If I were to ask you what's the most valuable resource of our current time, what would your answer be?
Oil? Gold? Electricity?
Well, those are still pretty valuable but the right answer is... data! The problem is that most of the largest part of data we collected as human beings is unstructured and stored in silos, disconnected from the rest of the world.
The same goes for crypto assets before DeFi, they were mostly idle and isolated.
Kylin vision is to for data what DeFi did for crypto, thus powering the Data Economy.
What is Kylin
Kylin is a protocol, powered by Polkadot Network, which aims to build a cross-chain platform to unlock "idle" datasets and create a decentralized data marketplace. This way, consumers will get a cost-effective solution they can actually trust, over centralized sources. This can be the basis for Web 3.0 and the creation of DeData.
Kylin Products
- Kylin Data Analytics: it's a combination of analytic tools designed for data warehouses. It provides a query engine and RESTful API for third-party applications and external analytics tools
- Kylin Data Oracle: it's an advanced decentralized data feeding protocol powered by Polkadot/Substrate. It offers multiple, real-time data sources
- Kylin Data Marketplace: it's 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 Token $KYL: it's 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.
Kylin Roles
A node in the Kylin network can represent different roles:
- Data Consumer: it may represent smart contracts, APIs, blockchains, protocols, applications or any data repository.
- Data Warehouse: in Kylin Protocol, it's a decentralized on-chain repository of integrated data from one or more disparate data sources such as Oracle Nodes and the Arbitration Nodes.
- Oracle Node: it handles all the data requests such as social data and market data from separate off-chain data sources, and signing the transactions of the Kylin parachain. It's also called Miner and requires $KYL staking.
- Arbitration Node: it guarantees the security and accuracy of external data by verifying the data integrity and the validity that Oracle Node provided. It's also called Arbitrator and requires $KYL staking.
- Blockchain Node (Validator): the bottom layer of Kylin Oracle, mainly built on a specialized blockchain network created using Substrate.
Use-Case Scenarios
A lot of real-life use-case scenarios could be built on top of Kylin network.
In addition to "usual" cross-chain DeFi platforms and Crypto Lending platforms, other examples could be:
- Decentralized Insurance Automatic Payment: blockchain-based decentralized insurance can realize automatic payment of insurance such as flight delay insurance using reliable off-chain and on-chain events data.
- Blockchain Computing Market: machine learning training models and 3D rendering needs to complete a variety of complex computing tasks. The off-chain computing market can provide verifiable and unlimited off-chain computing capabilities.
Thanks for reading, let me know what do you think about it in the comments and feel free to share your experiences!
