Kylin Network AMA with Dylan Dewdney
Kylin Network offers any applications and blockchains (such as parachains and parathreads) instantaneous but reliable and valid on/off-chain market data and social data sources by leveraging the power of Polkadot/Substrate Framework on open networks.
Eric: Lets get this rolling! Welcome @dylanoshi
Dylan: Thanks so much!
Eric: From where are you joining us and how has your day been?
Dylan: Toronto! And it’s been pretty good so far; basically just started the day 🌅
Eric: Awesome, so to start off. Please tell us about yourself. We are curious to know your career and how you eventually discovered crypto and came to lead Kylin Network
Dylan: Ok, well, it’s a pretty long story lol. I’ll try to keep it brief, though:
I was a masters student in sociology and I was really interested in social movements throughout history. Anyway, I was primed to hear the message of bitcoin somewhat bc I was studying/researching things like digital currency and real estate all the way back in like 2008 I think it was. Saw an article in late 2010 randomly about bitcoin and i definitely took note of it, but it wasn’t until i saw yet another article about it in late 2011 that I started diving in.
Eric: Nice. so the revolutionary aspect was what attracted you to it.
Dylan: definitely — I was very into studying revolutionary moments throughout history. I also was too young to participate in the 90s early aughts sort of digital/internet revolution, and I felt, OK, here is another revolution likely to happen and I am not like 10.
so I seized on it pretty quickly — realized also pretty quickly solving the Byzantine General Dilemma in the way that Bitcoin did was pretty huge
Eric: haha fomoing into revolutions! So tell us, what is Kylin Network? @dylanoshi
Dylan: So Kylin network is basically the substrate for a data economy on polkadot a decentralized and validated data economy. This means that companies, DApps, projects etc etc are going to be able to monetize their data in really imaginative and innovative ways. Data consumers will also get access to new data that can drive composite synergies we haven’t well-conceptualized yet. The first killer use case for a decentralized data economy, then, is something liek an oracle, which we also fulfill.
Eric: This could be any data?
Dylan: in the long-term vision, yes, this could potentially be any type of data that could come through an api.
Eric: So this is like Ocean Protocol + Chainlink + DIA all rolled into one! Very interesting.
Why Polkadot? what can the end user get from it vs. the ethereum network?
Dylan: that’s a very accurate way of looking at it. so, just like bitcoin needed the convergence of cryptography and the digital age to come to fruition, we believe we needed something like polkadot to bring decentralized data economies to fruition. Polkadot represents an innovation in its used of a shared relay chain allowing the kind of throughput necessary for something like we are building, and also the ability to easily cross-chains through bridge chaining and hooking into other parachains.
Ethereum is great, but for something like this, the reward mechanism is upside-down. it shouldn’t cost something to provide info, rather, you should be rewarded for it.
Eric: What is the main token in this project and what roles does it play in the Kylin ecosystem?
Dylan: $KYL: 1) it’s an intermediary of exchange on the platform ( paywalls, and such) 2) staking and slashing 3) and governance
Eric: How much is the supply?
Dylan: the supply is 1B, but to some extent it’s deflationary as successful challenges through arbitration would produce burned KYL
Eric: Can you explain that last part?
Dylan: yeah for sure, so we operate from a pretty simple principle, if you want to run an oracle node and provide accurate information, you need to be able to put your KYL where your mouth is, so to speak.
Eric: Haha i like that
Dylan: oracle nodes stake an amount of KYL and any arbitrator can challenge quotation (data) provided by the oracle node. If the arbitrator succeeds in a challenge, they get 20% KYL slashed from the staking of the oracle nodes
Eric: interesting dynamic.
I will let the community cover more interesting aspects of Kylin. @dylanoshi please allow 2–3 minutes for questions to drop then start replying to good questions after.
AMAers, please ready your great questions!
Q: Oracles is now an area of high interest in the blockchain world with many projects working on the issue, so how will your approach be different? How do you intend to make the validated data feeds to be cost effective so as to help drive real usage?
