Recap of the Kylin Network AMA with Blockchain Space

On Monday, April 12th, we had the pleasure to welcome to our Telegram chat:

Dylan Dewdney, The CEO of Kylin Network.

We asked him questions about the development of Kylin Network.

INTRODUCTION

Q~ Introduce yourself, your role in Kylin Network and tell us what Kylin Network is all about in a few simple sentences?

A~ My name is Dylan and my role was initiating and then leading the project. I have been in crypto for a little while now and I am BIG believer in some of its emancipatory aspects.

This video actually does an excellent job of describing the big picture for Kylin

Q~ What are the use-cases and tokenomics of the $KYL token, Do you support staking or yield farming?

A~ The use cases are many!

Limited really only by the imagination of those setting up oracle scripting parameters.

One that is cool is this:

so, i am building a flight insurance DAO — I get a lot of people to pay in a stablecoin to the DAO on a monthly basis to make their flight insurance DAO contract live, and then divert a % to ops/devops in perpetuity or something — and the rest goes to a settlement pool. people submit their flight info. If it is delayed/canceled based on oracle scripting parameters built on Kylin, they get automatic settlement through the DAO to their address.

Tokenomics are very interesting too!

They are set up such that they should compel a real explosion of people building on the network.

We will support staking and yield farming in a way, via nPOS staking algo (similar to polkadot).

In the meantime, will be announcing a staking program in the next few days with a partner prior.

Q~ What stage on the Roadmap is the project at? And what should we look forward to in the coming months?

A~ We are post launch and pre parachain. We can look forward to some testnet functionality in the next 40 days, rococo, unveiling our plans for the community parachain lease offering/auction and further updates on tech development.

QUESTIONS FROM BITCOINTALK

Q~ It strikes me that one of the uses of Kylin is in the Blockchain Computing Market. Can you really tell us what Kylin will meet here? Will you complete the various complex computing tasks required by both business computing as well as machine learning training models and 3D rendering? Since the off-chain computing market offers unlimited and verifiable capabilities, how will Kylin take care of providing all of this efficiently?

A~ We are actually working with a few partners on this, and I think that how we achieve this will become more clear — it won’t be endogenous, but more as a composite solution.

Q~ Congratulations on getting selected into the Berkeley Blockchain 2021 Xcelerator Cohort, of which you were part of the 21 team’s picked out of 200 applications, How do you intend to fully take advantage of this opportunity?

A~ Your community has done some research! Thank you.

We will prob sponsor (or co-sponsor) a bit of a hackathon, we are giving them all Kylin hoodies at Berkeley (fellows and directors), we are hooked up with alumni and their enterprise network, we will work with our cohort projects as well to find fit and synergy, lastly, we wil look to incorporate any great young minds there into the idea that they can do potentially do really well by setting up an oracle scripting param/use case.

QUESTIONS FROM TWITTER

Q~ You recently launched their $KYL token through an innovative multi-phase approach: 1) Polkastarter IDO, 2) Balancer LBP and 3) Uniswap LP. What are the reasons you decided to adopt this approach? What benefits will this methodology bring to your holders in the future?

A~ We wanted to maximize two things: awareness and fairness.

Polkastarter was the obv choice re: awareness and then in terms of fairness, we felt that LBP was the best way. many other projects like Tidal for example have since adopted this exact approach. at the time though, we were among the first.

Q~ What’s the latest update on Kylin Network’s Web3 Grant, since you’ve successfully delivered your first milestone and gotten approval , what’s next?

A~ Milestone 2! We are looking good for this.

Q~ Kylin Data Oracle is capable of verifying any data stored outside the blockchain but how can we trust that the verification process is completely decentralized and cannot be manipulated by third parties?

A~ So we ensure this is an novel way, essentially through the basic consensus architecture of polkadot itself. In our system we have miners (validators) and nominators. The miners are selected at random — aside from some diminishing preference based on the amount staked (ORZ) — this ensures that whomever is chosen as the miner to execute the oracle script is a decentralized process.

Manipulation would be really tough because on the other side we have arbitration nodes that are actively rewarded for challenging. There are bad actor concerns, no doubt, especially in the beginning, which is why the validator network will be initially vetted, but as time goes on, this network will become more robust and diffuse.

QUESTIONS FROM TELEGRAM

Q~ Kylin is driving the data economy at Polkadot. What strategic advantages have resulted from using Polkadot as the basis and heart of your project? Many platforms use several chains to operate, is this in Kylin’s plans?

A~ We always had the idea that we wanted to build where we saw all the connections getting made in the future. we identified this as polakdot. indeed, the advantage is the capacity for cross-chain integrations.

Q~ Decentralization has become more and more important. Is your project truly decentralized? Is there a risk of centralization in the future?

A~ Indeed it is in terms of how it works, and eventually how it is governed. in 5 years, if all goes according to plan. Kylin will be completely in the control of its community.

Q~ As an individual user, what ways can I contribute to project growth? Do you have an ambassador program and what are its benefits?

A~ Yes there is. Kylin network highly values its community and rewards those who actively participate in educating the masses on the Kylin fundamentals on social media. Those who put in the time and effort to help out in a positive way have a chance of getting invited for the Kylin Ambassador Program (KAP).

Q~ KYL tokens will be used to pay for transactions, query fee and its other uses. But you could only use $KYL? Could users use any other Polkadot network token? or any stable token? What are the benefits of using $KYL within the platform?

A~ Great question. we do want KYL to be the tokenomic base and standard for obvious reasons, but in terms of any friction to use the network if you for example an enterprise consuming data? we would make that friction seamless, and ofc there would be the advantage in having KYL to begin with as it would be less costly I imagine overall.

Q~ Tell us the long term vision of Kylin Network for it’s users ?

A~ The long term vision is to be a central player in and to accelerate the vision of a DeData world.

Q~ In your opinion, which is most important for the this platform and why? Community, Investors, Market or Exchange?

A~ Community, by far. communities exist in symbiosis with crypto projects more than any other area of industry imo. they are half the equation.

Q~ What are the major achievements of Kylin network so far?

A~ Our first major milestone was the Web3 Grant support. That was a big step for Kylin Network. The funding rounds also were a big achievement as well as all the partnerships (32) we have announced to date.

Now Kylin Network is working towards testnet, mainnet and the parachain auctions. in the meantime more partners will be onboarded as well as new team members.

CONCLUSION

Blockdown 4.0

Our CEO, Dylan Dewdney has been invited to deliver a Keynote at one of the highest profile Blockchain Conferences, Blockdown, alongside such luminaries as Miami Mayor Francis X. Suarez, Sergey Nazarov, Erik Voorhees, and Akon!

When: April 15 — 16, 11am-11pm CET Worldwide

Where:

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/

It’s really nice having the Kylin Network project in here!!!

You can check out their Website for more details. You can also follow them on Telegram and Twitter to keep up to date with all things relating to Kylin Network.

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