At Kylin Network, we have always been open about how we operate the project. Our commitment to openness and transparency therefore naturally includes helping our users understand how we as a team allocate the major resources of the project.
It can often be the case, as the below tweet shows, that an errant or uninformed command of the basics of blockchain mechanics can lead to dramatically wrong conclusions. The author of this tweet, for example was convinced that a cabal of evil individual wallet holders were hoarding 93+% of the token supply! (They are in fact deployer addresses…)
We believe creating and releasing the below transparency report can help to close the trust gap between us and any community newcomers, breeding credence, goodwill, and most all, good information. Examining the data can help you determine whether our practices, policies and principles are truly aligned with your interests. We hope, by publishing the following information, we can demonstrate to you our commitment to transparency and the interest of all Kylians.
This $KYL Transparency Report details — to the extent that we are legally permitted to do so — the latest update on $KYL token distribution at the time of writing. And please remember that keeping an eye on our smart contract and the related transactions is also a good way to inspect and monitor if there is anything out of ordinary.
→On a final note, we are extremely encouraged by the organic growth and diversity of Kylin Holders evidenced here. At the time of writing, it is 8,700+, and growing rapidly. This kind of wallet and holder diversity is humbly appreciated and shows the excellent, early strength of our community. (Given current growth rates, we expect to have 20,000 holders within 20 or so days!)←
Please see the following:
Purpose: Mining Incentive
Purpose: Token Sale
Purpose: Parachain Bond Funding
Purpose: Foundation Reserve
Purpose: Ecosystem and Community
Purpose: Project Wallet 1
Purpose: Project Wallet 2
It is also worth considering for the public’s information that we assess the operating cost and roadmap of the project on a worst-case scenario basis, that is to say that we plan for the ability to fully deliver over a 2 year period on our development roadmap, even if our token value were to approach zero, for whatever reason; thus, our treasury management for roadmap purposes is already set as a stablecoin budget figure. In addition, and to further add color to public perception of the command of resources available to the Kylin Team, investors, and community at present, all of the deployer addresses listed above are associated with their associated vesting schedules, and, as can be seen, the overwhelming percentages remain locked.
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.