchain. I mean it's built by our ecosystem, by our community. We have a lot of different gaming, mining, decentralized exchange and all sorts of different things. And we even have a community from Thailand they trying to use blockchain for ERP system Enterprise resources planning system built on blockchain. So at least next year, June or July we will have our aim. We will support the growth of 50 to 80 different ecosystem inside blockchain. So these are aims. So once we reach there the price will automatically goes up by itself. I don't really care that how what is the price that we can go. I only cares how big your project can runs and the more project you can run the bigger value you'll be. So yeah, this is my marketing ideas to everybody.

Great. Awesome. I mean I think that there are a lot of things to look forward to and of course I noticed the price of your underlying token has been doing great. So that means that there are very good potentials there. So people that might want to check it out check out blockchain website to find more information about it. I believe the website is en.blockchain.info and you can find much more information about it. Blockchain is also on YouTube, it's on Medium, it's on Twitter, it's pretty much everywhere you can find additional information about it. So I think this is a good moment to wrap things up. Mr. Jai, do you have any more comments or things that you would like our audience to know about the project?

I try to promote one thing Mr. Giovanni and I really hope that you can enjoy it as well. Besides Promoting Blockchain besides promoting the ecosystem and what's wrong and what good about us. I really love one thing in blockchain. I have gangs of friends. They write us a song. They write us a song and it cloud the songs is actually called Plug In Me. Okay. It's kind of funny. It's kind of funny. Plug in Me, right? Plug as you understand plug, right. Plug in you, Plug in Me, the rest and the creator songs if mistaken, five or six different languages. They have in Japanese, they have in Koreans, they have in Indians, they have in Cantonese, Chinese, Mandarin, English and Indonesia if not mistaken. So it's a multi language rapping songs and it's all regarding about Blockchain. I love that songs a lot. So beside Blockchain, I really hope for those people who are listening to us, all the viewers, all the audience, you can go online, go to Twitters or go to YouTube, do subscribe on our social media and do find that songs called Plug in Me Plug in Me and run through the whole songs listen at least five to ten times. Believe me, you're gonna love it. It's one of the great songs ever, ever I ever heard because it's all about cryptocurrency, it's all about blockchain and it's a rap songs and it's six or five different languages so I really love it. So I'm trying to promote this. Yeah, yeah.

Actually I was checking your YouTube channel before and I saw the one of one rap song on there but it's called Plugs Rap. Maybe it's not the same one you were talking about.

I think Plug In Me maybe you look. I love that song actually it's quite funny.

Yeah, check it out. I believe you can find it on blockchain YouTube channel. So cool. Thanks a lot Mr. Joy to come on our show. It was a great pleasure and I also want to thank you our audience for their participation and all the questions. I'm Giovanni, your host and see you next time.

I'm Joey and see you next time. Bye bye.

Sa.