Judy_Host of EncryptClub: Every bull run has a typical oracle project, Kylin, in my opinion, is the most potential one during this DeFi bull run. During the current market adjustment period, altcoins surge one after another, and promising projects on Polkadot ecosystem emerges constantly. As we all know, a robust oracle is indispensable to various projects and blockchain ecosystem. Oracle acts as the rally point of on-chain data before a blockchain project can grab data by itself. Today, we are honored to have Dylan, CEO of Kylin Network to share more oracle information with us.
Welcome to EncryptClub, Dylan, could you introduce yourself to to the community?
Dylan: Hi, I’m Dylan, CEO of Kylin Network. I am a longtime crypto enthusiast (2011). In 2017 I co-founded Harbour DAO, which became an open-standard set of tools for building governance structures and voting mechanisms on ERC-20. Later, as Chief Evangelist of Beam and Head of Growth for AdEx, I was a key part of their GTM and general growth strategies. I have involved in many different projects and areas of business.
Thanks for your introduction. Here comes the first question of our AMA.
Q1:What is Oracle, why oracle is an indispensable necessity for blockchain projects?
Dylan: DeFi simply doesn’t work without robust oracles. We need to have a valid basis of the underlying value of assets to drive all of the processes we have in DeFi, yield, lending etc.
Q2：What are the features and advantage of Kylin Network? What are the difference between Kylin Network and well-known oracles on Ethereum like Chainlink?
Dylan: Kylin Oracle is an advanced decentralized data feeding protocol powered by Polkadot/Substrate offering multiple, real-time data sources with the complementarity and synergy to off-chain workers.
Kylin Network offers any applications and blockchains (such as parachains and parathreads) instantaneous but reliable and valid on/off-chain market data and social data sources by leveraging the power of Polkadot/Substrate Framework on open networks.
I don’t see that we have direct competitors (like Chainlink) in the sense of any project attempting to build an infrastructural level data validation layer. Of course, we get compared to Chainlink a lot, and that’s ok. Most people who will employ data feeding services will use a variety of oracles to come to the best result, and it is only logical. Finding partners, so far, has proved pretty smooth, I think because they know we offer access to data feeding, but so much more with the potential of cross-chain DeData.
Q3：What is the current development status of Kylin Network? What is your next development goal?
Dylan: Our first major milestone was probably the Web3 Grant support. That was huge for us. The next was our funding rounds and then kickstarting and achieving all the partnerships we have to date. Very soon, our token launch phase will be complete and we move onto the next phase of the Substrate Builder’s program and getting POC testnet up.
Q4：What is the role of KYL on Kylin ecosystem?
Dylan: The best way to describe this is probably visually. There are essentially two sides to Kylin: a NPOS concensus mechanism very similar to Polkadot’s, but then also a business module whereby access to validated data occurs through KYL. We expect that a large proportion of KYL will be locked as time goes on in the NPOS and then the business module will become a larger and large method of incentivization.
Q5：How will Kylin Network compete with the existing oracles like Chainlink? Is Kylin Network going to develop its own decentralized DeFi platform to enrich it ecosystem?
Dylan:As discussed before, we are so much more than an oracle, but in terms of direct comparison, through building natively on Polakdot/Substrate we are able to provide a magnitude decrease in cost for price-feeding as well as a magnitude increase in throughput. So, we are cheaper and faster.
Judy：Here comes free QA session, guest can choose 1–2 lucky questions to answer.
User1 : Why do you choose to build on Polkadot?
Dylan: We chose Polkadot precisely for the reason that the relay chain (layer 0) allows us to have a magnitude decrease in cost and magnitude increase in throughput.
The current problem of the oracle market is that there isn’t currently a way to cost-effectively provide oracle services with high throughput, Polkadot helps us solve this.
Judy_host of EncryptClub: Thank Dylan for joining our AMA and sharing so much valuable information with us. Thank you all for watching this AMA. EncryptClub will work hard and bring more wonderful content for you in future.