Kylin is a fairly new project to provide oracle service in the blockchain. The network recently introduced a new concept called DDMO (DeData market Offering) to improve the network’s functionality.
So what is Kylin, how does the project work, what problem does it solve? This article will give you all the information you need to know about Kylin and KYL token before making any investments.
What is Kylin?
Kylin Network is a cross-chain platform that aims to power the data economy on Polkadot. It will be the infrastructure for decentralized finance (DeFi) and web 3.0, powered by the Polkadot/Substrate framework.
The network provides any applications or blockchains with fast but reliable off-chain market data sources by the Open API and SDK. Its main mission is to provide reliable, efficient and trustless solutions for the off-chain data application while ensuring the security and network performance of the protocol.
How does Kylin work?
To summarize, there are five key components of Kylin's architecture: data consumer, data warehouse, Oracle node, arbitration node and blockchain nodes. The details of their relationships can be represented by arrows with one another as follows:
The data request is created by the consumer (not Kylin) and uploaded to the warehouse via on-chain transactions, while incentives encourage Oracles to process the required data.
The data warehouse pays tokens to the oracle nodes for submitting information. The Arbitration Node decides if it is valid and then sends this along with the proof of calculation back to the original sender, who paid KYL fees in order to make sure that they are rewarded as well.
What makes Kylin unique?
With DeFi being the most successful application in blockchain nowadays, data analytics and querying are crucially needed. However, oracles incur high costs and difficulty providing off-chain data. Thus Kylin Network includes four major components to solve these problems:
- Kylin Data Analytics: is an analytics platform for data warehouses that provides meaningful findings, patterns, interpretation tools, and commercialization functionalities. It also provides a query engine with an API so third-party apps can access the tool's capabilities.
- Kylin Data Oracle: is an advanced decentralized data feeding protocol that uses smart contracts to connect with multiple real-time data sources
- Kylin Data Marketplace: is an open platform for data exchange and pricing. Off-chain and On-chain data can easily be collected for Dapps builders at a very competitive price.
- Kylin Token: KYL is the native token of the Kylin project for governance and other utilities to power the decentralized data network.
What is KYL Token?
The use-cases and utility of KYL Token include but are not limited to:
- Stake to be a Miner or Arbitrator: All miners are required to stake $KYL with a higher stake equating to a high probability of being selected to fulfill data requests.
- Intermediary of Exchange: KYL tokens will be used to pay as a transaction, query fee, and also for data access behind a paywall (private APIs).
- On-chain Governance: KYL Token holders are able to vote for the protocol upgrades and parameter changes on Kylin Network.
Detailed information about KYL token
KYL Key Metrics
- Token Name: KYL Token
- Ticker: KYL
- Blockchain: Ethereum.
- Token Standard: ERC-20.
- Contract: 0x67b6d479c7bb412c54e03dca8e1bc6740ce6b99c
- Token type: Utility, Governance.
- Total Supply: 1,000,000,000 KYL.
- Circulating Supply: 154,725,763 KYL
KYL Token Allocation
- Mining Incentives: 40%
- Token Sale: 18%
- Parachain Bond Funding: 15%
- Foundation Reserve: 10%
- Team: 9%
- Ecosystem: 5%
- Advisors: 3%
KYL Token Sale and Release Schedule
There are a total of 1 billion $KYL tokens, with the distribution plan as the followsing:
How to buy KYL Token
You can use Coin98 Exchange to swap other tokens for KYL following these simple steps with: https://exchange.coin98.com/
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Uniswap.
Step 3: Choose coins/tokens for trading:
- Search KYL.
- If the result does not come up, you can paste the contract of KYL into the search box: 0x67b6d479c7bb412c54e03dca8e1bc6740ce6b99c
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
How to mine KYL Token
Users can stake to become Miner or Arbitrator in order to get KYL tokens.
How to store KYL Token
You can store GT token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search GT Token.
Step 3: Click on the correct result.
Step 4: Copy the wallet address and send GT to this address.
Roadmaps and Updates
In Q3 2021, Kylin will be integrating testnet decentralized applications and partners onto their mainnet. Also, they will be launching DDMO and Bridge to other networks to increase the functionality of the project.
DDMO stands for DeData Market Offering and acts as a resource multiplier for both Kylin Network and Kylin holders.
Team, Investors, and Partners
The Kylin team is a group of talented individuals from different fields in the digital world, such as data science and project operation. The members also include early cryptocurrency early adopters and evangelists who are passionate about blockchain technology.
The project lead is Dylan Dewdney, he is also the co-founder of HabourDAO.
The number of partners on Kylin's team is still relatively small, but if the project continues to develop at its current pace then there might be an increase in partners over time.
Is KYL a good investment?
It is a bit early to appraise the potential of Kylin because Polkadot’s mainnet hasn’t been released yet. Therefore, we need to wait and see the next movements of Polkadot and how Kylin reacts to it. However, there are still a few key points from the article that you should take into consideration before making investment decisions:
- Dedata is a fairly new concept and Kylin is the first project for this operating model. However, will Dedata work effectively as expected in the oracle arrays? We need to monitor the project more closely in the future to evaluate.
- Kylin's backer team and partners are still quite small at the moment. The project needs more support to be able to develop long-term and expand in the future, as all of its current contributors hold full-time jobs outside of this venture.
- The future development of the project hinges on the upcoming Parachain auction event on Polkadot. If the auction is successful, it will be a big milestone for the future development of the project.
I hope you have gained all of the important information about KYL including its features and highlights throughout this topic.
If you have any questions about KYL or want to know more about KYL, please feel free to leave a comment below for further discussions about Crypto.