Congrats to anyone still holding KuCoin or Bitcoin Gold for their 100%+ gains this week. Aside from a select few projects like BNB, this week has felt almost like “revenge of the shitcoins”. Don’t forget to lock in those profits when you can.
Without too much preface, if you don’t mind I’m going to be doing something a little different this week. For the first time, I’m going to be talking about a project that I’m invested in and personally bullish about the future of. While this is by no means a sponsored review and never will there be one. It does come with extra insight from someone who’s been a part of its community since day one. For anyone who’s asked me this year if I could only own one Altcoin. They already know my answer without a single doubt is Kylin Network.
Introduction
With Kylin Network already securing interest from the Polkadot DeFi Alliance to be one of the first Parachains launched on the Polkadot Network. Kylin might have already popped up on your radar this year. Due to this strategic position as the premier data provider for the Polkadot ecosystem. Kylin Network aims to build a cross-chain platform to power the decentralized data economy on Polkadot. Providing the data infrastructure necessary to power all DeFi and Web 3.0 applications in the Polkadot network. Kylin offers any applications built on DOT instantaneous, transparent, reliable, and valid on/off-chain information. The Kylin infrastructure provides not only access, management, insights, and coordination to a greater number of data sources than anything else in the market. But, better validation and decentralization of the data and sources themselves. Not limited to the blockchain space alone, but in all sources that need data services. Current solutions in the space are not adequate to provide this robust data infrastructure. Relying on external sources like centralized exchanges for node information to operate many DeFi protocols.
So let me help you understand the problem posed with these existing Oracle services. Starting at the top with the number one Oracle provider. Chainlink operates by collecting Price Feed information only from Nodes limited to operating in pairs, with information spanning up to two hours from each other. Band Protocol uses a centralized Delegated Proof of Stake mechanism, doesn’t need data pairing to operate, and can allow some data feeds outside of prices like weather and certain APIs. Tellor introduced quotation mining to the Oracle space but tethered itself to only operating on the Ethereum Network unlike blockchain agnostic Chainlink and Band Protocol. Unlike those mentioned, Kylin Network will have the ability to provide data feeds from any source through Validated Data Feeders that will interact with Arbitration and Oracle Nodes. Essentially there are two ways to handle the process of writing data into the blockchain through Oracles. One way is to use the predefined data source and get the uplink automatically through the node when the link is running. Another way is for the user to start the link via a smart contract or extrinsics. Both of these methods are protected by Kylin Network’s secure uplink process and can be used normally. So, the data is not only “data”, it’s validated and verified to be 100% true data. This is only one of the key differences between Kylin and the current service…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
