At 2:00 PM (UTC) on December 17, 2020, VBC hosted the AMA show with Kylin project, whose representative for this AMA is Mr. Dylan Dewdney – CEO.
Brief introduction of Kylin project and Mr. Dylan Dewdney:
Hi All! great to be here in such a large and vibrant community!
My name is Dylan and I’ve been in crypto for some time now (pretty seriously since late 2011, and heard first about bitcoin in late 2010).
I became more progressively involved over the years in crypto, but a turning point was definitely taking part in eth ico, and holding well until the top.
I co-founded an ICO called Harbour DAO, and we worked on voting mechanisms in ERC-20 – it became a governance protocol, then I got into angel investing in both the traditional startup world and crypto space.
I started to deepen my network and meet all sorts of great people working on significant problems. Including Beam Mimblewimble team, where I became Chief Evangelist and helped their go to market. As they moved to a foundation model, I joined AdEx as Head of Growth where I still remain as an advisor.
Over time, though the Oracle Problem has been worked on, we felt the conditions to adequately solve it (through various layer 1 technologies) was not sufficient.
Ultimately you’d need high throughput capabilities, the incentive mechanism would need to be economical and aligned, and you’d need a context to cross chains.
we found all this with the advent of Substrate/Polkadot. And thus was born Kylin.
The name is based on a mythological creature in more Pan-Asian lore (though originally Japanese I think?) that portends great change.
We are leading a charge not just in the narrow sense of an oracle; though important to help power DeFi applications and functionalities, we are headed beyond providing validated price feed data. we are creating something entirely new, I think, which is a decentralized, validated data marketplace.
so this is where we are at. we have been extremely fortunate for the good faith and the support we have from our community, investors, web 3 foundation, peers, etc
and I hope, if we can build this out effectively and it becomes massified, like all crypto, we endeavor to balance the sheets a bit, and deliver more efficiency and value to a greater array of actors.
What we experience now, and the world getting built, is sort of a permutation of the basic cypherpunk vision, which was actually pretty dovetailed with early ideas of the internet. I think we got pretty twisted along the way though.
With the reliance on a centralized architecture. Anyway, that’s all I have to say about that for now – or should I continue?
Most of the projects built in Ethereum. But why you decided to build Kylin Network on Polkadot? What are the advantages of using Polkadot? Has any plan future launched mainnet?
Hi There! I think that’s a solid question. Thank you.
To answer: 1) we accept the thesis of a multichain world with a number of chains acting in complementarity with one another. This basic thesis means we should be where things will be connecting. For our team (and many others) we see this as happening in Polkadot. 2) Polkadot also affords us the ability to have high throughput that you would need for a reliable, real-time validated oracle/data feeding service and/or marketplace – such a vision I just don’t think would be practical in the long term on ETH.
Polkadot has a shared relay chain, which is sort of liek not having to lay foundations every time you want to build a house. You don’t have to start from scratch to build there. This is a huge advantage.
I think Mainnet will be aligned with late Q2or early Q3 of 2021.
What are the differences between Kylin Parachain and cross-chain technology? Without using an intermediary party in the process, how can cross-chain swaps between public and private network? Are parachains ephemeral? What happens when a parachain loses the next auction?
I applaud the sophistication of the questions so far! Thanks and Hi There!
A parachain and ‘cross-chain technology’ are somewhat mutually inclusive; parachains are layer 1 tech on a layer 0 tech, if you will. They are standalone chains nonetheless having a shared relay chain in polkadot that binds them and handles security and consensus in a parallel manner. The cross-chain aspect comes from the fact that we will be ‘connected’ to every other parachain and bridge chain (for example the ethereum bridge chain), via this relay chain, and cross-chain messaging becomes a reality.
Cross-chain swaps between a public and private network – I’m not quite sure of the intent of this question and maybe I can have a sideline to answer it further later.
Parachains are not ephemeral; I think a big worry people may have is that they disappear when the lease runs out or something.
that won’t happen, it continues to operate for a period and people can still drive its functions through parathread functionality. I think Gavin talked about this in detail recently at the recent decoded event.
it’s like if you lost your cookie factory and then people still wanted your cookies, so you opened a pop-up shop.
One of the use cases for $KYL is staking to be an Arbitrator, so I would like to know what kind of arbitrage can we have on Kylin network and what are the benefits?