Dylan: Oracles indeed are a very ‘hot’ narrative in the blockchain world. Our approach is a bit different because we don’t restrict ourselves to the oracle use-case, but are completely competent to start delivering that type of service. These validated data feeds will be cost effective based on some factors beyond us, like the value of the feed that people who build on Kylin deliver, however, bc we are building on Polkadot, we expect a magnitude decrease in overall cost and higher throughput ability.
Q: DeFi Yield farming is driving adoption because it brings crypto back to the promise of democratizing finance.
What are your thoughts on this?
What are $KYLIN liquidity mining plans?
Dylan: I think this was always one fo the basic promises of crypto, that we could figure otu WAY more efficient ways of moving value around. It’s just the beginning, IMO. I don’t think we have any liquidity mining plans as such, but maybe we will explore!
Q: Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop a great project like yours?
Dylan: I always work off of more fundamental, core problems in crypto. One fo them was the Oracle Problem — really felt that Polkadot gave the context to actually solve it in a comprehensive and robust way.
Q: Where we can get all the latest news about your project? Do you have Twitter/Telegram community? If yes can you share the link here because there is a lot of fake telegram/twitter groups?
Dylan: hey! we have our TG at https://t.me/KylinOfficial our medium at https://kylinnetwork.medium.com/ and then we also have an initiative we started with some other leaders in polkadot ecosystem called PolkAMA https://t.me/PolkAMAOfficial
Q: Many blockchain/cryptocurrency projects are not solving any real problem, they just exist to sell their tokens. What problems exactly is Kylin solving, and solutions are you provide?
Dylan: this is a great question! the thing I love about Kylin is that we actually have a workable business model that drives revenue. It’s not fluff! You can look obv to oracle use-case, but also imagine traditional data marketplaces and then apply the filter of decentralization and on-chain validation of the data
Q: Hello sir,
Could you tell us more about the latest updates to the #kylin and the new partnerships that will lead you to success?
Dylan: yes! we are partnered up so far with: RioDeFi, Ramp network, Tidal Finance, and 6 more that we will announce soon!
Q: How do you plan to spread your understanding of the project in different countries where spoken English is not good? Do you have a local community for them to use to better understand your project?
Dylan: we already have a number of unofficial, volunteer-led tg communities that have started: Japan, Vietnam, Korea, Russia, etc. We will ensure the message is spread in as many languages as possible.
Q: What are the great achievements that Kylin has achieved so far? What difficulties, risks did you encounter during implementation and what factors help motivate you to overcome difficulties?
Dylan: another great question: a great achievement for us was working through the very early stages of our soft launch and getting broken down and (sometimes rightly) critiqued about certain aspects of the project. When we worked though our web3 grant application and we were accepted into the open grant, that was a very huge milestone for us. We also had to really take stock of what we were doing early on bc of an unforeseen circumstance in the development of OCWs- for a moment, we were a little worried that we might have been obviated, but OCWs ended up becoming a huge strategic strength, we quickly identified the drawbacks of OCWs and how we could help fill the gap for Polkadot.
Q: Could you please tell me just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.
Dylan: well, the team is extremely experienced when it comes to TIC (Time in crypto). Between the advisorsy board and the core team and devs, we have a an average of 5 years in crypto, and some of us, like myself, are closing in on 10 years (if you can believe it). In addition, we have been at the helm of some successful and important projects previously, and as human beings, have all experienced some failures and teachable moments throughout our careers.
Q: What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market?
Dylan: I think the most ambitious goal is that we aim to become the main data infrastructural component of the polkadot ecosystem, the essential arhitecture driving all middleware solutions for blockhain.
Dylan: thanks everyone for all these questions!
please keep up with the project and I thank everyone in advance for their support and interest and taking the time for me
Eric: Awesome time! @dylanoshi please invite everyone where to know more about Kylin.
Dylan: 🐉check us out at https://t.me/KylinOfficial
🧙🏼♂️our medium at https://kylinnetwork.medium.com/
👨🏼🏫and then we also have an initiative we started with some other leaders in polkadot ecosystem called PolkAMA https://t.me/PolkAMAOfficial
AND OUR TWITTER! https://twitter.com/Kylin_Network
Eric: Ok. That wraps it up. Thanks for participating everyone! We will announce winners soon!