Kylin Network is Supported by Web3 Foundation Grants Program
It only took less than a week from the grant application to its final approval. On October 29th, the Kylin Network created by Kylin Labs was officially admitted into the Web3 Grant List and began its development with full force with the first PoC product expected to be rolled out in November of 2020.
Kylin Network, as a blockchain data infrastructure, aims to build a cross-chain platform powering the data economy on Polkadot. Kylin Network will provide Data Feeding, Data Querying, Data Exchange, and Data Analytics tools for the future DeFi and Web 3.0 applications.
Kylin Network represents extensibility and a synergetic increase to the off-chain workers capability as it will provide not only access, management, insights, coordination to a greater array of data sources, but bolster validity and decentralization of the data sources themselves.
Although oracles, decentralized finance, and Web 3.0 construction have become areas of high interest in the blockchain world, and many projects have been working hard on the issues, Kylin team finds that from a practical perspective that the blockchain industry, as a data-driven industry, is seriously lacking in data infrastructure and suffers from the high costs incurred by the general data requests because the blockchain industry is still in its embryonic stage and does not have a standardized protocol for data needs thus creating some insuperable hurdles in creating a data infrastructure that works for all sectors.
According to the Grant application, Kylin Network has put forth the following three solutions regarding the problems:
- Kylin Data Analytics is a combination of analyzing tools designed to extract meaningful data findings, patterns, interpretation, and finally implements low-cost commercialization functionalities for the public. It also provides a query engine and restful API for third-party applications (Dapps, Networks, etc.) or external analytics tools (BI tools, Machine Learning, etc).
- Kylin Data Oracle is an advanced decentralized data feeding protocol powered by Polkadot offering multiple, real-time data sources with much lower cost. In addition to the complementarity and synergy to off-chain workers (OCW) as one kind of Oracle Node implementations, it can better guarantee the security and accuracy of external data by verifying the data integrity and the validity that Oracle Node provided.
- Kylin Data Marketplace is an open platform for data exchange and pricing. Dapps built on Polkadot can easily and efficiently collect both off-chain and on-chain data only paying a very competitive fee. Kylin seeks to extend the data provisional resources across all possible data types/sources including but not limited to things like social media posts, flight information, exchange rates, weather reporting, etc.
Since the project was officially admitted into the grant list, Kylin Network will, following its roadmap, develop the PoC product, launch the test net, and participate in KSM and DOT parachain slot auctions. In 2021, the mainnet v1.0 will be launched in preparation for future dApps and partner network integrations.
“Our grants program’s aim is to steward the Web 3.0 ecosystem and carefully manage Web3 Foundation resources. We provide grants that we believe will return the highest impact on the Web 3.0 ecosystem over the long term.”
— — Polkadot
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 hopes to provide valid, reliable, secure, cost effective and easily-coordinated data sources and data analytics.
Contact Kylin Network
Telegram: https://t.me/KylinOfficial
Twitter: https://twitter.com/Kylin_Network
Discord: https://discord.gg/PwYCssr
Linkedin: https://www.linkedin.com/company/kylinnetwork
Official website: https://kylin.network/
