Kylin (KYL) Coin Review : It Is Good Or Bad Review

About Kylin (KYL)

Kylin (KYL) Network aims to Build a Cross-chain Platform Powering the Data Economy on Polkadot. It will be the Data Infrastructure for DeFi and Web 3.0 Powered by Polkadot. 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.

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

Kylin (KYL) 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 us into the next stage of data feeding, data exchange and data analytics.

Kylin (KYL) Storage Key Points

Solution

To solve the above existing problems, we need a state-of-art solution to solve the above problems. The architecture of Kylin Network includes the below four major components:

Kylin Data Analytics

This a combination of analytic tools designed for data warehouses. It extracts meaningful data findings, patterns, interpretation, and finally implements low-cost commercialization functionalities for the public. It also provides a query engine and RESTful API for third-party applications (Dapps, Networks, etc.) or external analytics tools (BI tools, Machine Learning, etc).

Kylin Data Oracle

This an advanced decentralized data feeding protocol powered by Polkadot offering multiple, real-time data sources with much lower cost. With complementarity to and synergy with off-chain workers (OCW) as one kind of Oracle Node implementations, it can better guarantee the security and accuracy of external data by verifying the data integrity and the validity that Oracle Node provided.

Kylin Data Marketplace

This an open platform for data exchange and pricing. Dapps built on Polkadot can easily and efficiently collect both off-chain and on-chain data, only paying a very competitive fee. Kylin seeks to extend the data provisional resources across all possible data types/sources including but not limited to things like social media posts, flight information, exchange rates, weather reporting, etc.

Kylin Token $KYL is the native token of Kylin Network which will play the role of governance and other utilities. $KYL is necessary to secure and power the decentralized data network.

Open API and SDK

Their ultimate goal is to provide an essential open API and SDK from a high-level perspective with the above tools, fully powering the data economy on Polkadot. The functionality can be utilized via Open API and SDK. This will be released to combine the above components.

The benefits of an open API are beyond criticism. They hope to build a framework whereby a plethora of diverse, validated data can find expression, value, and explosive operationalization in the Polkadot ecosystem.

The SDK will be both an extension of the builders’ capabilities and an extension of the value proposition of the Polkadot universe as a whole. If successful, this sort of solution brings more reliability and robustness to the entire network, as OCWs will be more than the external reference, they will become the enablers of a validated on-chain repository of trusted information for the entire Polkadot network.

Data Marketplace

The data marketplace is one of the trillion-dollar businesses around the world. The data marketplace will function as the next logical extension of Kylin Network’s ability to warehouse validated real-world data to flow unobstructed with the kind of throughput necessary for comprehensive data feeding solutions. Validated data can be coordinated and managed such that the targeting of premium data feeds becomes possible. Specifications surrounding access to data via data feeders can be set up autonomously by the data provider in addition to cost of access in $KYL. Furthermore, capturing and coordinating all this data allows a one-stop shop for any developer to inform and ease the process of building. Using the hosted server only as a caching layer, it’s ensured that all info is on-chain, and only interacting directly with our parachain and IPFS.

The process flow for a data feeder would go as follows: register and connect and then publish specifications and offers for their feed (this will include things like API request ‘library’, pertinent addresses, reward/payment scheme, like subscription or pay-per-use). To reduce friction further, an SDK will be enabled for premium data feeders.

A use case scenario could operate as such：

• Data feeder is registered and provides pay-per-use information on a premium data feed (pork belly futures from CME Group, Inc., for example); data consumers would search for ‘pork belly futures’ from the marketplace contracts and pick whatever result seems the most suitable.
• CME Group provides their data on a monthly subscription basis to the consumer.
• If the data consumer should not find a result, then they can request a bounty be approved for getting the data provider initialized and/or integrating them.

Application Scenarios

The application scenarios include but not limited to:

Decentralized Insurance Automatic Payment:

Through the Kylin Network to obtain timely and reliable events outside the insured chain, blockchain-based decentralized insurance can realize automatic payment of insurance such as flight delay insurance.

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.

Crypto Asset Lending Platform:

Kylin Network can provide real-time and reliable currency prices and borrower’s social media information, providing strong support for the dynamic determination of loan interest rates.

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.