What Is Kylin (KYL)? Complete Guide Review About Kylin.

What Is Kylin (KYL)?

What Is Kylin (KYL)?

The Open API and SDK of Kylin Network offers any applications and blockchains (such as parachains and parathreads) instantaneous but transparent, reliable and valid on/off-chain market data and social data sources by leveraging the power of Polkadot/Substrate Framework on open networks. 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.

They believe that it is only via Polkadot/Substrate Framework that they can ensure a cost effective solution that data consumers and Dapp Builders will actually use over centralized sources. Kylin Network, therefore, hopes to achieve complementary and synergy with Substrate Framework while providing valid, reliable, secure, cost effective and easily-coordinated data sourcing and data analytics.

Kylin The problem here is that these prices can be easily manipulated due to low transaction volumes. Blockchain empowered smart contracts are isolated from the internet world and cannot access external data directly. Computation within the smart contract is also excessively expensive and limited by resource capacity.

Kylin Storage Key Points

Coin BasicInformation
Coin NameKylin
Short NameKYL
Circulating Supply270,259,840.00 KYL
Total Supply1,000,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Team Interest

The Kylin team comprises talents from different fields of the digital world, ranging from data science, project operation, full-stack development to cryptocurrency early adopters and evangelists. This team believes it is a group of strong exponents of reforming the status-quo and making substantial contributions that can propel into the next stage of data feeding, data exchange and data analytics.

Although oracles have become an area of high interest in the blockchain world, and many projects have been working on the issue, your team finds that from a practical perspective, and through a number of people in your network that have explored integrating them or others, they find the price feed queries too expensive. Indeed, quite a few projects they are aware of just decided to use centralized data feeds.

Therefore, the narrative value of using an oracle may be far greater than practical value (usage) due to cost. So when working through cost of use, this is a key area for Kylin to consider as the validated data feeds will need to be cost effective to drive real usage.

Data repository and economy

Kylin seeks to create a validated data repository and economy such that the externalities that OCWs reference will be more robust, secure, reliable and trust less. Additionally, they believe that it is only via Polkadot that they can ensure a cost effective solution that data consumers and Dapp Builders will actually use over centralized sources.

Besides, defeated by the data streams dilemma, which is the inability to funnel real and instantaneous data onto the blockchain to create greater social value. After learning the developments of Polkadot network expansion and the Substrate 2.0 Framework upgrade, they believe Network can serve as a competent facilitator between the supply and demand equation.

Oracle

Oracle is the system that provides an out-of-chain data source for in-chain smart contracts. The word oracle comes from Greek mythology, representing the people who can communicate with gods, and see the future vision. In the context of blockchain, oracle is the system that can answer the external problems of blockchain and the bridge connecting in-chain and out-of-chain data. In ideal conditions, oracle is a free-of-trust system, which means that they do not need to be trusted as they operate according to the principle of decentralization.

There has been a wave of projects trying to solve this problem. Most of them get price feeds from external data sources such as centralized exchanges through trusted nodes, then data is uploaded to blockchain to be used by different DeFi protocols. There is one fundamental issue of this solution is that price data has not been effectively verified. While some other DeFi protocols get their price feeds from decentralized exchanges.