Three minutes to understand Kylin Network: the cross-chain oracle on Polkadot

0

 324 total views

Kylin Network aggregates on-chain and off-chain data to build a cross-chain data query and data structure tool.

Written by: Alice Qu

DeFi has allowed the blockchain world to finally see the possibility of “decentralization” at the application level. However, the price security and real-time issues in the current DeFi protocol have not yet been resolved. Therefore, the oracle becomes the next step before DeFi swallows the traditional financial world. One of the most critical infrastructure parts.

As an oracle on Polkadot, Kylin Network aims to build a cross-chain platform to provide power for the data economy on Polkadot, and to build a DeFi and Web 3.0 data infrastructure supported by Polkadot.

The problem that Kylin Network wants to solve

Since data cross-chain is still in its infancy and there is no standardized agreement for data requirements, there are some insurmountable obstacles in creating a data infrastructure:

  1. The current market lacks accessible data query and data analysis services: in the mature Web 3.0 world, the number of data sources will be diverse and not limited to feed prices.

  2. The old version of the oracle caused the high cost and various difficulties of feeding off-chain data: Due to the previous lack of off-chain staff (OCW), many off-chain data could not be effectively accessed on the blockchain or through the existing oracle channels Data feed price has no cost benefit.

Based on this, Kylin Network will integrate OCW functions and DApp developers’ functions into a simple and easy-to-use request library (no need for some kind of packaging in WASM). The implementation based on the Polkadot network and its cross-chain interoperability is a better solution for the blockchain ecosystem, which can optimize many of the weaknesses of Ethereum, especially the high transaction costs and low scalability.

What is Kylin Network

Kylin Network is committed to building a cross-chain platform that will power the data economy on Polkadot. It will become the data infrastructure for DeFi and Web 3.0 applications on Polkadot and provide it with a proven, safe, reliable, cost-effective and Easy to coordinate data sources and data analysis.

The solution designed by Kylin Network consists of four parts:

Kylin Data Analytics (data analysis) is a combination of analysis tools designed for data warehouses. It extracts meaningful data discovery, data model, and data interpretation, and finally realizes low-cost commercialization functions for the public.

Kylin Data Oracle (Data Oracle) is an advanced decentralized data price protocol supported by Polkadot, which provides multiple real-time data sources at a lower cost.

Kylin Data Marketplace (data market) is a low-cost and efficient open platform for data exchange rates and pricing.

Kylin Token $KYL is Kylin Network’s own token, which will be used to govern and promote other basic services. $ KYL is a necessity to protect and power the decentralized data network.

The ultimate goal of Kylin Network is to use the above tools to provide open basic API and SDK from a high-level perspective to fully support the data economy on Polkadot.

Therefore, Kylin Network can obtain timely and reliable data off-chain, provide blockchain-based decentralized insurance to realize automatic payment of insurance such as flight delay insurance, create stablecoins and encrypted derivatives, and create decentralized casinos and casinos. game. In addition, the lightweight Kylin Network interface deployed on multiple chains can be used to create cross-chain decentralized exchanges, which makes it possible for decentralized exchanges to realize cross-chain atomic transactions.

Advantages of Kylin Network

  1. Web3 support

Although the definition of Web 3.0 varies from person to person, it all begins with a process away from centralized services. Web 3.0 provides the possibility for the person who generates the data to control the data, which can reverse the current information security issues we are facing and create a smoother and more user-friendly virtual economy world.

As a fund recipient of Wave 8 on Web3, Polkadot’s sharing protocol and its constantly evolving Substrate toolkit have greatly helped Kylin Network achieve its goals.

  1. Partner support

Kylin Network’s seed round of financing, investors include Digital Strategies, SigNum Capital, PNYX Ventures, AU21 Capital, Moonrock Capital, CMS, ZMT Capital, Tenzor Capital, and Rarestone Capital.

And in the subsequent $2.7 million private equity round of financing, investors include Freecompany, DFG, Longhash, Master Ventures, Dealean Capital, Brilliance Ventures and Ceras Ventures, and seed investors CMS, AU21 Capital, and Rarestone Capital in private equity Additional investment was added in the round.

With many outstanding partners and the Polkadot DeFi alliance, Kylin Network can form a platform for this emerging industry to express Kylin Network’s views with a strong and unified voice to support Kylin Network’s future vision.

Three minutes to understand Kylin Network: the cross-chain oracle on Polkadot

  1. Community support

In addition to full-time team members, Kylin Network also has a large number of international talent resources to carry out a series of community campaigns, such as the Kylin Ambassador Program (KAP), Kylin Sticker Contest, etc. They also planned Kylin NFT, Kylin swag, and established an official “Kylin Technology” group on telegram and PolkaAMA, aiming to share expertise, publicize and contact the entire Polkadot project family and everyone interested in the Polkadot platform.

Three minutes to understand Kylin Network: the cross-chain oracle on Polkadot

development team

The Kylin Network team is a team of professionals and crypto experts. The project leader Dylan Dewdney is the long-term Harbor DAO co-founder, the overseas head of Beam.mw, the community growth head of AdEx, and the investment of Ramp and other projects. And consultants. Beni Issembert, CMO of Kylin Network, has 15 years of experience as entrepreneurs and global marketers in science and technology. He is the founder of Titan Poker and the founder of JJF Media Ltd., as well as the CMO of ConnectJob and BEAM.mw. CEO, CMO of Concordium.

Although Kylin Network does have many competitors in the oracle service area, Kylin Network does not believe that they are directly competitive. Kylin Network is building a data verification network for infrastructure, not just expensive oracle platforms such as Chainlink.

Kylin Network believes that they combine the advantages of various oracles in the market: (1) Like Chainlink, they bring information outside the chain to the chain; (2) Like The Graph, they can bring information on the chain outside the chain; (3) Like the Ocean Protocol, the price and consumption are taken as a component of the overall framework.

Development roadmap

Kylin Network’s future plan is divided into four stages, but the specific time has not been disclosed.

The first stage : Kylin Network’s goal is to realize all the basic functions of the current price feed and verification solution, and start to build a non-traditional data source selection array for Dapp developers, and the functional needs of a one-stop automatic data source store .

The second stage : Kylin Network’s goal is to build a cross-chain (such as parachains and parathreads) data query and data structure tools, just like the cross-chain version of The Graph on Polkadot. With the rapid development of the Polkadot ecosystem, it will become an absolutely necessary data infrastructure.

The third stage : As the data market matures, stability and coverage continue to improve, Kylin Network will design analysis tools to extract meaningful data discovery, data patterns, and data interpretation, while developing low-cost data for the public. Commercialization function of cost.

Phase 4 : The ultimate goal of Kylin Network is to provide the necessary Open API and SDK through the above tools to fully support the data economy on Polkadot.

Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views and have nothing to do with ChainNews’ position. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.

Let’s block ads! (Why?)