Aug 5, 2021
Wolfonaire Chatbox : AMA With KYLIN (4th Aug, 2021)
Hello! Wolfonaire Family & Crypto Enthusiasts
We recently hosted an AMA With KYLIN 4th Aug, 2021 at 02.30 PM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…
Guest Speakers :
Mr. Dylan Dewdney | CEO, KYLIN
(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)
INTRODUCTION
Dylan : Kylin network started from the vision that people and the world could take better, more efficient control over their data. how we approached the problem is through a the idea of ‘validating’ data.
What does that mean? it just means, similar to a poker bet, let me ‘bet’ you that my data is fair, accurate and ‘real’ — valid. just like let me bet you that behind my cards are aces. we accomplish this ‘bet’ through blockchain technology, essentially, and more specifically, through polkadot/substrate.
The internet allows us to accomplish this too, bc we can essentially ‘call’ any data. but the trick is ensuring that data is valid. no one has really accomplished this in a comprehensive way until Kylin imo.
Wolf : Amazing
Dylan : here’s a video that can help further the thought behind the vision
https://www.kylin.network/video/kylin.mp4
Wolf : Please share something about your team
Dylan : we are composed of what a lot of people would call crypto ‘OGs’ — as for myself, i have been seriously and progressively involved in the space since late 2011. we have a very robust tech team and our CTO is quickly developing a reputation as a leader for the polkadot ecosystem in general, having recently innovated XCMP pallet calling.
our community is amazing too, especially our ambassadors who are all very smart and hard working and passionate. we regularly have philosophical convos while other groups talk about ‘wen moon’.
we don’t have time for bullshit. lol…well, sometimes we do, we are also very chill as much as we are hardworking.
Wolf : Yeah its important too lol. Really appreciate that
Dylan : we have a great core team and many of them are actually directly recruited from our community.
Wolf : For our members who are not already familiar with the project, can you give us a very high-level overview of what #Kylin is and what competitive edge it brings to the Crypto Universe?
Dylan : yeah totally. well, i already explained on a high level re: validating data
but in other terms, kylin network is like a ‘data blockchain’. we introduced and initiated the idea of ‘DeData’ which means: decentralized data this is a large concept, which basically means a fundamental shift in how current data operationalization and monetization exists for humanity/internet humanity and the internet are actually one and the same imo most of humanity does not have masters, so neither should the main business model of the internet, which is data sharing/monetization.
The main business model of the internet can be WAY much more than advertising (google, facebook, etc). we can start to — in the context of dedata — think about all sorts of imaginative ways to share and make the information that we produce and consume more relevant and efficient.
We can think about p2p monetization paths for individuals, sure, but we can also think about the next major evolution of humanity via AI — which right now is sort of prevented from flowering bc of a lack of access to quality data.
The competitive edge that Kylin brings is that we have a very expansive vision and we are in some ways as much a social movement as a crypto project
and obv we have the technical acumen to deliver.
Wolf : Correct me if I’m wrong,whenever I explain about kylin I say,This is the perfect combination of Chainlink(Oracle)+The Graph(Data analytics)+Ocean Protocol(Data marketplace)
Dylan : this is essentially correct. and a good way to explain for those just jumping in and trying to understand what we actually do. tho i think that the chainlink comparison prob needs to get dropped.
since we are expanding the available room for data feeding beyond just price-feeding. we are sort of like an app store for data.
Wolf : How do holders of the #Kylin Tokens benefit in the ecosystem? What power within your model do individuals hold? Why is it so attractive and what are the basic requirements to participate?
Dylan : KYL allows governance functions and indeed, we are very serious about transitioning to a DAO (will have an announcement about this tm actually).
so there’s that. i think that individual holders will have quite a lot of power in the model. compared to other projects. we have developed some great incentives surrounding our tokenomics and I think made it relatively achievable to become a validator.
more recently, we have refined the tokenomics such that the business module is accessible to any token holder via DDMOs.
there’s some bg knowledge that this takes, so i suggest reading our whitepaper and also this medium article and getting involved to learn a bit more.
Wolf : Awesome 👌🆒️🙌
Wolf : Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?
Dylan : this roadmap is slightly outdated now ha — we have achieved i think all of what we set out for 2020, that said. There were no unexpected strategic difficulties I’d say — but lots of details to weed through.
Wolf : Where do you see polkadot #Dot ecosystem in coming years?
