The Kylin Network along with its token, the Kylin crypto, is based on the substrate framework of Polkadot. It is, in fact, a decentralized oracle provider that offers tools for data analytics and marketplace. Its oracle solution is extremely simple and will allow any parachain, blockchain, dApp, or parathread to access trustworthy and instant data from a collection of data sources. This collection is continuously growing and it is both on-chain as well as off-chain.
The whole team behind the Kylin Network and Kylin crypto is building a seamless collection of tools thanks to which all agreements and contracts can enjoy fair justice. Here are more details regarding both the Kylin Network as well as its Kylin crypto, called KYL token.
About Kylin Network
The Kylin Network provides a plethora of data analytics specially designed for data warehouses. Among those, there are external analytic tools, a query engine, RESTful API, etc. All of these tools will allow data consumers to reference and filter their activity.
The network also has an Open Platform meant for data exchange. It leverages a huge on-chain repository of data across multiple industries. Their data oracle also handles data requests coming from both on-chain and off-chain data sources. There is a number of strategies that the system will employ so that the most accurate data will be produced.
The whole network is built on Substrate framework and integrated with Polkadot. This is part of the reason why Kylin will enjoy a number of advantages in comparison with the current Oracle services. These new Oracle Nodes will be able to link other polkadot parachains through its Relay Chain.
The Kylin Network can be used for multiple activities. Some of those include cross-chain DEXs, off-chain computing, crypto-asset lending platforms, decentralized casino, and video games, Decentralized Automatic Insurance payments, and the creation of crypto derivatives and stablecoin. This brings us to the next point.
About Kylin Crypto
The Kylin crypto or KYL is the token that is people can use on the Kylin Network. It has a number of uses. Firstly, those who hold tokens are able to cast votes when it comes to protocol updates and various parameter changes. Also, arbitrator nodes and data providers will receive KYL tokens as rewards. Last but not least, thanks to a paywall, data can stay private.
It’s also important to note that, at the moment, the Kylin Network has a supply of 1 billion Kylin crypto tokens. For the moment, the plan is to unlock those tokens that have been given to the developers, advisors, and participants in the Private and Seed sale. The entire token whitepaper is also available online in case anyone wants to study it.
Kylin Network has moved quite fa
st since last year. At this rapid pace, we will probably see a live mainnet and multiple cross-chain bridges in Q2 and Q3, this year.
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