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The Data Infrastructure for DeFi and Web 3.0 Powered by Polkadot
Kylin Network aims to be a Modular & Configurable DeData Infrastructure & Economy to feed Complete, Accurate & Validated Data to DeFi & all things Web3.0 on Time & Reliably.
Oracles have mainly been developed for Ethereum, price feeds, and Defi. Costs of running these architectures use gas and incur costs that are not practical, limiting the scope of what oracles can achieve. There is no legally binding agreement between consumers and providers of data. Consumers have to compromise between security, reliability, authenticity, and data delivery speed. There are barely any standards with regard to oracle safety and interoperability because the market has been monopolized with one vision from one selfish player.
There is no transparency and traceability of data provenance. Users cannot choose the provenance of their data and how it is treated. There is no democratization of the data management process, and conflict resolution is tainted with poor voting technology. Incentives are not convincing people to participate.
An oracle system cannot function without a strong DAO and conflict resolution mechanism. This is why Kylin is pushing toward the democratization of the data management process with robust dispute resolution mechanisms and a voting system, which allows for assessing and strengthening the validity of a vote.
There is no way to solve the oracle problem but giving a configurable framework for democratically creating and managing oracle system entities allows the consumer to evaluate and mitigate the risks while acting in full knowledge of the situation. A service level agreement (SLA) between the providers and consumers of data on the transparency and traceability of data provenance, specifying where the data came from, can offload some of the responsibility from the non-perfect performance of the oracle systems to the consumer. Never reaching perfection but striving for the best way to agglomerate data, Kylin suggests a transparent multi-level oracle data agglomeration system allowing for a better balance of security, authenticity, persistency, and speed, also providing alternative fallbacks to help make the oracle data more reliable and resilient. To put this system in motion, Kylin is proposing data feed ownership management with NFT and metadata as part of a strong and vibrant free Data market where the forces of capitalism can intertwine with ideals of a better life for everyone at a realistic operational cost.
Just like robots are replacing our workforce, old ways of governing and doing business, which allow human nature to skew evolution, are going to fade out in favor of machine-based systems which decentralize human activity where it is needed. From controlling the narrative to manipulating markets, these ”medieval institutions” are going to suffer the same fate as any organic system and be decentralized if need be by the driving force of evolution. Kylin is latching on to that force by bringing decentralized data to the masses.
The Kylin team comprises talents from different fields of the digital world, ranging from data science, project operation, and full-stack development to cryptocurrency, early adopters, and evangelists. This team believes it is a group of strong exponents of reforming the status quo and making substantial contributions that can propel us into the next stage of data feeding, data exchange, and data analytics.
Although oracles and web3 middlewares altogether have become an area of high interest in the blockchain world, and many projects have been working on the issue, our team finds that from a practical perspective, and through a number of people in our network that have explored integrating them or others, they find the price feed queries too expensive. Indeed, quite a few projects we are aware of just decided to use centralized data feeds, and this applies generally to on-chain feeding of data, especially to the growing number of web3 middlewares scaling the potentials of the technology.
Although there’s a growing demand for web3 middlewares to level the transaction costs, quicken transactions speed, avert on-chain congestion etcetera, there is ample room for a data framework to meet the needs of this web3 middleware.
Kylin seeks to create a modular and configurable data framework such that the democratization of the data management is possible via a multi-level oracle data agglomeration for balance, security, authenticity, persistence & speed. Additionally, we believe that via Polkadot we can ensure a cost-effective solution that data consumers and Dapp Builders will actually use over centralized sources.