The Kylin Cave Episode 4 Summary
Hey Kylians,
On friday Juli the 2nd, our CEO Dylan Dewdney and lead developer Sam Elamin hosted our 4th episode of the Kylin Cave. This is a live chat in Kylin’s official telegram channel where our team members, advisors and community members gather to discuss the latest updates and progress that has been made. These Cave sessions are a great way to get educated on the project and DeData and we are happy to see we have some real loyal community members who join (almost) every edition!
Community members who join the Kylin Cave have an advantage when it comes to hearing the latest updates first. That was also the case this time and the participants already found out some great announcements that are coming to the community soon (sorry about the ‘announcement of announcements’ lol).
We also realise not everyone will be able to join and since we noticed the community was asking a lot of genuine questions in the chats, especially when it comes to Validating/Nominating and Parachains, we deceided to collect these and get as many answers as possible in this edition.
Here are the results:
Validating/Nominating
Q: Is the 100k KYL for running a validator a fixed amount? Will the minimum required change and who will most likely be running the first validators?
A: This amount is not 100% fixed when we look at the very long term, but for now it is. First validators will be run by partners and loyal community members.
Q: What will the Blocktime be for Kylin Network?
A: Just as in Polkadot this will be 6 seconds.
Q: How many KYL per block, as in the block reward amount?
A: The answer to this question will come after the weekend.
Q: Does the validator get to decide the commission? Or, how are the block reward and consumer fees shared between the validator and nominators?
A: Yes the validator gets to deceide the commision but has got to keep in mind that the higher the commission that is asked the less of a chance they have nominators will vote on them.
Q: Will there be a maximum nominator amount per validator?
A: The way things sit now there won’t be a maximum amount.
Q: Block rewards are 12%, is that in- or excluding consumer fees?
A: This percentages is exclusive fees.
Q: What are the system requirements/technical knowledge needed to be a Validator/Nominator?
A: These are the same as for Polkadot. You can check them in the link below.
Parachain questions
Q: Are the PLO details already known? What will the incentive structure look like?
A: The more slots (one slot equals 6 months) you lock up your DOT the higher the percentage of KYL rewards. The team is looking for a way to make participating in the PLO easy for the community.
Q: Will Kylin Network participate/bid in the early auction rounds in case we get lucky and win? What’s our general strategy?
A: We will start participating in the 4th or 5th round of the Polkadot Parachain auctions since we feel that is most likely the point were fair values are being reached that are not based on hype.
Q: Will it be beneficial to hold Flash Fire?
A: Yes, both(long term) holders of Flash Fire and Adelaide will have benefits in the near future (think of higher Validating/Nominating rewards, discounts on DDMOs)
Q: The 200k DOT that is secured; how are those strategic investors being compensated?
A: They already have been compensated through the Private Sale.
This answers a lot of questions but if there are any unanswered don’t hesitate to jump in one of our chats and reach out to either the team or other community members. We look forward to keep you all updated on the progress that is being made through the official channels and the Kylin Cave live sessions. Any suggestions when it comes to potential guests for the Cave feel free to reach out to the team.
We hope to welcome you in the next Kylin Cave, until then,
Go Forth Kylians!
About Kylin Network
Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. It will be the data infrastructure for the future DeFi and Web 3.0 powered by Polkadot. Kylin Network will provide valid, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics.
What is Kylin?: https://www.kylin.network/video/kylin.mp4
Contact Kylin Network
- Telegram: https://t.me/KylinOfficial
- Twitter: https://twitter.com/Kylin_Network
- Discord: https://discord.gg/PwYCssr
- Medium: https://kylinnetwork.medium.com/
- Linkedin: https://www.linkedin.com/company/kylinnetwork
- Official website: https://kylin.network/
