Today is the day. We just published the Kylin Network Token Economy Whitepaper.
In this whitepaper, you can once again familiarize yourself with our vision, product philosophy, and more importantly how $KYL is distributed and functions within Kylin Network.
Kylin protocol, which is based on Substrate technology, adopts the NPoS (Nominated Proof-of-Stake) consensus algorithm, under which lies the token inflation rate, block rewards, block slash, a treasury set up to motivate individuals or teams to contribute to the project, and Kylin’s on-chain governance.
Kylin Network will be divided into two parts: chain and application. The chain mainly protects the security and consensus mechanism of the network, while the application refers to the decentralized cross-chain data service.
Data is another salient part of what we do and also where most network participants operate. In the Data Ecosystem, Oracle Programmers (OP), Consumers, Arbitrators, and Data Providers all take on different roles and responsibilities within the network to utilize and empower $KYL.
The overview of Kylin’s oracle data business is shown in the figure below, which can be illustrated by the following:
In the network, KYL tokens play a very important role. There are two token distribution modules in the system：
1) Consensus mechanism module with block reward as the core
2) Business module with data service fees as its core
As for network security, we have to ensure the decentralization and data security of data providers. By implementing the Verifiable Random Function (VRF) algorithm and security deposit function, the network can ensure absolute security and verification of the random number generation process and reduce the possibility of malicious acts to a minimum.
In this whitepaper, when reading on, you will find more information on utilities of KYL token, the value captured by KYL tokens, token application scenarios, and current and future community engagement.
For the complete Token Economy Whitepaper, please go to Tokenomics.
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.