Polkadot News
Published in

Polkadot News

Short about: Kylin network.

What is Kylin?

Kylin is a Polkadot-based cross-chain platform providing oracle services (data infrastructure) for DeFi and Web3. Oracle is a system that provides out-of-chain data source for in-chain smart contracts.

Kylin Oracle is characterized by providing reliable, efficient and trustless solutions for the off-chain data application. Kylin Oracle, which is built on Substrate, will be connected to the Polkadot ecosystem as a parachain, sharing the underlying consensus of the Polkadot, operating in a fully decentralized and highly scalable manner, and ensuring the security and network performance of the protocol.

Kylin Network consists of 4 components:

  1. Kylin data analytics

The objective of Data analytics is to provide query engine and analytic services for third-party apps and external analytic tools through open API and SDK.

2. Kylin Data Oracle

Built on Substrate, Kylin Oracle will become a Polkadot parachain, thus sharing the underlying security consensus of Polkadot.

Four major components of Kylin’s oracle architecture are:

  • Date consumer (requester) — smart contracts, APIs, blockchain, etc that calls up the Kylin and pay the fee in $KYL;
  • Data Warehouse — decentralized on-chain repository of integrated data;
  • Oracle Node (miner) — handles all the data requests and signing the transactions of Kylin parachain
  • Arbitration Node (arbitrator) — guarantees the security and accuracy of external data by verifying the data integrity and validity that Oracle node provided.
  • Blockchain node (validator).

3. Kylin Data marketplace

Data marketplace is a platform for data exchange. Validated data can be coordinated and managed such that the targeting of premium data feed becomes possible, that will allow dapps built on Polkadot collect off-chain and on-chain data, paying fee in KYL.

4. Kylin token KYL.

Token utility:

  • stacking to be miner and arbitrator
  • transaction and query fee
  • on-chain governance.

Approximate sale & TGE dates:

- Public Sale: Q1 2021

- TGE in Q1 2021, aim for mid/end february

Holders of Polkapets Kylin NFT can get an airdrop of 500 KYL and possible future airdrops.

Token distribution

Kylin Oracle mainly has the following six application scenarios:

  1. Decentralized insurance automatic payment

The decentralized insurance platform can obtain various on-chain and off-chain data by connecting to the Kylin oracle machine to complete the judgment and automatic payment of insurance activities.

2. Stable coins and crypto derivatives

Stablecoins and encrypted derivatives need to frequently obtain off-chain real-time price data. Kylin Network can obtain reliable data in multiple scenarios in real time and efficiently.

3. Crypto asset lending platform

Kylin Oracle can provide off-chain information including real-time and reliable currency prices, interest rate levels, and borrowers’ social information to the on-chain lending platform

4. Cross-chain decentralized exchange

The lightweight Kylin Network interface that can be deployed on multiple chains provides the possibility for decentralized exchanges to realize cross-chain atomic transactions.

5. Decentralized casinos and games

Kylin Network random number engine provides unpredictable and verifiable random number generation.

6. Blockchain computing market

Commercial computing such as machine learning training models and 3D rendering needs to complete a variety of complex computing tasks. Kylin Oracle serves as a bridge to provide verifiable and unlimited off-chain computing functions for the blockchain computing market.

Find more information about Kylin:

|Website|Twitter|Telegram|Wiki|White Paper|Github|

🍭 Support Polkadot News: 14SszHRmSLsND9PVR6QG5nPxbMb2PcndRMKyaed9eHdbsTho

❤️ Follow Polkadot News on |Telegram|Twitter |Medium|

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Polkadot News

Polkadot News

3.9K Followers

Polkadot Ecosystem: Weekly Digest and Projects overview. Polkadot Ambassador.