OK, so when it comes to staking to be an arbitrator, the major benefit is that if your challenge is successful, you are rewarded with a portion of the staked KYL of the oracle node
By arbitrage I assume you mean arbitration, and in which case, there will be many avenues and ways to arbitrate. the first arbitration cases would be challenging price feed data – we are working with some bounds for this – I think it will be a pretty great feature. I think we need to have a healthy and enforced arbitration process. That said, there will be a deterrent effect in providing inaccurate info even if you aren’t arbitrated
Because the possibility of losing all your staked KYL is pretty bad weighed against providing inaccurate info
We will build out both the oracle and arbitration nodes carefully and through a validator program, similar to polkadots 1000 validators program.
The “oracles” that many projects use are centralized, completely different from the decentralized nature of the cryptocurrency industry and blockchain technology. What are KylinNetwork’s solutions for these projects? How different from CENTRALIZED with DECENTRALIZED oracle?
Ok, this is where I think Kylin shines quite a bit; our oracle and arbitration nodes are decentralized by the method in which we have built them out. Any oracle node is a target for arbitration at any time. This is a key factor.
We don’t depend on centralized architecture to draw down results. We do have the reality of building a robust system in the beginning, for sure, and we want to ensure we don’t have bad actors attempting to validate bad info, but they would be weeded out anyway. we have aligned the incentives such that good, accurate info is rewarded and bad, inaccurate info is punished.
This underlying architecture also allows the composite of more technologies. Unlike the model of other oracles, we aren’t necessarily in the business of providing a service for Defi, we are providing the context for enterprise, dapp developers, etc, etc to start monetizing idle data.
Same as idle crypto assets have been monetized by the defi wave.
What is the most ambitious goal of KylinNetwork? What is the ultimate vision that KylinNetwork is trying to achieve within the cryptocurrency market? I would appreciate it if you could share with us any Upcoming Updates.
Our most ambitious goal is to be a key piece of infrastructure for what we call data economy 3.0 – a decentralized and validated P2P global data economy – we expect that this kind of data economy will actually be larger in total size than all current data economies combined.
I think a great aspect of Kylin is that we aren’t ‘limited’ by the crypto market, we have the ability to be used by any project that requires or produces valuable data – data is like air in this sense, and we just don’t know of any business that doesn’t need to produce, consume, or monetize it, or find interesting value by a premium data feeder, etc
we are cushioned from the volatility of crypto in this way i think.
Who is your investor? How do you generate revenue to sustain the project? What are your goals for the end of 2020 and beyond?
please check out our seed announcement here: https://kylinnetwork.medium.com/kylin-network-successfully-closes-seed-round-fundraising-as-a-data-infrastructural-component-of-2e26df7dd37c
Revenue generation – we will release some more details on this, but to sustain the project we would divert a % to a decentralized sovereign wealth fund similar to what Acala is doing – this would fund the foundation as well as keeping our parachain alive. Goals for 2020 are POC Testnet very soon, and then the public sale, and then public test net, and then the road to parachain!
I see on the web that it says: Defi is the most successful application in blockchain, but Kylin doesn’t want this to be the only one. Why does Kylin offer such a view?
Because, why limit ourselves? we are working on use-cases beyond Defi. it’s not one or the other, it’s just that we think the Defi/oracle solution is the easiest thing to solve.
Why does the Kylin need blockchain technology? What role does blockchain play in the Kylin?
we need blockchain tech in order to have a way to validate the data that comes in and goes out.
What is the slogan of Kylin? What is the proudest of Kylin so far?
officially: The Data Infrastructure for DeFi and Web 3.0 Powered by Polkadot
however, I think I like:
‘forming the fibre that connects the real world to the blockchain’
Does Kylin have a plan to promote, raise awareness, and understanding in the community so that more people get to know Kylin?
By all means yes! this is why we are here atm 🙂
What is your long-term vision about the oracle field which Kylin is working at?
I think that we need to demystify oracles. they are apis. We need to lift back the veil around them. They may also be overvalued and too centralized.
Ease of use by the DEFI platform is key to mainstream use. How comfortable is your Interface for beginners? Is work on a user-friendly interface included in your priority goal?
This is the thing I’m most excited about; the platform will be very user friendly for those wanting to build out or access data feeds. We have already several partnerships announced: Ramp Network, RioDeFi, Reef, and Deficliq, with many other announcements to come.