Dylan : well, I am extremely bullish on the polkadot ecosystem. i honestly think the innovation achieved by our tech team (in concert with astar) has really flown under the radar. i don’t think many people truly appreciate the implications of cross chain pallet calling.
https://twitter.com/Kylin_Network/status/1421363934750253057?s=20
polkadot allows things that no other layer 0/1 blockchain allows. and xcmp is at the heart of this. we have a way to call the functions of any other project while having a consensus layer underneath. just stew on that for a second.
the challenge with dot is that it is very early days for it as a tech stack foundationally. i think a good way to conceive of dot is that dot is eth in 2016 rn, but potentially could be much more expansive as dot is like connective tissue where eth is like a muscle group.
Wolf : Amazing Man 👏…Thankyou For The Details @dyLanoshi
Lets move for the Twitter Round
Q1. Can you briefly explain the top milestones deployed by Kylin Network before the end of the year or in the future, how it will help succeed and what will Kylin Network look like in 2022 and beyond?
Dylan : ok, so the next near term tech aspect is the api development (testnet done as well as obv the xcmp inno that works in concert), then some significant partner integrations and testing (TBA). Then the first DDMO very soon I think! then mainnet, parachain auctions.
Wolf : Parachains 👀
Dylan : i think 2022 will be a big year for us. bc by the end of 2022 we should expect to be operational and some of the first stories about personal capitalizations from data should be coming in — these stories about, for example, individuals selling their own data on their own terms for appreciable amounts (e.g. genomic data) — will drive the dedata revolution.
at the same time, i expect in the next 2 years to see attempts by legacy businesses to take positions and/or attempt to stop or align with the disruption via acquisitions or investments.
Q2. You mention Kylin Network security a lot, how has Kylin Network managed to provide such an advanced security system? What is it based on? And unlike other security systems that characterizes Kylin security?
Dylan : hmm i don’t know that we have highlighted it much actually, but our security modeling is at standards we think are above and beyond.
Q3. Building on Substrate, Kylin Oracle will connect to the Polkadot ecosystem as a parachain and share Polkadot core consensus. Can you tell us how the integrity and validity of the data in this system can be improved with the Arbitration Mechanism created?
Dylan : well, the arbitration mechanism is specific to Kylin, but there is an overall good to the dot ecosystem having a validated data layer.
Q4. One of the use cases for $KYL is staking to be an Arbitrator, so I would like to know what kind of arbitrage can we have on Kylin network and what are the benefits?
Dylan : hey, this seems to be a common source of confusion based on the words ‘arbitrage’ and ‘arbitration’ being similar. we have nothing to do with arbitrage.
but yes, staking will be available on a very similar basis to dot’s nPOS or around 12%.
Q5. Is there any mechanism to prevent overminting?
Dylan : this I’m not sure is relevant. maybe this
will prevent too much mint from getting created
Lets move for the community round
Q1. I think one of the problems with blockchain platforms to reach mass adoption is the number of regular users. What’s your plan to attract users to KYLIN NETWORK?
Dylan : ok, well, I think that blockchain recently has found a great way of engaging users via staking opps — so we have that feature ofc
more than that, I think we will start to see pretty crazy adoption once the first handful of use cases that really effect individuals come to light — ie tokenized genomics, credit data sharing, etc — I think people will be pretty amazed to discover how much they are worth.
Q2. NFT is getting more popular now a days. It looks NFT has bright future. So do you guies have any plan to include NFT to your project?
Dylan : totally! we issued some NFTs early on in our history, in fact, and these NFTs will be associated with some discounts on validating, for example.
more than that, we are utilizing fractionalized NFT tech to deliver our DDMs~!
https://kylinnetwork.medium.com/kylin-partners-with-nftfy-to-make-ddmos-a-reality-6ff151098d53
Q3. Trust is very important in business, what makes investors, customers and users feel safe when working with your project ?
Dylan : it starts with people, then keeping promises, and then remaining relatively consistent.
Q4. Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Dylan : totally!
Q5. I’m still new to crypto, how do you make Your project easy for anyone? Including those who don’t understand crypto will also use Your project?
Dylan : i think just think that the internet currently has completely changed society, yet the only real business model on it is advertising. imagine if we expanded the business module landscape of the internet — that’s essentially what we are doing.
Now the session ends with lots of thanks to our Guest Speaker…
Here are some important links of KYLIN
Website | Telegram | Twitter | Wolfonaire Family Chatbox | Wolf
