Kylin Network: A Cross-Chain Oracle Project on Polkadot

Published by BingX Official at 2022-09-29

Introduction

Kylin Network’s products mainly include: decentralized oracles, data analysis tools that provide query engines and APIs, data trading and pricing markets. Kylin Network’s open API and SDK can provide instant, transparent, reliable and effective on-chain/off-chain market data and data sources for decentralized applications and blockchains through the Polkadot/Substrate framework.

Kylin Network adds scalability and synergy to off-chain worker capabilities. Not only does it provide access, management, insight and coordination to more data sources, but it also supports the validity and decentralization of the data sources themselves.

Kylin Network is expected to complement the Substrate framework while providing efficient, reliable, secure, low-cost, and easily coordinated data sources and data analytics.

Product Architecture

The architecture of Kylin Network consists of the following main components:

Kylin Network Data Analytics is a combination of analytical tools designed for data warehousing. It ultimately enables low-cost commercialisation functions for the public by extracting meaningful data. It also provides query engines and RESTful APIs for third-party applications (Dapps, web, etc.) or external analytics tools (BI tools, machine learning, etc.).

Kylin Network Oracle is an advanced decentralized data feedback protocol powered by Polkadot that provides multiple real-time data sources at a much lower cost. As a means of Oracle node implementation, it complements and cooperates with off-chain workers (OCW) to better ensure the security and accuracy of external data by verifying the integrity and validity of data provided by Oracle nodes.

Kylin Network Data Market is an open data exchange and pricing platform. Dapps built on Polkadot can easily and efficiently collect off-chain and on-chain data for very little fees. Kylin Network attempts to expand data staging resources to all possible data types/, including but not limited to social media posts, flight information, exchange rates, weather reports, etc.

KYL is the native token of the Kylin Network and plays the role of governance and other utilities. The ultimate goal of Kylin Network is to use the above tools to provide an open foundational API and SDK from a cross-chain perspective to fully support the data economy on Polkadot.

Track Prospects

Oracles are middleware for invoking and accessing data. A decentralized oracle network is a set of oracle nodes that provide data, each independently retrieving data from an information source and transmitting the data on-chain, and then aggregating the data so that the system can derive the true value of that data. An ideal oracle should satisfy the following properties:

1) Data calls remain efficient;

2) Data calls remain secure;

3) The data is kept accurate and credible.

An ideal data trading market should meet the following characteristics:

1) The scale of data is large;

2) High data quality;

3) Additional analysis and judgment services can be provided.

The oracle belongs to the infrastructure of the public chain. At present, the oracle business on Ethereum is almost monopolised by Chainlink. In addition, there are also decentralized oracles such as Tellor and Nest. The competition in the field of oracles on Ethereum has been rather fierce.

The current ecological development of Polkadot is still in a very early stage, and the competitiveness will be smaller and there will be more room for development. Kylin Network is currently expected to build the underlying oracle infrastructure for Polkadot.

Ecological Cooperation

At present, Kylin Network has reached cooperation with RioDeFi, Tidal Finance. Ramp Network. Deficliq. Reef Finance. Specific service cases include: Kylin Network uses its self-developed data analysis solution to assist the RioDeFi team in managing data flow. The solution includes the mentioned access Engine, REST server and external data analysis tools.

Kylin Network provides decentralized price push oracle service and verification data feed and analysis service for blockchain insurance platform Tidal Finance, including total locked value data in the contract, contract launch time , various metrics for assessing risks between protocols, and more.

Kylin Network has reached a cooperation with Ramp Network. Ramp Network does not need to set up the API of the price information provider, in order to speed up the technical deployment capability, the quality inspection results of the price push of the existing transactions of the Ramp Network.

Kylin Network evaluates other risk indices for Deficliq, such as data markets, data analysis functions, etc. Kylin Network provides Reef Finance with liquidity aggregator and profit engine oracle services, as well as data tools and data streaming services.

Project Analysis

Kylin Network is able to obtain timely and reliable data off-chain, provide blockchain-based decentralized insurance to realize automatic payment of insurance such as flight delay insurance, create stablecoins and crypto derivatives, and create decentralized casinos and games.

In addition, the lightweight Kylin Network interfaces deployed on multiple chains can be used to create cross-chain decentralized exchanges, making it possible for decentralized exchanges to realize cross-chain atomic transactions.

In short, Kylin Network, as a data processing protocol in the Polkadot ecosystem, is integrating functions such as oracles and data trading markets. However, data transactions still have not produced a large subdivision track leader in the decentralized field. As an infrastructure with better scalability, stronger customization, and more friendly to developers, the Polkadot ecosystem has certain potential.

Kylin Network has currently delivered several key technology updates and ecological cooperation as expected, and we can continue to monitor the development and progress of the project.

Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.