Dear Kylin Network Community,
The past week has witnessed a spate of good news regarding Kylin’s development. The most important was that we successfully completed the seed round fundraising with nine institutional investors. While we are grinding hard at building the product we outlined in the white-paper, crypto media starts to find what we are doing interesting, especially when contextualized.
Cointelegraph has published two articles mentioning Kylin Network and its potential use cases. In Election dilemma: Putting data on the blockchain doesn’t mean it’s correct, Kylin Network was set in the context of the US election and how the election/poll data becomes increasingly contentious. In the interview, Dylan argued that
the greater the number of these sources, the better and data oracles must process large amounts of data simultaneously to ensure correct results and the best way is to maintain that performance is to make sure oracles have a stake in the game against a challenge or arbitration nodes, which was exactly how Kylin’s incentive system was designed.
In a more recent article Blockchain-based voting systems have potential despite security concerns, reporter Rachel Wolfson, based on her research, explained why blockchain-based systems were still more efficient than paper ballots or online voting systems and cited Kylin Network as one of the promising examples.
In her interview with Dylan, it was explained that Kylin has created a data validation process using an oracle node, which serves as an information feed. An arbitration node is then used to judge if that data is valid or not. Although Kylin is a solution that can easily be applied in the decentralized finance space, the same concept can be used for voting systems and other scenarios where validated data is needed to form a consensus.
As approaching the end of the US election and toward what could be a new global political landscape, we now saw how information, data, and media gradually shape our minds, the democratic process, and our society. And it is now incontrovertible that truth, consensus, and the ability to discern what is authentic can drive human development forward while the reverse can divide us into tribes that are bound by short-sightedness and even pathological ideologies.
And Kylin Network wants to be a part of that drive.
To be continued.
About Kylin Network
Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. It will be the data infrastructure for the future DeFi and Web 3.0 powered by Polkadot. Kylin Network hopes to provide valid, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics.