wiki
The repo for wiki.
Welcome
Building a Cross-chain Platform Powering the Data Economy on Polkadot
Project Overview
The Data Infrastructure for DeFi and Web 3.0 Powered by Polkadot
Introduction
Kylin 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 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. 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.
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 us 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, our team finds that from a practical perspective, and through a number of people in our network that have explored integrating them or others, they find the price feed queries too expensive. Indeed, quite a few projects we 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.
Kylin seeks to create a validated data repository and economy such that the externalities that OCWs reference will be more robust, secure, reliable and trustless. Additionally, we believe that it is only via Polkadot that we 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, we believe Kylin Network can serve as a competent facilitator between the supply and demand equation.
Token Economics
Token Utility and Use-cases
The Kylin Network Mainnet token $KYL is necessary to secure and power the decentralized data network. The use-cases and utility of $KYL include but not limited to:
- Stake to be a Miner or Arbitrator: All miners are required to stake $KYL with a higher stake equating in 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 paywall (private APIs).
- On-chain Governance: $KYL Token holders are able to vote for the protocol upgrades and parameter changes on Kylin Network.
Token Metrics
There are a total of 1 billion $KYL tokens, with the distribution plan as the following:
| Token Allocation | % | Vesting |
|---|---|---|
| Token Sale | 18% | Specified in the Token Sale Primer, if you are interested in the contribution, please contact Kylin Team |
| Team | 12.5% | 0% unlocked for 12 months, then monthly vesting over 24 months |
| Advisors | 3% | 0% unlocked for 6 months, then monthly vesting over 18 months |
| Community | 1.5% | 2-year vesting periods for marketing campaign and community rewards, e.g. Lockdrop |
| Foundation Reserve | 15% | 10% unlocked on TGE, then monthly vesting over 36 months |
| Ecosystem Building | 10% | 5% unlocked on TGE, then monthly vesting over 36 months, including Initial Parachain Offering (IPO) |
| Mining Incentive | 40% | 10-year vesting period starting from the Mainnet launch |
Strategic Investors
Kylin Network completed its seed round fundraising in Nov, receiving enormous support from nine institutional investors on capital, project advisement, technology development, future parachain slot auction, and more.
VRF & ORZ: To Build a Real Decentralized Oracle Network
The data provider i.e. the Miner, is mainly responsible for providing various types of data, and the data verifier i.e. the arbitrators verify and challenge various data provided by the data provider and re-quote. The arbitration node arbitrates the query raised by the data verifier and forms the final result.
In the mining design of Kylin Network, miners can obtain KYL by providing verifiable random numbers or quoting on-chain assets and other social data. Each time a miner calls a mining contract, the system does not charge any handling fees (except for Polkadot blockchain itself). Miners need to stake a certain amount of KYL each time the contract is called beside the blockchain node staking requirements.
Among all miners nodes wish to provide data quotes, Kylin Network will deploy Verifiable Random Function (VRF) to randomly select a group of miner nodes to compete for providing the most accurate market data. By introducing VRF into the system, the decentralized degree of the system could be boosted drastically.
Moreover, Kylin Network will make settings on different weights on different staking amount ranking: Optimal Ranking Zone Model (ORZ). The staking amount ranking is based on the jump ranking weighting algorithm rather than the weighted average of the nodes staking amount. This is to avoid the control of KYL by a few people, avoid monopoly, and break up large nodes.
Kylin Network has introduced a unique staking ranking method in the mining design, and users in the best ranking area will get the most benefits. This provides a good mechanism guarantee for attracting more users to participate in mining and is also conducive to data provision. People are more dispersed, ensuring the decentralization of the oracle system, and well guaranteeing the positive development of the community.
Team Members and Advisors
The 21-person team and advisor consist of technical, marketing and financial talent coming out of top blockchain projects, schools and employers including Columbia University, Wharton, John Hopkins, Beam, TomoChain, Harmony, JP Morgan and Credit Suisse.
Development Roadmap
Recent Work
Verify Production of Concepts (POC) and Implement Substrate Modules
In this milestone, we will verify features with limited users and launch the testnet for the production of concepts. The implementation of off-chain workers of Substrate Framework will be built and validated.
Roadmap
2020 Q3 Draft and Improvement of the Whitepaper
2020 Q3 Development & Marketing Launch
2020 Q3 Official Whitepaper Publish
2020 Q4 Smart Contract Security Audit
2020 Q4 Private Testnet Release Internally
2021 Q1 Announce Bug Bounty Program
2021 Q1 Mainnet Test Version Online
2021 Q2 Implementing Bridges to Multiple Blockchains
2021 Q3 Mainnet Version 1.0 Online
2021 Q3 Integrating Testnet DApps and Partners to Mainnet
Community Engagement
Kylin’s current community engagement strategies include:
- Exposure on Leading Media Channels: We will release additional articles on Forbes, The Block, CoinDesk, CoinTelegraph and many other leading media channels.
- Ecosystem Development Lead Program: We will launch an Ecosystem Development Lead Program to recruit and get more technology and development contributors involved into our project.